Leasing - General Discussion

[PenelopaPitstop]

I gave up on preferential early termination, simply because there's no answer from anyone. Audi dealer went quiet. Either didn't get quote from VWFS at all or decided not to bother with transaction. Skoda dealer never called back after chasing. Both cars still showing online for sale.

Since I'm going to pay another instalment in next few days, don't see a point in terminating now. Also, removing private plate would take another couple of weeks. So, I will be stuck with Formentor. Summer is ending soon and it will be workhorse for bad weather from November onwards. I'm driving leased Abarth 124 Spider to use all miles and enjoy it before it goes back at the end of September, when it will be replaced by BMW Z4.

Maybe VWFS doesn't really want anyone to part exchange their car and just stalling, who knows.

[Sochaux]

Has anyone experience with lease extensions funded by LeasePlan?

[AbuHaneefah]

My car is due back in March, looks like it's going back with half the mileage that I paid for (due to Covid).
I'm guessing the car will be worth a lot more than it would have been otherwise too, so a great win for Nissan Finance.
This has made me seriously reconsider leasing , should I just go for a PCP (the interest charges really put me off).
I've gone electric so there is no going back to bangers in my case unfortunately, older electric cars don't have the range that I need.

Ioniq 5 and Model 3 are on my short list but it's a lot of cash now compared to what was available pre-covid.

[PenelopaPitstop]

AbuHaneefah said:

My car is due back in March, looks like it's going back with half the mileage that I paid for (due to Covid).
I'm guessing the car will be worth a lot more than it would have been otherwise too, so a great win for Nissan Finance.
This has made me seriously reconsider leasing , should I just go for a PCP (the interest charges really put me off).
I've gone electric so there is no going back to bangers in my case unfortunately, older electric cars don't have the range that I need.

Ioniq 5 and Model 3 are on my short list but it's a lot of cash now compared to what was available pre-covid.

Have you asked finance company if you can change mileage on contract? There's a chance the price will go down. But ask now, not at the end of contract. Most companies that allow this, required it to be done before last 6 months of contract.

[Luke.]

I don't really get why leasing is so pricey at the mo, given how solid the second hand car market is. Surely it should be cheaper than ever?

[VWW]

Luke. said:

I don't really get why leasing is so pricey at the mo, given how solid the second hand car market is. Surely it should be cheaper than ever?

I'd imagine its the changeability in the car market that's making lease providers more cautious. 5 years ago you could fairly accuratly predict the value of a car over 48 months. Whilst residuals are currently very good, the current instability means that the bottom could drop out of the market just as likely as prices stay high.

[AbuHaneefah]

PenelopaPitstop said:

Have you asked finance company if you can change mileage on contract? There's a chance the price will go down. But ask now, not at the end of contract. Most companies that allow this, required it to be done before last 6 months of contract.

Thanks for your reply.
I have asked them plenty of times and they said no to revising the mileage.
My last lease I was able to increase the mileage when my circumstances changed, it seems companies will only let you change the mileage if its in their favour.

[AbuHaneefah]

PenelopaPitstop said:

Have you asked finance company if you can change mileage on contract? There's a chance the price will go down. But ask now, not at the end of contract. Most companies that allow this, required it to be done before last 6 months of contract.

I asked about it here last year and most people seem to agree that Nissan Finance should be able to enforce me to keep the mileage agreement for the full term:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[mfmman]

Sochaux said:

Has anyone experience with lease extensions funded by LeasePlan?

It was part of a commercial fleet deal with cars numbering in the hundreds but when I was undecided whether to order a new car or opt out (and availbility was an issue due to Covid, no microchips) I was able to extend the lease on a month by month basis and my employer just paid the same monthly charge. I was under the mileage limit though, which could extend or shorten the initail period on our deal. Once I decided what I wanted to do (opt out) I just rang the lease company and they came and collected it two weeks later.

[Luke.]

VWW said:

Luke. said:

I don't really get why leasing is so pricey at the mo, given how solid the second hand car market is. Surely it should be cheaper than ever?

I'd imagine its the changeability in the car market that's making lease providers more cautious. 5 years ago you could fairly accuratly predict the value of a car over 48 months. Whilst residuals are currently very good, the current instability means that the bottom could drop out of the market just as likely as prices stay high.

That's interesting. Thanks.

[PenelopaPitstop]

AbuHaneefah said:

PenelopaPitstop said:

Have you asked finance company if you can change mileage on contract? There's a chance the price will go down. But ask now, not at the end of contract. Most companies that allow this, required it to be done before last 6 months of contract.

I asked about it here last year and most people seem to agree that Nissan Finance should be able to enforce me to keep the mileage agreement for the full term:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

OK, I see you put up a fight and got nowhere. Was just checking, since some people are not aware of such option or don't try. All depends on the finance company. One of the reasons I keep using VWFS, because I know their rules. Of course, they can change rules and leave me high and dry as well. They already changed damage charges since I took out current lease.

I made a mistake or taking contract for 20K miles pa when leasing first time. I changed job a month after car was delivered and was stuck with 40K miles contract, but wasn't commuting in it at all. In the end, I managed to clock 36K miles in it (with help of the friend). Since then, I always check cost of excess miles and see what's better option and how much would it cost me to pay less upfront and then excess miles. You live and learn.

Don't discard leasing in future, just consider all the costs and options.

[Gazzab]

AbuHaneefah said:

I asked about it here last year and most people seem to agree that Nissan Finance should be able to enforce me to keep the mileage agreement for the full term:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

I don’t think that’s quite the right way round. I suspect the argument is that they don’t have to change the contract terms unless they want to (/ have the processes and procedures to allow it). So they aren’t enforcing your contract they are simply refusing to amend it which is their right. I sympathise though - a change in circumstances and not getting any flexibility from the lender is a bh.

[AbuHaneefah]

Gazzab said:

I don’t think that’s quite the right way round. I suspect the argument is that they don’t have to change the contract terms unless they want to (/ have the processes and procedures to allow it). So they aren’t enforcing your contract they are simply refusing to amend it which is their right. I sympathise though - a change in circumstances and not getting any flexibility from the lender is a bh.

Actually the excess mileage is only 7p a mile and I would have been much better off if I took a lower mileage pa, buying them up front only potentially saved me about £200 if I did the full allowance.
The issue is really that there isn't many good deals around on EVs that suit my current situation.

[AbuHaneefah]

Gazzab said:

I don’t think that’s quite the right way round. I suspect the argument is that they don’t have to change the contract terms unless they want to (/ have the processes and procedures to allow it). So they aren’t enforcing your contract they are simply refusing to amend it which is their right. I sympathise though - a change in circumstances and not getting any flexibility from the lender is a bh.

I guess you are right, definitely a win win for them though.

[Gazzab]

AbuHaneefah said:

I guess you are right, definitely a win win for them though.

VW are more flexible which I assume is because they want to treat customers fairly which is an obligation for serious FS co’s. Also they want people to keep on buying. Nissan thankfully don’t make any decent cars and so it’s no great loss to not use them again. I have just had a hire car x trail with all the toys. One of the worst cars I’ve ever driven.

[AbuHaneefah]

Gazzab said:

VW are more flexible which I assume is because they want to treat customers fairly which is an obligation for serious FS co’s. Also they want people to keep on buying. Nissan thankfully don’t make any decent cars and so it’s no great loss to not use them again. I have just had a hire car x trail with all the toys. One of the worst cars I’ve ever driven.

I can believe that, the LEAF is nowhere near the quality of that the V90 was even though I went for the fully loaded one .
I definitely won't be getting another Nissan.

[PenelopaPitstop]

I just had the most ridiculous conversation with Manheim about my car collection at the end of the lease. They send inspectors and then collection will happen up to 3 days after inspection and I can not move my car after inspection. I have a garage and driveway in front of it and two cars. Can't leave car for 3 days sitting on the driveway, because I won't be able to drive my other car parked in the garage. But also, can't put car waiting for collection to the garage, because I won't be allowed to drive it after inspection. And inspector is not allowed to put in the garage either. They can't inspect in garage or on the road.

I was hoping to book collection ahead of time, so I could arrange delivery of my new car, but with "up to 3 days" collection date, it's rather difficult to arrange anything.

[jonny996]

PenelopaPitstop said:

I just had the most ridiculous conversation with Manheim about my car collection at the end of the lease. They send inspectors and then collection will happen up to 3 days after inspection and I can not move my car after inspection. I have a garage and driveway in front of it and two cars. Can't leave car for 3 days sitting on the driveway, because I won't be able to drive my other car parked in the garage. But also, can't put car waiting for collection to the garage, because I won't be allowed to drive it after inspection. And inspector is not allowed to put in the garage either. They can't inspect in garage or on the road.

I was hoping to book collection ahead of time, so I could arrange delivery of my new car, but with "up to 3 days" collection date, it's rather difficult to arrange anything.

I had similar but as soon as it is inspected it is there car, they put stickers over the door gaps to prove you haven't opened it.
As it is there car from that point it is under there insurance , so just leave it on the street, any street.

[Sheepshanks]

PenelopaPitstop said:

They can't inspect in garage or on the road.

What happens if you don't have a driveway>

Based on the above post, perhaps you could take it to a local car park, have the inspection, then leave it there?

[page3]

PenelopaPitstop said:

I just had the most ridiculous conversation with Manheim about my car collection at the end of the lease. They send inspectors and then collection will happen up to 3 days after inspection and I can not move my car after inspection. I have a garage and driveway in front of it and two cars. Can't leave car for 3 days sitting on the driveway, because I won't be able to drive my other car parked in the garage. But also, can't put car waiting for collection to the garage, because I won't be allowed to drive it after inspection. And inspector is not allowed to put in the garage either. They can't inspect in garage or on the road.

I was hoping to book collection ahead of time, so I could arrange delivery of my new car, but with "up to 3 days" collection date, it's rather difficult to arrange anything.

I had a Manheim inspection Tuesday and they collected it at the same time. I didn't need to book anything, so assume it's just dependent on area and availability of drivers.