Extending lease period - Lex Autolease
Discussion
Hi All,
I have seen some chat on here of people extending the term on personal leases mid lease.
Currently thinking about extending the term on my wifes car by 6 months so that it is returned the same time as mine.
Called the provided (Lex Autolease) this morning and was advised that the term cannot be changed as it is a regulated agreement.
If this is the case how have others managed it?
Any advice would be welcome.
Regards
Stuart
I have seen some chat on here of people extending the term on personal leases mid lease.
Currently thinking about extending the term on my wifes car by 6 months so that it is returned the same time as mine.
Called the provided (Lex Autolease) this morning and was advised that the term cannot be changed as it is a regulated agreement.
If this is the case how have others managed it?
Any advice would be welcome.
Regards
Stuart
Hi Stuart,
Lex are correct in what they are telling you, a Personal Lease, regulated agreement can not be extended with Lex Autolease.
Frustratingly some other funder will allow you to go into an 'informal extension' toward the end of the lease. This meant they will let it roll on for an additional 3 months before you have to formally extend.
Another thing worth noting, is that an extension isn't always the same rate or cheaper. On my own personal car I looked to extend and the price rose by an additional £100, this is due to the residual value being allot lower than anticipated.
So in Summary, Lex won't allow this.
Thank you,
Paul
Lex are correct in what they are telling you, a Personal Lease, regulated agreement can not be extended with Lex Autolease.
Frustratingly some other funder will allow you to go into an 'informal extension' toward the end of the lease. This meant they will let it roll on for an additional 3 months before you have to formally extend.
Another thing worth noting, is that an extension isn't always the same rate or cheaper. On my own personal car I looked to extend and the price rose by an additional £100, this is due to the residual value being allot lower than anticipated.
So in Summary, Lex won't allow this.
Thank you,
Paul
SelectCarLeasing said:
Lex are correct in what they are telling you, a Personal Lease, regulated agreement can not be extended with Lex Autolease.
The OP seemed to be suggesting that Lex had told him the reason it couldn't be extended was because it was a regulated agreement.For clarity, are you saying that's not correct - the reason is simply that Lex chooses not to extend?
Sheepshanks said:
The OP seemed to be suggesting that Lex had told him the reason it couldn't be extended was because it was a regulated agreement.
For clarity, are you saying that's not correct - the reason is simply that Lex chooses not to extend?
Sorry to over complicate my response. Lex's stance is that they will not extend Regulated Agreements.For clarity, are you saying that's not correct - the reason is simply that Lex chooses not to extend?
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