Emigrating part-way through personal vehicle lease?
Discussion
As others have said, talk to the lease company as only they can accurately answer this.
They're not out to trap you, they'll deal with these questions every day and will let you know what your options are.
Most likely is that you'll need to pay a fairly large percentage of the remaining payments and then hand the car back. It'll be set out in your contract, although the exact percentages may not be as it can depend how far you are into the lease.
They're not out to trap you, they'll deal with these questions every day and will let you know what your options are.
Most likely is that you'll need to pay a fairly large percentage of the remaining payments and then hand the car back. It'll be set out in your contract, although the exact percentages may not be as it can depend how far you are into the lease.
You can list the vehicle lease for transfer online and if you find someone willing to take it, you can see what the costs are to transfer it.
If you would like hand it back, you should contact the finance company for a early settlement quote. They'll review the terms of your agreement and ask what mileage is on the car. They'll then give you a quote for handing it back.
To give you an example, I have a Skoda on lease with Skoda Financial Services. Its a 1 + 23, within the first year, if I surrender it, I pay 65% of remaining installments plus additional mileage. In the second year, this drops to 55%.
Hope this helps.
P.s. congratulations to your mrs on the new role
If you would like hand it back, you should contact the finance company for a early settlement quote. They'll review the terms of your agreement and ask what mileage is on the car. They'll then give you a quote for handing it back.
To give you an example, I have a Skoda on lease with Skoda Financial Services. Its a 1 + 23, within the first year, if I surrender it, I pay 65% of remaining installments plus additional mileage. In the second year, this drops to 55%.
Hope this helps.
P.s. congratulations to your mrs on the new role
Thanks everyone for the quick guidance.
Clause 7 of our personal lease agreement provides for a 50% early termination discount on all remaining payments. So in our case this would be a discounted early termination charge of around £3,750.
I cannot see anything mentioned in the contract about transferring, assigned or novating the contract or its rights and obligations to anyone. Is this something that is available as a common law right?
Clause 7 of our personal lease agreement provides for a 50% early termination discount on all remaining payments. So in our case this would be a discounted early termination charge of around £3,750.
I cannot see anything mentioned in the contract about transferring, assigned or novating the contract or its rights and obligations to anyone. Is this something that is available as a common law right?
You can almost certainly novate (transfer) your lease to someone else. I was the recipient of someone else's leased 4C Spider for the last 18 months of their lease. Zero issues, fully approved by the leasing company.
For a normal car, you might need to sweeten the deal a bit, i.e. pay the new leasee some money up front. Once the lease is novated the new party is 100% responsible for the car and they have the agreement with the leasing company, so there is no risk to you if you do need to sweeten the deal apart from ensuring that the timing of everything is acceptable to all parties.
For a normal car, you might need to sweeten the deal a bit, i.e. pay the new leasee some money up front. Once the lease is novated the new party is 100% responsible for the car and they have the agreement with the leasing company, so there is no risk to you if you do need to sweeten the deal apart from ensuring that the timing of everything is acceptable to all parties.
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