Leasing - General Discussion

[Tomo1971]

roadsmash said:

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.

When I went from owning to lease, my insurance Co were happy to insure both for a short period whilst one was sold. As long as one of them was not been driven, both would be covered.

However, if you pay the lease up and the contract is terminated Friday, you no longer have to insure it Saturday onwards. You've paid your money, ended the contract, insurance isn't your issue.

[Gazzab]

loskie said:

you missed the VT bit and 50% of payments, does that not suggest PCP to you?

Vwfs for example offer an early cessation for 50%

[Daz_86]

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?

Wow that's quite the angry bite there.

I'm fully aware of what I've signed up to thanks.
For reference. It is a lease.

At least I'm pretty sure a 1+36 with ford lease/ald automotive arranged via leasecarpro is the financial product I UNDERSTOOD(to use your way of typing) I was signing up for?
Sorry if my terminology didn't meet your exacting standards. I understand now I shouldn't have used the VT phrase as it doesn't apply to lease.


Simple fact is, as has some other members have kindly pointed out. With Ford lease/ALD I can end the lease early for 50% of remaining full months of the term. Therefore £209 a month between now and september, becomes £104.50 per month between now and september to cancel therefore saving me approx £627.

I hope this clears up that its not a PCP, there is no balloon and I'm not falling into the usual PCP trap of people thinking they can get out of a 3 year PCP after 18 months by MIS-UNDERSTANDING(see what I did there?) what they have signed up for

Edited by Daz_86 on Thursday 25th February 08:32

[Daz_86]

Tomo1971 said:

When I went from owning to lease, my insurance Co were happy to insure both for a short period whilst one was sold. As long as one of them was not been driven, both would be covered.

However, if you pay the lease up and the contract is terminated Friday, you no longer have to insure it Saturday onwards. You've paid your money, ended the contract, insurance isn't your issue.

That's good to know, thanks for bringing it up, I'll have to speak to my insurance a bit further down the road and and see what they're willing to do.

[PenelopaPitstop]

Daz_86 said:

Wow that's quite the angry bite there.

I'm fully aware of what I've signed up to thanks.
For reference. It is a lease.

A lot of people say lease about PCP, so don't be offended by reaction. And VT is related to PCP.

My insurance company was happy to insure both my cars for a few days: old one and new one. Don't cancel insurance, until car is collected.

[roadsmash]

To be fair I think it was pretty obvious what Daz meant but Loskie fancied a pop.

[loskie]

It wasn't at all obvious and no I wasn't having a pop at all, folks are just being a bit sensitive.

Why would I "want to have a pop"?

[Richard-51tz1]

Hi guys

Right I've just agreed to end to buy a car private so will be sending my lease back to VW early. Had a settlement quote in Jan of 660ish have since made a payment in Feb and the settlement is the same. Just wondered if its because the system might need to update that the payment has been sent as I thought I would see a reduction. Also do I have to insure the car after I have settled the account? So between settlement and collection? Did try calling but Vwfs are shut until Monday. Just wondered if anyone knew. Cheers

[R2x]

Richard-51tz1 said:

Hi guys

Right I've just agreed to end to buy a car private so will be sending my lease back to VW early. Had a settlement quote in Jan of 660ish have since made a payment in Feb and the settlement is the same. Just wondered if its because the system might need to update that the payment has been sent as I thought I would see a reduction. Also do I have to insure the car after I have settled the account? So between settlement and collection? Did try calling but Vwfs are shut until Monday. Just wondered if anyone knew. Cheers

It depends when you made your last payment. If it was yesterday, then yeah you’re probably right to think it’s yet to update and impact the settlement.

If the payment was early in Feb, then the current unchanged settlement is probably accurate.

The car must be insured until it is collected by the agent. There were some covid related exceptions for insurance if the agent couldn’t collect for a long time, but that’s non standard.

[C70R]

Well, perhaps there was some truth in the Total Motion/Pink Leasing warning.

Our final report has come back with two additional wheels and door "dents" added.

Is there an accepted way to contest the additional bits?

[BlueComet]

Hi everyone,

I'm potentially interested in leasing a car later this year. Never done it before. Always bought approved used and paid cash.

My main concern is with handing it back at the end of the term and the condition the car is in. I've read the standard wear and tear guide that apparently all the lease companies need to follow, but what I want to know is in the real world, do the lease companies try and take you for a ride over minor things? For example, if the bonnet had a few more stone chips than average.

If they do, are the penalties heavy? Is there a way to dispute an unfair charge?

Many thanks
Matt

[Mark V GTD]

Go with a deal on a VW/Audi/Skoda/ Seat (Volkswagen Financial Services), ideally via main dealer as their end of lease charges are very reasonable, publicised in advance and are generally less than it would cost if you got the damage fixed yourself. Stone chips just need a blob of paint from a touch up stick and they will not be charged for.

[Tomo1971]

Mark V GTD said:

Go with a deal on a VW/Audi/Skoda/ Seat (Volkswagen Financial Services), ideally via main dealer as their end of lease charges are very reasonable, publicised in advance and are generally less than it would cost if you got the damage fixed yourself. Stone chips just need a blob of paint from a touch up stick and they will not be charged for.

To add, VWFS actually have a schedule detailing what they charge for such damage.... So if you assessed the car fairly you would have a fair idea what to expect before handback

[BlueComet]

Thanks for the replies so far

Just to ask also.. If the car is in a crash and repaired how does this affect the lease handback? Is any sort of additional insurance required to protect against this?

[Sochaux]

Has anyone had any experience in purchasing their lease car? I ask because mine is due to end but I would like to buy it.

[Gazzab]

BlueComet said:

Thanks for the replies so far

Just to ask also.. If the car is in a crash and repaired how does this affect the lease handback? Is any sort of additional insurance required to protect against this?

I’d just insist that the insurer uses a vw dealer to do the repairs.

[Milemuncher207]

Anyone have any experience of offering to buy your car at the end of a PCH lease? OK, I know the terms say that this cannot be done but I've read examples suggesting that most lease companies will give you a purchase price.

Currently leasing with ALD Automotive. Lease expires mid-November, but due to my job situation I have asked them for a quote on early termination. I'll then go down the purchase route on another car as I dont want to be tied into another lease.

However, if purchasing what I have is possible, then I may just hang on.

[essayer]

VWFS offered us our Tiguan but it was about £2k over retail

[Milemuncher207]

essayer said:

VWFS offered us our Tiguan but it was about £2k over retail

I've just read some Trustpilot reviews of ALD, enough to make your eyes water. Maybe I'll just hand it back and walk away.

[PenelopaPitstop]

Sochaux said:

Has anyone had any experience in purchasing their lease car? I ask because mine is due to end but I would like to buy it.

Depends on leasing company. You have to be more specific.