Leasing - General Discussion
Discussion
Mark V GTD said:
Gazzab said:
Not sure what your issue is re the plate. It’s a lease.
I disagree - whether its a lease or a purchase or whatnot its still the car I drive every day. If I am paying good money and ordered the car as it was advertised or promised to be on the new plate then I would expect to get it.As per the majority of folk, we haven’t covered the mileage we expected in the first 12 months of our 3 year lease. Called the lease company to get a quote to reduce the mileage over term, expecting we could maybe save a few quid each month.
Car is an Alfa Stelvio. 3 + 35, 15k/annum, so 45k total. Done around 8k first year.
Currently pay £406/month.
Requested quotes to reduce total term mileage to a)36k and b)30k.
Quote a) £425/month
Quote b) £403/month
Suffice to say we will be staying on our original 15k/annum contract!
Car is an Alfa Stelvio. 3 + 35, 15k/annum, so 45k total. Done around 8k first year.
Currently pay £406/month.
Requested quotes to reduce total term mileage to a)36k and b)30k.
Quote a) £425/month
Quote b) £403/month
Suffice to say we will be staying on our original 15k/annum contract!
So my vehicle was collected this morning and the inspector only noted 2 bodywork scratches.
I was expecting a lot more, however i note that he labelled the car as dirty and the weather wet (neither of which was true as shown in the report photos).
I know there will be a second inspection - has anyone had experience of them adding a load of extra on at this stage which wasn't picked up at collection?
I was expecting a lot more, however i note that he labelled the car as dirty and the weather wet (neither of which was true as shown in the report photos).
I know there will be a second inspection - has anyone had experience of them adding a load of extra on at this stage which wasn't picked up at collection?
mrpbailey said:
As per the majority of folk, we haven’t covered the mileage we expected in the first 12 months of our 3 year lease. Called the lease company to get a quote to reduce the mileage over term, expecting we could maybe save a few quid each month.
Car is an Alfa Stelvio. 3 + 35, 15k/annum, so 45k total. Done around 8k first year.
Currently pay £406/month.
Requested quotes to reduce total term mileage to a)36k and b)30k.
Quote a) £425/month
Quote b) £403/month
Suffice to say we will be staying on our original 15k/annum contract!
I can beat that one, I'm 15 months into a 24 month contract on a evouque.Car is an Alfa Stelvio. 3 + 35, 15k/annum, so 45k total. Done around 8k first year.
Currently pay £406/month.
Requested quotes to reduce total term mileage to a)36k and b)30k.
Quote a) £425/month
Quote b) £403/month
Suffice to say we will be staying on our original 15k/annum contract!
Allowance is 10K pa
Currently on 7K
Asked for quote on 6K pa
Payment would change from £338 to £615.
Seriously
Despite being a bit reticent to lease, I am looking into it. Mainly to test an EV for two years while the market develops.
I can lease it personally or via my Ltd co, although there seems to be no difference (just VAT accounted for, or not). My question is what sort of credit checks are done? Embarrassingly, personally I earn almost zilch technically - would a leasing company look at me and think I'm a bad risk? At the moment, I take a tiny (nominal) salary, some small amount of dividends and leave all of the profits in the Ltd company account. Pay off my credit card every month, and we have had no mortgage for >10 years.
Leasing through the company probably bypasses that, but what credit checks does the leasing company do for that - check annual return at Companies House? A year's bank statements?
(Apologies for the newbness of these qs)
I can lease it personally or via my Ltd co, although there seems to be no difference (just VAT accounted for, or not). My question is what sort of credit checks are done? Embarrassingly, personally I earn almost zilch technically - would a leasing company look at me and think I'm a bad risk? At the moment, I take a tiny (nominal) salary, some small amount of dividends and leave all of the profits in the Ltd company account. Pay off my credit card every month, and we have had no mortgage for >10 years.
Leasing through the company probably bypasses that, but what credit checks does the leasing company do for that - check annual return at Companies House? A year's bank statements?
(Apologies for the newbness of these qs)
smallredball said:
Despite being a bit reticent to lease, I am looking into it. Mainly to test an EV for two years while the market develops.
I can lease it personally or via my Ltd co, although there seems to be no difference (just VAT accounted for, or not). My question is what sort of credit checks are done? Embarrassingly, personally I earn almost zilch technically - would a leasing company look at me and think I'm a bad risk? At the moment, I take a tiny (nominal) salary, some small amount of dividends and leave all of the profits in the Ltd company account. Pay off my credit card every month, and we have had no mortgage for >10 years.
Leasing through the company probably bypasses that, but what credit checks does the leasing company do for that - check annual return at Companies House? A year's bank statements?
(Apologies for the newbness of these qs)
I have leased 2 cars whilst a contractor on a low salary but with dividends. I had no issues with a ‘pch’ deal where vw ask me to sign the paperwork as a co representative but take the £s from my personal account. Don’t recall any credit or earnings issues. I can lease it personally or via my Ltd co, although there seems to be no difference (just VAT accounted for, or not). My question is what sort of credit checks are done? Embarrassingly, personally I earn almost zilch technically - would a leasing company look at me and think I'm a bad risk? At the moment, I take a tiny (nominal) salary, some small amount of dividends and leave all of the profits in the Ltd company account. Pay off my credit card every month, and we have had no mortgage for >10 years.
Leasing through the company probably bypasses that, but what credit checks does the leasing company do for that - check annual return at Companies House? A year's bank statements?
(Apologies for the newbness of these qs)
^ Thanks. I suppose that the lease representatives have had many of these conversations for contractors. I'll try calling one or two tomorrow.
I just saw that Nationwide Leasing had a preliminary checklist for business leasing with one question being: "can you give a Director's guarantee?" Maybe CV19 business failures are making them a bit nervous.
I just saw that Nationwide Leasing had a preliminary checklist for business leasing with one question being: "can you give a Director's guarantee?" Maybe CV19 business failures are making them a bit nervous.
smallredball said:
^ Thanks. I suppose that the lease representatives have had many of these conversations for contractors. I'll try calling one or two tomorrow.
I just saw that Nationwide Leasing had a preliminary checklist for business leasing with one question being: "can you give a Director's guarantee?" Maybe CV19 business failures are making them a bit nervous.
Ultimately you are going to want a business lease. Decent electric cars are expensive and the business deals are good because of the bik deal. Otherwise an ev makes little sense imho. I just saw that Nationwide Leasing had a preliminary checklist for business leasing with one question being: "can you give a Director's guarantee?" Maybe CV19 business failures are making them a bit nervous.
jonny996 said:
I can beat that one, I'm 15 months into a 24 month contract on a evouque.
Allowance is 10K pa
Currently on 7K
Asked for quote on 6K pa
Payment would change from £338 to £615.
Seriously
It’s crazy, especially when you compare to the poster above who got his monthlies reduced by a sensible amount!Allowance is 10K pa
Currently on 7K
Asked for quote on 6K pa
Payment would change from £338 to £615.
Seriously
Hi all, new to the thread, currently got a 36mo. lease that's up at the start of sept this year.
I'm looking to VT it to save myself 50% of the remaining payments, as the car just isn't being used and its a few hundred a month I'd rather have in the bank, and I can replace it with an outright bought shed for the minimum miles I do.
My question is about the insurance side of things. If I buy said shed, and transfer my insurance over, what's the position regarding the lease car while waiting for the VT to go through? Pretty sure continuous enforcement rules mean it cant just sit there uninsured until they collect it can it?
I'm looking to VT it to save myself 50% of the remaining payments, as the car just isn't being used and its a few hundred a month I'd rather have in the bank, and I can replace it with an outright bought shed for the minimum miles I do.
My question is about the insurance side of things. If I buy said shed, and transfer my insurance over, what's the position regarding the lease car while waiting for the VT to go through? Pretty sure continuous enforcement rules mean it cant just sit there uninsured until they collect it can it?
loskie said:
DAZ you need to check if you have a lease or PCP.
Why do people NOT UNDERSTAND the financial products that they sign up to?
He said he has a lease. So he has a lease ...!? His question is the insurance for the leased vehicle. The answer is = if they don’t collect the car at the date your contract finishes then the insurance is entirely the lease co’s problem. Why do people NOT UNDERSTAND the financial products that they sign up to?
loskie said:
you missed the VT bit and 50% of payments, does that not suggest PCP to you?
VWFS (and some other lease companies) will only charge a PCH lessee c. 50% of the total remaining monthly rental.I believe Daz is using the term VT erroneously, but I think he’s referring to PCH.
If he’s referring to PCP, then he’s VERY confused with regards to how VT’ing works.
Daz_86 said:
My question is about the insurance side of things. If I buy said shed, and transfer my insurance over, what's the position regarding the lease car while waiting for the VT to go through? Pretty sure continuous enforcement rules mean it cant just sit there uninsured until they collect it can it?
Don’t cancel your insurance until the lease agreement is cancelled.It is your responsibility to keep the car insured while the agreement is in force, as per the T&C’s in the contract.
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