Best Lease Car Deals Available? (Vol II)

[iphonedyou]

Blown2CV said:

fair enough. I'll go and try and haggle with the teenage checkout girl in tesco next time i get "me big shop" in then, if that's where we're at as a society.

If it keeps you away from the keyboard, please do.

[BrabusMog]

iphonedyou said:

Blown2CV said:

fair enough. I'll go and try and haggle with the teenage checkout girl in tesco next time i get "me big shop" in then, if that's where we're at as a society.

If it keeps you away from the keyboard, please do.

[Mark83]

loudlashadjuster said:

Mark83 said:

Planning to sell my flat to buy a house with my girlfriend next year, applying for a new mortgage in the process, taking out PCP/lease is not the best idea?

IIRC I had a Clio 200 on PCP when I bought my flat 5 years ago although they didn't scrutinise finances as thoroughly as they do now.

Yup, some huge tightening of criteria in the past couple of years, and indeed again this year.

Total liabilities + outgoings all assessed, PCP means that you have 'borrowed' invoice price + interest, even if in reality you'll only ever pay back ~30% of it.

For a lease you are only liable for the contracted lease payments.

Might rethink my options then! Thanks.

[PenelopaPitstop]

Sheepshanks said:

..because with VW, the higher mileage contracts are often simply the lower mileage price, with the excess mileage charge pre-added in.

You're generally better going for low mileage as, worst case, it delays the payment until the end of the deal. Best case is you might not do the mileage for whatever reason, or you might get offered extra miles at a discount (I have no idea why VW would do this, but posters have said they do)/

I paid once for 40K miles upfront, which I didn't need by the time car was delivered. I managed to clock 32K for pleasure driving but only because I was going abroad almost every weekend. And then I let my friend take the car for holiday and clock extra 5K before car was returned. I'm not going to do that mistake again. Now I'm taking lower miles and pay as I go. And it was cheaper to take 5K per annum and add excess miles later, than paying upfront for 10K.

I didn't know there's a chance to get extra miles for half price when taking this lease, so if it works, even better for me.

Mark83 said:

Planning to sell my flat to buy a house with my girlfriend next year, applying for a new mortgage in the process, taking out PCP/lease is not the best idea?

IIRC I had a Clio 200 on PCP when I bought my flat 5 years ago although they didn't scrutinise finances as thoroughly as they do now.

It can be a problem only if it eats into your affordability, otherwise no problem at all.

Edited by PenelopaPitstop on Tuesday 26th April 21:44

[AlmostUseful]

Out of interest, can various lease companies get similar deals?

I'm looking to order my new company car for a July delivery (or later, whenever it is available) and Lings is the most user friendly site for me as it gives plenty of choice without having to fill in a load of guff. No idea who my company deal with (I know of Arval, but I'm sure there are more) but if I give them a Lings quote, presumably they'll be able to get near it? Am I right in thinking that their ability to get close to a price is based on their buying power?


I just don't want to send off a Lings quote and then find that the companies we use can't get within £100/month and the finance guys won't sign off on it.

Of course I'll chat with our lot in the company about this when I'm back in the office, but could do with some pointers here before i go to them looking like a muppet, never had a lease car/company car before.

[Blown2CV]

iphonedyou said:

Blown2CV said:

fair enough. I'll go and try and haggle with the teenage checkout girl in tesco next time i get "me big shop" in then, if that's where we're at as a society.

If it keeps you away from the keyboard, please do.

And let the whining about deposits and excess mileage fees being too expensive go unchallenged? It wouldn't be right of me! Also tax fiddles, I mean the list goes on really. At least I'm not as conceited and smug as those cash buyer tts though eh? All relative.

[rs200evo]

loudlashadjuster said:

Yup, some huge tightening of criteria in the past couple of years, and indeed again this year.

Total liabilities + outgoings all assessed, PCP means that you have 'borrowed' invoice price + interest, even if in reality you'll only ever pay back ~30% of it.

For a lease you are only liable for the contracted lease payments.

Careful! You are fully liable for the full cost of the car on a lease. The full list price will be added to your credit borrowing record. That's why gap insurance exists as well, ultimately you are borrowing the full amount which is 'settled' once you return the car.

Edited by rs200evo on Tuesday 26th April 23:59

[KrisP]

Blown2CV said:

KrisP said:

Blown2CV said:

Why would anyone enter into a contract which they knew was unsuitable, that they couldn't hold their end of the bargain, hoping for the other party to act outside the contract to help them out? I really can't get down with the "someone else will fix my predicament" mentality.

For all your reading and posting on this particular thread, you don't get this? Flabbergasted

see above. The point is that if you know you can't afford the excess mileage charge as stated, then you're not being clever in entering the contract if you already know you'll go over the mileage. Many people choose to pay the excess mileage charge as a means to optimise their outlay against their driving needs, but only if you know roughly how much it's going to cost at the end, otherwise it's just stupidity and loss of control.

Blown2CV said:

I understand that, however if someone has gone in 'eyes open' knowing they will blow the miles, then why the pleading with VWFS to reduce the charge?

You're deliberately manipulating what you read to suit your own arguement For the good of this thread, please desist from posting this rubbish

[wemorgan]

rs200evo said:

Careful! You are fully liable for the full cost of the car on a lease. The full list price will be added to your credit borrowing record. That's why gap insurance exists as well, ultimately you are borrowing the full amount which is 'settled' once you return the car.

Edited by rs200evo on Tuesday 26th April 23:59

Are you sure you're not mixing up several issues, as my understanding of the above is quite different.

AFAIK, for lease cars you are liable for the the total lease repayments.
GAP insurance protects your repayments should the car be written off, especially relevant for cars with high initial payments.

This is different with PCP, where you borrow the full value of the car.

[chrispmartha]

wemorgan said:

Are you sure you're not mixing up several issues, as my understanding of the above is quite different.

AFAIK, for lease cars you are liable for the the total lease repayments.
GAP insurance protects your repayments should the car be written off, especially relevant for cars with high initial payments.

This is different with PCP, where you borrow the full value of the car.

Im sure you're correct, there is no record of a credit agreement on my credit file for my leased car

[Jefferson Steelflex]

chrispmartha said:

wemorgan said:

Are you sure you're not mixing up several issues, as my understanding of the above is quite different.

AFAIK, for lease cars you are liable for the the total lease repayments.
GAP insurance protects your repayments should the car be written off, especially relevant for cars with high initial payments.

This is different with PCP, where you borrow the full value of the car.

Im sure you're correct, there is no record of a credit agreement on my credit file for my leased car

And mine is the opposite. I have an "Operating Lease" on my file for the full value of the car.

[rs200evo]

chrispmartha said:

Im sure you're correct, there is no record of a credit agreement on my credit file for my leased car

I double checked and my report shows the full value of the 208 Gti I have on a standard 18 month lease. I'm pretty sure this is normal as gap insurance is not mandatory, actually someone could have no insurance, so ultimately you are liable to either return the car or the value.

[Jonno02]

Mark83 said:

Planning to sell my flat to buy a house with my girlfriend next year, applying for a new mortgage in the process, taking out PCP/lease is not the best idea?

IIRC I had a Clio 200 on PCP when I bought my flat 5 years ago although they didn't scrutinise finances as thoroughly as they do now.

Bought my first property(semi house) with my girlfriend last September. She has a 20k car on PCP I have a 12k car. Both salaries nothing good, about 42k COMBINED. Got the mortgage no problem.

Our mortgage adviser said it's a double edged sword. Finance/PCP shows your ability to stick to making payments on time, but it does obviously count as money borrowed.

[iphonedyou]

Blown2CV said:

And let the whining about deposits and excess mileage fees being too expensive go unchallenged? It wouldn't be right of me! Also tax fiddles, I mean the list goes on really. At least I'm not as conceited and smug as those cash buyer tts though eh? All relative.

Where's the tax fiddle on a personal lease? Does the fiddle work both ways? Presumably I can reclaim the inevitable unused 7,000 miles at the end of my 20,000 mile personal lease?

That'd be nice.

[loudlashadjuster]

rs200evo said:

Careful! You are fully liable for the full cost of the car on a lease. The full list price will be added to your credit borrowing record. That's why gap insurance exists as well, ultimately you are borrowing the full amount which is 'settled' once you return the car.

That's not what my broker, my credit file, or our recent joint mortgage application (two leases) says. You don't own the car, you are not borrowing to buy it, how can the full invoice price appear on your file?

My current lease shows the opening balance as exactly the 35 monthly payments I'm contracted for. Even the initial payment isn't included as this is effectively paid up front.



Being liable for restoring the car/replacing it if you bin it/it is stolen is not the same as borrowing to buy it.

Edited by loudlashadjuster on Wednesday 27th April 09:26

[R8Steve]

Not really deal related but seen as most of the posts don't seem to be i'll ask anyway.

Has anyone received an M135i from Gateway2Lease? Only reason i ask is i have decided to order one but while this came into a conversation when picking up an X6 at my local dealer the salesman tried to tell me that i would never get it. He said the only way you can get a bmw build slot is through a dealer and checked his computer and told me there was no build slots available.

Of course, they had one available at the time should i want to go with them but is this just sales tactics or should i be worried?

I know there's a ton of people that have got M135i's on here so i strongly suspect it's the former.

[rs200evo]

loudlashadjuster said:

That's not what my broker, my credit file, or our recent joint mortgage application (two leases) says. You don't own the car, you are not borrowing to buy it, how can the full invoice price appear on your file?

My current lease shows the opening balance as exactly the 35 monthly payments I'm contracted for. Even the initial payment isn't included as this is effectively paid up front.



Being liable for restoring the car/replacing it if you bin it/it is stolen is not the same as borrowing to buy it.

Edited by loudlashadjuster on Wednesday 27th April 09:26

That's why people need to be careful, other leasing companies do apply the full retail price of the car. Not a big deal unless applying for mortgage/other credit etc.

[loudlashadjuster]

rs200evo said:

That's why people need to be careful, other leasing companies do apply the full retail price of the car. Not a big deal unless applying for mortgage/other credit etc.

If that is the case (and I'd love to find out if anyone has a lease like this) then it would have to be clearly stated on the hire agreement as you are signing up to it under the Consumer Credit Act.

[loudlashadjuster]

R8Steve said:

Not really deal related but seen as most of the posts don't seem to be i'll ask anyway.

Has anyone received an M135i from Gateway2Lease? Only reason i ask is i have decided to order one but while this came into a conversation when picking up an X6 at my local dealer the salesman tried to tell me that i would never get it. He said the only way you can get a bmw build slot is through a dealer and checked his computer and told me there was no build slots available.

Of course, they had one available at the time should i want to go with them but is this just sales tactics or should i be worried?

I know there's a ton of people that have got M135i's on here so i strongly suspect it's the former.

Scaremongering bks.

He will be right in that the actual order will have to be placed via a dealer, but there are plenty of dealer networks that are happy to sell via lease.

Example, my most recent lease was arranged through a third-party broker, the lease was provided by Arval but the actual car was ordered and delivered by Inchcape Cheltenham. At no time did I ever have to speak to Inchcape though.

They way this seems to work is that there will be some agreement in advance of the support that the manufacturer will provide to the dealers to fill x number of build slots and they then go to market via finance houses and/or brokers to find buyers. When your chap checked the build slots there probably wouldn't be any available as they will have been reserved.

I strongly suspect you'd need to speak to his fleet/business manager to get a straight answer on this. He sounds like a bit of a walloper.

[R8Steve]

loudlashadjuster said:

R8Steve said:

Not really deal related but seen as most of the posts don't seem to be i'll ask anyway.

Has anyone received an M135i from Gateway2Lease? Only reason i ask is i have decided to order one but while this came into a conversation when picking up an X6 at my local dealer the salesman tried to tell me that i would never get it. He said the only way you can get a bmw build slot is through a dealer and checked his computer and told me there was no build slots available.

Of course, they had one available at the time should i want to go with them but is this just sales tactics or should i be worried?

I know there's a ton of people that have got M135i's on here so i strongly suspect it's the former.

Scaremongering bks.

He will be right in that the actual order will have to be placed via a dealer, but there are plenty of dealer networks that are happy to sell via lease.

Example, my most recent lease was arranged through a third-party broker, the lease was provided by Arval but the actual car was ordered and delivered by Inchcape Cheltenham. At no time did I ever have to speak to Inchcape though.

They way this seems to work is that there will be some agreement in advance of the support that the manufacturer will provide to the dealers to fill x number of build slots and they then go to market via finance houses and/or brokers to find buyers. When your chap checked the build slots there probably wouldn't be any available as they will have been reserved.

I strongly suspect you'd need to speak to his fleet/business manager to get a straight answer on this. He sounds like a bit of a walloper.

Thanks for that, just what i thought really!

I'll just wait and see what happens, i heard them talking someone else out of a lease deal when sorting the paperwork for the X6 so i'm not really surprised that this approach was taken.

The figures quoted by him for a PCP on a M135i were a country mile off the lease deal, nearly double in fact. He could however offer me a 2014 16k mile second hand manual for £60 a month more