Arval lease. Terminate early.
Discussion
I have one year remaining on a 5 series bmw.
Cost is £379 a month. Cant remember what i paid upfront, think it was 6 months.
Due for servicing in 6000 miles.
I have to put new tyres on the back as they are near on illegal limit.
I have completed the first year and now want to part ex another of my cars due to mileage.
I have a 40,000 limit for 2 years and i have exceeded the first year by 8,000 due to a job change.
This is why I no longer want to lease it as by the time I give it back it will be well over.
Currently it is still fully comp insured which costs me £180 a month and I am not even driving it. It's just parked on the drive. Which is a complete waste of money.
My mileage excess is 8p a mile.
I have damaged the gear stick, the plastic cracked where it says R, P, D.
My boyfriend stained the boot with an old tyre, so need to try and get that mark out.
Apart from this, there are no large scratches, have never curbed it, so they shouldn't penalise me to much for damage.
Has anyone here got out of a lease from Arval? Or managed to change the lease to buying instead?
When I had just exceeded the mileage, I phoned them and they said they were unable to change the terms and conditions, but I could extend the lease at the end of the two years, which I do not want to do.
I would be happy to pay for the following year, providing I could buy the car at the end.
Ideally though, I would like to just hand it back so I can just part exchange our spare car.
Will call them tomorrow to discuss it with them, but would like to hear from other people who have successfully handed back early with high excess mileage so I can get an idea of potential cost.
Cost is £379 a month. Cant remember what i paid upfront, think it was 6 months.
Due for servicing in 6000 miles.
I have to put new tyres on the back as they are near on illegal limit.
I have completed the first year and now want to part ex another of my cars due to mileage.
I have a 40,000 limit for 2 years and i have exceeded the first year by 8,000 due to a job change.
This is why I no longer want to lease it as by the time I give it back it will be well over.
Currently it is still fully comp insured which costs me £180 a month and I am not even driving it. It's just parked on the drive. Which is a complete waste of money.
My mileage excess is 8p a mile.
I have damaged the gear stick, the plastic cracked where it says R, P, D.
My boyfriend stained the boot with an old tyre, so need to try and get that mark out.
Apart from this, there are no large scratches, have never curbed it, so they shouldn't penalise me to much for damage.
Has anyone here got out of a lease from Arval? Or managed to change the lease to buying instead?
When I had just exceeded the mileage, I phoned them and they said they were unable to change the terms and conditions, but I could extend the lease at the end of the two years, which I do not want to do.
I would be happy to pay for the following year, providing I could buy the car at the end.
Ideally though, I would like to just hand it back so I can just part exchange our spare car.
Will call them tomorrow to discuss it with them, but would like to hear from other people who have successfully handed back early with high excess mileage so I can get an idea of potential cost.
Edited by AReading on Sunday 5th March 17:02
379*12 = £4,548 remaining payments.
Costs you would avoid by early termination:
Rear corners + service = £400 (ish)
Another years insurance = 180 * 12 = £2160
No Excess Mileage charges
So assuming you have to pay off only 50% of the remaining payments, you're looking at paying £2,274 but saving £2,560. Could well be worth it (unless you're going to replace it with another car that cost a fortune to insure, in which case the benefits will be greatly reduced.
Costs you would avoid by early termination:
Rear corners + service = £400 (ish)
Another years insurance = 180 * 12 = £2160
No Excess Mileage charges
So assuming you have to pay off only 50% of the remaining payments, you're looking at paying £2,274 but saving £2,560. Could well be worth it (unless you're going to replace it with another car that cost a fortune to insure, in which case the benefits will be greatly reduced.
andy101093 said:
379*12 = £4,548 remaining payments.
Costs you would avoid by early termination:
Rear corners + service = £400 (ish)
Another years insurance = 180 * 12 = £2160
No Excess Mileage charges
So assuming you have to pay off only 50% of the remaining payments, you're looking at paying £2,274 but saving £2,560. Could well be worth it (unless you're going to replace it with another car that cost a fortune to insure, in which case the benefits will be greatly reduced.
Was going to trade in 3 series and get a 5 series with the same spec as the lease, but not brand new. Would be a 14 plate as trading in a 12.Costs you would avoid by early termination:
Rear corners + service = £400 (ish)
Another years insurance = 180 * 12 = £2160
No Excess Mileage charges
So assuming you have to pay off only 50% of the remaining payments, you're looking at paying £2,274 but saving £2,560. Could well be worth it (unless you're going to replace it with another car that cost a fortune to insure, in which case the benefits will be greatly reduced.
And stay off the lease cars for a few years until I can be sure my mileage isn't going to go ridiculously over.
Keep next car for 4 years at least and then think about leasing again.
I wouldn't save on the insurance but I can't keep the lease going any longer when Im nearly half way through the second years mileage.
I know all leasing contracts are different, mine is personal and states minimum term 12 months which I have done, doesn't say anything except give them one months notice to terminate.
Was hoping someone here has had a personal contract with arval as no where in the t&c say 50% although I would be happy with 6 months to pay.
You seem to have made some bad car decisions recently.
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
ZX10R NIN said:
You seem to have made some bad car decisions recently.
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
Oh a fantasist. Sigh. http://www.pistonheads.com/gassing/topic.asp?h=0&a...
If you have to pay the full remaining lease then buy and insure another car for the same money, without doubt you are better off keeping the lease and paying whatever excess mileage charges, even if that's 20,000 excess (£1600)... do all the sums, a year of motoring in another car (not least another 5 series) is not going to save you a penny over this lease after termination costs.
Edited by andy101093 on Monday 6th March 01:40
andy101093 said:
If you have to pay the full remaining lease then buy and insure another car for the same money, without doubt you are better off keeping the lease and paying whatever excess mileage charges, even if that's 20,000 excess (£1600)... do all the sums, a year of motoring in another car (not least another 5 series) is not going to save you a penny over this lease after termination costs.
This. Try and get out of the Merc taxi/rental as per the other thread and just pay the excess on this one when it goes back. Edited by andy101093 on Monday 6th March 01:40
Come back here before you decide on your next wheels, it will be less painful.
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