The Golf R lease thread

Author
Discussion

SiQS

85 posts

92 months

Friday 30th September 2016
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JohnStitch said:
Not too far from you, I'm just by J15 of M1 - that's as detailed as I'll be on here, don't want anyone reading this and paying me a visit to nick it :-)
John, I've just spoken to Nick, my car is still currently sat at the UK port awaiting Eddie Stobart to collect and deliver to Vindis but looking like I can collect early next week, I would imagine yours is the same. All pre reg done so he said can be turned around in 12 hours once they have it!

JohnStitch

2,900 posts

170 months

Friday 30th September 2016
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Thought as much (was kinda hoping the tracker might be wrong though!) - oh well - did he give any indication on what day next week?

SiQS

85 posts

92 months

Friday 30th September 2016
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JohnStitch said:
Thought as much (was kinda hoping the tracker might be wrong though!) - oh well - did he give any indication on what day next week?
Yeah I thought it would be wrong! He said he's also using Stobarts tracker which also sounds as useful as a chocolate teapot!

No indication but suggested early which to me is before Wednesday haha!

JohnStitch

2,900 posts

170 months

Friday 30th September 2016
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Yep, seems mine is still sitting in Grimsby docks too, with no confirmed date as to when it'll be transported to Bedford - still, should get it next week so not too long to wait (even though it seems like forever!)

bobnaldo

85 posts

90 months

Friday 30th September 2016
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Same here

It was being inspected today at Grimsby to make sure it wasn't damaged in transit, so fingers crossed it gets transported over the weekend, so I can collect around Wednesday.

Rob_F

4,125 posts

263 months

Friday 30th September 2016
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Splats said:
Gap Insurance

What are people's thoughts on GAP for these leased Golf R's. I understand what GAP is designed to do but I'm unsure as to whether I need it for this lease.

My invoice shows the P11D value of the car at £34,845. Now, if I had paid that sum and I wrote the car off after a month, I can fully understand that the insurance might pay out less than £30k leaving me well out of pocket. However, VWFS fire about £7k at the car to create the cheap lease and therefore my actual invoice amount for the car is £26,664. It's my understanding that if the vehicle was a total loss, this £26,664 is the maximum VWFS could ask for it. If that's the case, then surely the "discount" is actually taking up the slack (i.e. the GAP).

To clarify with an example, if I wrote the car off on the way home my comprehensive insurance would be based on the £34,845 list price. If my insurance company only paid out £29k because they deem it had lost £6k in value in one day then I'd be massively out of pocket if I owed the full list price. However, my understanding is that the most I could owe is the invoice price of £26,664 and therefore my insurance would cover it and everything is squared away?
Yes, mulling over the same myself. I can't see the scenario in which i lose out. And if I do it's C. 3-5k, which is very bad but not life changing. Certainly at the price of GAP insurance it feels like a decent gamble not to get it. Am i wrong?

My R Estate is due end of next week - very pleased with comms from Shona @ Vindis VW. smile

Splats

625 posts

161 months

Friday 30th September 2016
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Ironically, I'm back to thinking I need it. I assumed the near £7k shown on the invoice was a discount from VWFS but it occured to me this could just be a reference to the payments being made by me to VWFS over ther term (the figures are pretty close). The reality is, it has been exceptionally difficult to figure out exactly what I would be liable for if the car was a total loss after 1 day, 1 month, 12 months or 18 months. The only thing I have been able to establish is that the moment you take the car, VWFS will treat it as being 2-years old with the agreed milage on the clock. So, in my case the figures are as follow:

1. P11D Value of Car = £34,845
2. Total Cost of Hire = £7,135
3. Value of 2-year old R-Estate with 20k miles = £unknown

No.3 seems to be the decisive factor in all this. Previously, I thought that if I wrote the car off after 1 day then VWFS would be looking for the value of a 1-day old car (i.e. basically P11D) and close to the full lease (cause you save virtually nothing terminating early). This made no logical sense, as they would make a considerable financial gain. That's why in a total loss scenario, regardless of when the crash occurs (1 day in or 1 day to go) VWFS want the value of a 2yr/20k car + lease payments (as ultimately, this is what they get from the agreed deal in the long run).

For me, there are too many unknowns to assess if GAP provides value. Let's suppose the car is a total loss early in the lease (<1 month). I would guess a 2yr/20k mile car would be worth around £22,000 and with the lease at around £5,636 (£7,135 less £1,500 paid as initial) the total VWFS would be looking for is circa £28,000. I'd like to think my insurance would pay £28k out on a £35k car that's less than 1 month old. However, if VWFS valued the 2yr/20k mile car at £25,000 then I can see how there might be a shortfall as I now need over £30k from my insurance company.

My attempts to get close to a definitive answer have been largely fruitless and at £80 for 2-years, it looks like a "pay up and shut up" scenario. However, it feels a lot like being in America where you are shelling out extra money for this, that and the next thing and you don't really know why or whether you are getting value or even if you need to be paying out.

Unclegerry

136 posts

93 months

Friday 30th September 2016
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Splats said:
Ironically, I'm back to thinking I need it. I assumed the near £7k shown on the invoice was a discount from VWFS but it occured to me this could just be a reference to the payments being made by me to VWFS over ther term (the figures are pretty close). The reality is, it has been exceptionally difficult to figure out exactly what I would be liable for if the car was a total loss after 1 day, 1 month, 12 months or 18 months. The only thing I have been able to establish is that the moment you take the car, VWFS will treat it as being 2-years old with the agreed milage on the clock. So, in my case the figures are as follow:

1. P11D Value of Car = £34,845
2. Total Cost of Hire = £7,135
3. Value of 2-year old R-Estate with 20k miles = £unknown

No.3 seems to be the decisive factor in all this. Previously, I thought that if I wrote the car off after 1 day then VWFS would be looking for the value of a 1-day old car (i.e. basically P11D) and close to the full lease (cause you save virtually nothing terminating early). This made no logical sense, as they would make a considerable financial gain. That's why in a total loss scenario, regardless of when the crash occurs (1 day in or 1 day to go) VWFS want the value of a 2yr/20k car + lease payments (as ultimately, this is what they get from the agreed deal in the long run).

For me, there are too many unknowns to assess if GAP provides value. Let's suppose the car is a total loss early in the lease (<1 month). I would guess a 2yr/20k mile car would be worth around £22,000 and with the lease at around £5,636 (£7,135 less £1,500 paid as initial) the total VWFS would be looking for is circa £28,000. I'd like to think my insurance would pay £28k out on a £35k car that's less than 1 month old. However, if VWFS valued the 2yr/20k mile car at £25,000 then I can see how there might be a shortfall as I now need over £30k from my insurance company.

My attempts to get close to a definitive answer have been largely fruitless and at £80 for 2-years, it looks like a "pay up and shut up" scenario. However, it feels a lot like being in America where you are shelling out extra money for this, that and the next thing and you don't really know why or whether you are getting value or even if you need to be paying out.
My basic understanding is that your insurance company would pay the market value of your car which VW would generally be happy with. However VW would require that you pay the balance of the money owned on the remain lease less 4% plus an admin fee of around £100. You would also "lose " your initial payment. Some Gap policies cover this. I have found the competitive providers of this cover able to given detailed answers to your own case and have helped me decide if I needed the cover or not

Splats

625 posts

161 months

Friday 30th September 2016
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Unclegerry said:
My basic understanding is that your insurance company would pay the market value of your car which VW would generally be happy with. However VW would require that you pay the balance of the money owned on the remain lease less 4% plus an admin fee of around £100. You would also "lose " your initial payment. Some Gap policies cover this. I have found the competitive providers of this cover able to given detailed answers to your own case and have helped me decide if I needed the cover or not
The issue is that while the insurance pay market value, VWFS only need 2yr/20k mile value to satisfy the car. So if you get market value at 6 months/5k miles, the payout will be more than the 2 year/20k mile value VWFS need for the car. This value gap will go someway [possibly all the way] to meeting your remaining finance obligations.

Therein lies the problem as I see it, nothing is static here so it's very hard to take a snap shot, caculate all the figures accurately, identify any shortfall and then compare that shortfall to a) the odds of a total loss scenario and b) the GAP premium. From the moment you drive away in the car the finance owed is coming down (because you are making payments) and so is the market value (because you are driving it).

Edit: Maybe that's the point of GAP though; there are too many things going on that you can't get to grips with whether you are at financial risk or not. In which case, the risk is that you cannot quantify this risk - in which case you need GAP. It's kind of like Trident - you don't want to have it, you don't even know if you really need it but f**k me will you be pissed off if you don't have it and do need it.


Edited by Splats on Friday 30th September 23:27

RB5_180

187 posts

232 months

Saturday 1st October 2016
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I price matched my gap ins from autoebid to ala then added their deposit cover - around £75 well spent in my view. Thanks to the advice given a while back. Was it Inky81?

Splats

625 posts

161 months

Saturday 1st October 2016
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RB5_180 said:
I price matched my gap ins from autoebid to ala then added their deposit cover - around £75 well spent in my view. Thanks to the advice given a while back. Was it Inky81?
Thanks RB5, the auotebid quote was the best I've had yet and, like you, I'm probably going to try to get ala to price match it and then I'll put some deposit cover in place.

Edit: I got the same deal in the same way through Ala. £75 for 2-years cover and £2k of deposit cover.

Edited by Splats on Saturday 1st October 12:39

mattco

3 posts

112 months

Sunday 2nd October 2016
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My order is currently build week 48, lets see if it slips.

JohnStitch

2,900 posts

170 months

Monday 3rd October 2016
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Quiet thread today....seems mine is still stuck in Grimsby docks, been there since last Tuesday frown Apparently (so I've been told) VW laid on a load more boats etc to get the cars out of Emden, but failed to sort out the necessary transport at this end to get the cars to the dealers, great

ayman82

1,465 posts

180 months

Monday 3rd October 2016
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RB5_180 said:
I price matched my gap ins from autoebid to ala then added their deposit cover - around £75 well spent in my view. Thanks to the advice given a while back. Was it Inky81?
I'm pretty sure that it was me...
If you need any more info, let me know smile

I've had mine for nearly 4 months and have covered just over 3,000 miles. Been to quite a few Sunday services too smile.

If anyone needs any more info about the car just let me know smile

bobnaldo

85 posts

90 months

Monday 3rd October 2016
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JohnStitch said:
Quiet thread today....seems mine is still stuck in Grimsby docks, been there since last Tuesday frown Apparently (so I've been told) VW laid on a load more boats etc to get the cars out of Emden, but failed to sort out the necessary transport at this end to get the cars to the dealers, great
Same here, but mine arrived on Wednesday.

Wish it would just hurry up as I'm sold my old car last week.

SiQS

85 posts

92 months

Tuesday 4th October 2016
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JohnStitch said:
Quiet thread today....seems mine is still stuck in Grimsby docks, been there since last Tuesday frown Apparently (so I've been told) VW laid on a load more boats etc to get the cars out of Emden, but failed to sort out the necessary transport at this end to get the cars to the dealers, great
Still in Grimsby John, just checked with Live Chat. They are still saying it will be with retailer by the end of the week, so probably a weekend collection.

Cars have been there since 26th, and transport order was raised the same day, Stobart's are the transporter.

Saw my first R Estate on the road yesterday, and in white...making me so jealous!

bobnaldo

85 posts

90 months

Tuesday 4th October 2016
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When I phoned on Thursday it was 5-7 days to the dealer and which meant it should be almost there.

However now they just say it's 7-10 working days to the dealer from when it arrived, which would mean another week or so.

Alex

9,975 posts

283 months

Tuesday 4th October 2016
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My Golf Estate R is currently on its way down the M40 to me right now!

Birdster

2,529 posts

142 months

Tuesday 4th October 2016
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Nice. Post up some pictures.

Anyone with Vehicle Savers and National heard anything about their car yet?

Alex

9,975 posts

283 months

Wednesday 5th October 2016
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Here it is!