Leasing / PCH questions
Discussion
Hi all,
Decided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
2. There is a statement in the agreement: 'you agree to make sure any replacement vehicle provided is insured in accordance with Term 5' (i.e. fully comprehensive). How can I insure the replacement vehicle if, for example, I will get it just for let's say a month while my leased one is broken/being repaired/serviced?
Any ideas?
Decided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
2. There is a statement in the agreement: 'you agree to make sure any replacement vehicle provided is insured in accordance with Term 5' (i.e. fully comprehensive). How can I insure the replacement vehicle if, for example, I will get it just for let's say a month while my leased one is broken/being repaired/serviced?
Any ideas?
SlimPollack said:
Hi all,
Decided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
Fairly normal. It's just paperwork their end to move money about.Decided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
It may be that you get a cheque to cover the difference - then the larger figure comes out of your account.
Ask the broker/dealer how it will work in your case.
SlimPollack said:
2. There is a statement in the agreement: 'you agree to make sure any replacement vehicle provided is insured in accordance with Term 5' (i.e. fully comprehensive). How can I insure the replacement vehicle if, for example, I will get it just for let's say a month while my leased one is broken/being repaired/serviced?
Any ideas?
If someone else crashes in to you make sure that the crasher's insurance company agree to cover the hire car you have - with the same excess that you pay on your insurance.Any ideas?
If it breaks down and needs long term repairs - make sure your courtesy car is covered to the same level at their expense.
If you crash in to someone/something else - ask that your insurance company adds this car as a temporary additional vehicle, while you have it ( this may cost extra, but then it is your fault)
Quite normal. This is just one of the ways that the lease company take advantage of manufacturer discounts.
A few weeks ago I collected a Golf R Estate direct from a VW dealer on lease. The lease documents from VWFS showed a much larger initial payment than the £1500 agreed with the dealer. But I paid a £500 deposit, then £1000 on the day. The rest was settled with VWFS by the supplying dealer.
As for insurance.... all they are saying is that you will be responsible for insuring any replacement vehicles provided. In some cases this might not be necessary, depending on the VW dealer giving you a temporary car. If the dealer that gives you a car does not tell you it is insured, and get you to sign some paperwork and see your license (like they do with long term test drives) then they probably aren't insuring it.
Just call your insurer and ask them to add it as a temporary vehicle under your normal policy, most do it for a reasonable cost. Some insurance policies already include fully comp insurance for cars that are provided as courtesy cars from a garage while yours is off the road. But make sure you check your insurance to see if you have this cover or not.
A few weeks ago I collected a Golf R Estate direct from a VW dealer on lease. The lease documents from VWFS showed a much larger initial payment than the £1500 agreed with the dealer. But I paid a £500 deposit, then £1000 on the day. The rest was settled with VWFS by the supplying dealer.
As for insurance.... all they are saying is that you will be responsible for insuring any replacement vehicles provided. In some cases this might not be necessary, depending on the VW dealer giving you a temporary car. If the dealer that gives you a car does not tell you it is insured, and get you to sign some paperwork and see your license (like they do with long term test drives) then they probably aren't insuring it.
Just call your insurer and ask them to add it as a temporary vehicle under your normal policy, most do it for a reasonable cost. Some insurance policies already include fully comp insurance for cars that are provided as courtesy cars from a garage while yours is off the road. But make sure you check your insurance to see if you have this cover or not.
SlimPollack said:
Hi all,
Decided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
2. There is a statement in the agreement: 'you agree to make sure any replacement vehicle provided is insured in accordance with Term 5' (i.e. fully comprehensive). How can I insure the replacement vehicle if, for example, I will get it just for let's say a month while my leased one is broken/being repaired/serviced?
Any ideas?
What has been said is correct noting more to addDecided to lease VW Tiguan recently and got VW Financial Services leasing documents to sign today.
As it is my first ever lease I need some advice and I've got 2 questions:
1.The broker deal included £2400 initial rental but the VW hire agreement shows higher amount of initial rental. Broker explained in the email that if the initial rental in the Hire Agreement is higher than that you have been required to pay, the difference is covered by the supplying VW dealer. Is that normal? Any hidden catch here? I don't want to be in a situation when higher amount of initial rental is charged from my bank account.
2. There is a statement in the agreement: 'you agree to make sure any replacement vehicle provided is insured in accordance with Term 5' (i.e. fully comprehensive). How can I insure the replacement vehicle if, for example, I will get it just for let's say a month while my leased one is broken/being repaired/serviced?
Any ideas?
SlimPollack said:
Many thanks for all your reply.
I started looking for insurance quotes for the car.
Insurance comparison websites ask me who is the registered keeper. I know I'm not the owner of the car but any idea who's on V5C of yours VWFS leased cars? Is that VWFS or the actual keeper (you)?
On my leased Tiguan VWFS are the registered keeper. Doesn't seem accurate to me but that's how it is. I started looking for insurance quotes for the car.
Insurance comparison websites ask me who is the registered keeper. I know I'm not the owner of the car but any idea who's on V5C of yours VWFS leased cars? Is that VWFS or the actual keeper (you)?
I've never even seen the V5C, VWFS have got it.
SlimPollack said:
That's fine here in the UK.
What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
Dunno. TBH I've never heard of having to have the registration document with you. What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
I've been abroad loads of times and have never taken a registration document with me even when I did actually own the vehicle. Is that really a requirement? What does it prove if somebody else is the registered keeper?
Most European countries are not that liberal re car documents like here. So travelling there without V5C and/or authorisation is like driving stolen car.
How their police will know the car is not stolen in case they stop you?
I suggest reading here:
http://www.theaa.com/motoring_advice/overseas/gene...
"If you're taking a company-owned, hired or borrowed vehicle you'll need a letter of authorisation from the registered keeper as well as the original vehicle registration document (V5c) or a Vehicle on Hire Certificate (VE103).
The VE103 is the only legal alternative to the V5c and you can get one from BVRLA/All fleet services on 01452 881037"
How their police will know the car is not stolen in case they stop you?
I suggest reading here:
http://www.theaa.com/motoring_advice/overseas/gene...
"If you're taking a company-owned, hired or borrowed vehicle you'll need a letter of authorisation from the registered keeper as well as the original vehicle registration document (V5c) or a Vehicle on Hire Certificate (VE103).
The VE103 is the only legal alternative to the V5c and you can get one from BVRLA/All fleet services on 01452 881037"
Edited by SlimPollack on Sunday 9th October 00:20
SlimPollack said:
That's fine here in the UK.
What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
You need to contact VWFS and request a VE103B, this is valid for 12 months. I would allow at least 2/3 weeks for you to receive it from them.What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
SlimPollack said:
That's fine here in the UK.
What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
You need to contact VWFS and request a VE103B, this is valid for 12 months. I would allow at least 2/3 weeks for you to receive it from them.What if you want to go for example for your holiday abroad where you have to have the registration document with you?
I know you need to let VWFS know and get their permission but will they give you V5C then for the period of the travel?
I am about to lease a car through CVL using VWFS with wife as main user, paperwork I received says that lessee needs to show proof of insurance. To save switching v5 and insurance names on our other car to wife and then using my insurance on the leased car we thought that wifes insurance and ncd would be ok to use. When I mentioned this to CVL they said ok for wife to insure as long as I am named driver.
As I'm sure many spouses are lessees and not main drivers has anyone else come across this. Does the lessee have to take the insurance policy or can the spouse.
As I'm sure many spouses are lessees and not main drivers has anyone else come across this. Does the lessee have to take the insurance policy or can the spouse.
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