Leasing - General Discussion
Discussion
Alucidnation said:
Daughter handed her lease back to BCA (was with ALD) beginning of September and she is going to be charged for a scuffed wheel.
Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Nail biting. They might not charge at all or they might charge £50 (if vwfs).Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Gazzab said:
Alucidnation said:
Daughter handed her lease back to BCA (was with ALD) beginning of September and she is going to be charged for a scuffed wheel.
Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Nail biting. They might not charge at all or they might charge £50 (if vwfs).Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
It was more a question of how long and how they collect the money and she just wants it all finalised.
Alucidnation said:
Daughter handed her lease back to BCA (was with ALD) beginning of September and she is going to be charged for a scuffed wheel.
Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Gave my golf back day before start of previous lockdown took them neigh on 5 months to invoice me for the damageThing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
SmoothCriminal said:
Alucidnation said:
Daughter handed her lease back to BCA (was with ALD) beginning of September and she is going to be charged for a scuffed wheel.
Thing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Gave my golf back day before start of previous lockdown took them neigh on 5 months to invoice me for the damageThing is, she hasn't received any notification of payment being required.
How long does it take for that sort of thing to normally come through?
Thanks
Oh well, I’ll tell her to expect a surprise letter at some point in the near future.
Cheers all.
Hi all - posted this in a Volvo thread but pointed here
I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
Edited by senwar on Friday 6th November 13:18
jonwm said:
Did anyone have a car collected last lockdown? Mine is due to be collected on Monday 9th, not a problem if it isn't but it needs an MOT on the 30th November and the collection company state that they won't pick up without a valid MOT.
So questions would be am I now liable for more payments and MOT if they don't collect it in November?
Appreciate this is a very first world problem and many are now plunged into desperate times again.
Just to follow up on this, it's still being collected Monday and he is travelling with a driver to take it somewhere.So questions would be am I now liable for more payments and MOT if they don't collect it in November?
Appreciate this is a very first world problem and many are now plunged into desperate times again.
Covid and travelling together must not apply this time round.
PenelopaPitstop said:
jonwm said:
Just to follow up on this, it's still being collected Monday and he is travelling with a driver to take it somewhere.
Covid and travelling together must not apply this time round.
It's travel for work. Covid and travelling together must not apply this time round.
Cars got picked up, lets bear in mid here that this car is 3 years old and has done 13k miles, well under mileage 10k+ and it is immaculate, it has been polished several times since I've had it and not just saying this but it was pristine.
Got picked up on a "Dent and Finish" on the internal door, surprised to say the least so went out to check and they have hit me with £175 for this, apparently it happens when seat belts are closed in the doors, I have kids so probably has happened this way.
Can't believe I've looked after it so well and my kids have let me down at the last hurdle!!
Got picked up on a "Dent and Finish" on the internal door, surprised to say the least so went out to check and they have hit me with £175 for this, apparently it happens when seat belts are closed in the doors, I have kids so probably has happened this way.
Can't believe I've looked after it so well and my kids have let me down at the last hurdle!!
jonwm said:
Cars got picked up, lets bear in mid here that this car is 3 years old and has done 13k miles, well under mileage 10k+ and it is immaculate, it has been polished several times since I've had it and not just saying this but it was pristine.
Got picked up on a "Dent and Finish" on the internal door, surprised to say the least so went out to check and they have hit me with £175 for this, apparently it happens when seat belts are closed in the doors, I have kids so probably has happened this way.
Can't believe I've looked after it so well and my kids have let me down at the last hurdle!!
That's unlucky, both in terms of the damage happening and it being found on collection!!Got picked up on a "Dent and Finish" on the internal door, surprised to say the least so went out to check and they have hit me with £175 for this, apparently it happens when seat belts are closed in the doors, I have kids so probably has happened this way.
Can't believe I've looked after it so well and my kids have let me down at the last hurdle!!
senwar said:
Hi all - posted this in a Volvo thread but pointed here
I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
I phoned Arval to ask a similar question on mine. They simply said its 50% of what you have to left to pay. I have 8 payment remaining, they said the charge would equate to 4 months. I'm on a 1+35 so there is no adjustment. I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
Edited by senwar on Friday 6th November 13:18
Re VAT, i think VAT is due as HMRC recently revised their position on termination fees and that they now treat it is a consideration for supply and as such taxable.
senwar said:
Hi all - posted this in a Volvo thread but pointed here
I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
Sounds complicated! I’d recommend you discuss it with them as all the providers seems to use different calculations.I have an XC40 on lease with 5.5 months left (Santander). Have received a quote and I've asked for collection to be 23 November as per the email received. I'm getting a new XC60 before the end of the month although may delay till after lockdown.
When the early termination costs came, it didn't equate to 50% from what I could see so asked for a breakdown. Was sent the following:
'The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.
ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80'
Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?
If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.
I did have a response on the Volvo thread saying '50% of (Total amount payable over duration of lease minus the amount you have already paid )
is what you owe them. I believe that they don't charge you VAT on termination fee, but I'm not sure about that'
Based on this, I'm sure it should be £805.88?
Any advice on how this works? Also, any comment/confirmation on the VAT statement?
Edited by senwar on Friday 6th November 13:18
For example, I terminated an Alphabet lease early recently and they calculated it based on a ‘true cost valuation’, ended up paying about a third of what I was expecting based on the 50% rule. Plus they took into account my excess mileage (expected another £600 charge for that).
brittas14 said:
Sounds complicated! I’d recommend you discuss it with them as all the providers seems to use different calculations.
For example, I terminated an Alphabet lease early recently and they calculated it based on a ‘true cost valuation’, ended up paying about a third of what I was expecting based on the 50% rule. Plus they took into account my excess mileage (expected another £600 charge for that).
I'd be happy with it being less that's for sure! Nice one there!For example, I terminated an Alphabet lease early recently and they calculated it based on a ‘true cost valuation’, ended up paying about a third of what I was expecting based on the 50% rule. Plus they took into account my excess mileage (expected another £600 charge for that).
High 'Deposit' / low mthly / average Credit Rating personal car leasing deals?
Whilst I am fortunate to have a solid financial bank acct audit trail for more than 6 mths and a credit reference from my property lease agent showing good 20 yr history, I havent returned elec role record for years - so dont conform to standard tick boxes (I also have evidence of living between 2 addresses, one leased and one owned for many years) -
I do however have solid evidence of substantial lease payment history and willing to pay up to half of a 2yr EV lease deal up front and minimise credit exposure to sub £250pcm, poss sub £200
I am looking for finance companies / leasing agents who recognise this offer is better than their typical exposure and offer terms that reflect this - any links plse?
Looking for something like the current E Nero lease, ideally at a little better rates to reflect up front payment of £3.5k
Whilst I am fortunate to have a solid financial bank acct audit trail for more than 6 mths and a credit reference from my property lease agent showing good 20 yr history, I havent returned elec role record for years - so dont conform to standard tick boxes (I also have evidence of living between 2 addresses, one leased and one owned for many years) -
I do however have solid evidence of substantial lease payment history and willing to pay up to half of a 2yr EV lease deal up front and minimise credit exposure to sub £250pcm, poss sub £200
I am looking for finance companies / leasing agents who recognise this offer is better than their typical exposure and offer terms that reflect this - any links plse?
Looking for something like the current E Nero lease, ideally at a little better rates to reflect up front payment of £3.5k
jabloko99 said:
My car goes back 14/12.MOT due 15/12 should I just leave it to them?
If something goes wrong and it's not collected on 14th, you will have to do the MOT then. Maybe return it 2-3 days earlier, to avoid any problems. When I returned my last car, guy came to collect it and said he takes it home and drives it next day to auction site. So, one day of MOT validity could be a problem in such case.
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