Lease Surrender Penalties

[Tony427]

Nephew in law was living with his young lady and took out a lease on a Renault so she had something half decent to run about in.

Unfortunately the relationship hasn't lasted as long as the lease on the car and she has handed the car back to him and walked away. He has two years left on the deal with another £4,000 over the two years to fund.

He doesn't want the car, and has his own lease deal on a far nicer car, so has asked for a surrender value/ penalty/ pull trousers down and bend over fee so he can just hand the car back. He can afford the payments but has no use for an additional car.

For those in the know what would be a reasonable early surrender penalty be?

Cheers,

Tony

[Lee540]

Call the finance company.

EDIT: depending on how long is left, 50% paid, could be fine for voluntary termination.

Edited by Lee540 on Monday 14th May 17:48

[jamei303]

Could he sub-lease it to someone else?

[Tomo1971]

jamei303 said:

Could he sub-lease it to someone else?

I doubt it but the funder MAY let you transfer the remainder of the lease to another user but there maybe a fee to do so.

As above, ask the funder rather than some randomers on the internet - we dont know the funder, deal or nothing to be able to advise or guess.

[Camelot1971]

Lee540 said:

Call the finance company.

EDIT: depending on how long is left, 50% paid, could be fine for voluntary termination.

Edited by Lee540 on Monday 14th May 17:48

You can't VT a lease car.

VWFS is 55% of remaining payments, other manufacturers are most likely similar.

[Tony427]

He has already asked the funder and is awaiting the early surrender value.

However I thought that it may be useful to get a rule of thumb or some comparables from other people who have surrendered their leases/ cars early so that it could be judged if it was a good deal or within usual parameters or not.

Obviously some randomers on the internet failed to see that this would be a useful exercise and got all arsey and self righteous.

So much for offering help and advice to like minded individuals.

Cheers,

Tony

[Tony427]

Camelot1971 said:

Lee540 said:

Call the finance company.

EDIT: depending on how long is left, 50% paid, could be fine for voluntary termination.

Edited by Lee540 on Monday 14th May 17:48

You can't VT a lease car.

VWFS is 55% of remaining payments, other manufacturers are most likely similar.

Thankyou,

Exactly what I was after.

Cheers,

Tony