is it worth cancelling my lease?
Discussion
Hi, I took out a lease (PCH) just over a year ago in May 2017, £255/month. (Although I think £45 is for servicing)
I am anticipating losing my job this week. Obviously will find a new job but I don't expect to be able get another professional job, anything that pays as good as what I'm on now.
Therefore I'm just looking at my options of what I can do. I have emailed my lease company for a quote, but just wondering what people's experience is? Is it actually worth paying the fee to not have that money go out any more?
I'm assuming it is just depreciation VS my payments? if it's £210/month then as of September I've paid 17 months - £3570. The lease is for 3 years / 36 months so I have
Car is a Fiesta ST, current value (20,000 miles) is about 12-13k. Not sure how much the lease company paid for it (RRP was like 19K) so dont know how the fee is calculated...
Has anyone cancelled early, then regretted it and just wished they carried on to the end? Or if you're pleased that you cancelled it?
Or if there are any options to consider.
I have 5 grand left to pay in the contract so just trying to weigh things up.
I am anticipating losing my job this week. Obviously will find a new job but I don't expect to be able get another professional job, anything that pays as good as what I'm on now.
Therefore I'm just looking at my options of what I can do. I have emailed my lease company for a quote, but just wondering what people's experience is? Is it actually worth paying the fee to not have that money go out any more?
I'm assuming it is just depreciation VS my payments? if it's £210/month then as of September I've paid 17 months - £3570. The lease is for 3 years / 36 months so I have
Car is a Fiesta ST, current value (20,000 miles) is about 12-13k. Not sure how much the lease company paid for it (RRP was like 19K) so dont know how the fee is calculated...
Has anyone cancelled early, then regretted it and just wished they carried on to the end? Or if you're pleased that you cancelled it?
Or if there are any options to consider.
I have 5 grand left to pay in the contract so just trying to weigh things up.
I've got a PCH contract with Lex - early termination is pro-rated mileage (so that's variable depending on mileage and time remaining) plus 50% of the remaining payments.
Lex will happily give a early termination quote at any time, maybe your finance company will - read your contract.
Lex will happily give a early termination quote at any time, maybe your finance company will - read your contract.
Yeah I'm guessing it'd be 2k at least.. I have requested an early termination quote and waiting to hear back. Funny their auto reply says "We are experiencing a high demand of termination quotes, sorry for the delay", guess I am not alone.
Just trying to decide if it's worth keeping the car or not, and how much I'd be saving really.
Just trying to decide if it's worth keeping the car or not, and how much I'd be saving really.
I guess only you can answer that really. How quickly do you expect to get a new job and will you still be able to afford the payments?
If you terminate the lease, will you then have to go out and buy a 2nd hand car? As long as you have a few months payments saved up, it's probably cheaper to carry on with the lease, rather than having to buy your way out of it as well as purchasing a 2nd hand car.
If you terminate the lease, will you then have to go out and buy a 2nd hand car? As long as you have a few months payments saved up, it's probably cheaper to carry on with the lease, rather than having to buy your way out of it as well as purchasing a 2nd hand car.
IanCress said:
I guess only you can answer that really. How quickly do you expect to get a new job and will you still be able to afford the payments?
If you terminate the lease, will you then have to go out and buy a 2nd hand car? As long as you have a few months payments saved up, it's probably cheaper to carry on with the lease, rather than having to buy your way out of it as well as purchasing a 2nd hand car.
Getting a job should be doable but it won't be a particularly good job... I'm not gonna get a reference from my current employer so can't imagine I will get another 'professional' job, will probably have to just work in a shop or pub or something on low pay. If you terminate the lease, will you then have to go out and buy a 2nd hand car? As long as you have a few months payments saved up, it's probably cheaper to carry on with the lease, rather than having to buy your way out of it as well as purchasing a 2nd hand car.
Yeah if I terminated the lease, I'd buy a used car for cheap. I do have some savings, I'm inclined to agree with you that it'd be better to keep the lease.
I would ask them to confirm what the charge would be. I had a Kia Optima on lease that i wanted to end early (11 months into a 24 month lease). Wrote to them and asked what the charge would be and they confirmed there was no additional charge, i just had to pay the next Contract payment. Only charge i had was for pro-rata mileage over the contract amount and a couple of small damage charges. Worth asking at least.
tomble22 said:
I would ask them to confirm what the charge would be. I had a Kia Optima on lease that i wanted to end early (11 months into a 24 month lease). Wrote to them and asked what the charge would be and they confirmed there was no additional charge, i just had to pay the next Contract payment. Only charge i had was for pro-rata mileage over the contract amount and a couple of small damage charges. Worth asking at least.
Thanks, yeah this is why I asked them. If it's gonna be several thousand pounds then not worth it I guess, which it probably would be. But on the other hand if they told me its only a couple hundred quid then I'd say it is a good idea. Just good to know -- I'm waiting to get a quote back for early termination.Out of curiosity what lease company was that with? Mine's through leaseplan.
treeroy said:
Thanks, yeah this is why I asked them. If it's gonna be several thousand pounds then not worth it I guess, which it probably would be. But on the other hand if they told me its only a couple hundred quid then I'd say it is a good idea. Just good to know -- I'm waiting to get a quote back for early termination.
Out of curiosity what lease company was that with? Mine's through leaseplan.
Mine was direct with ALD Automotive, they were no hassle to deal with, very easy.Out of curiosity what lease company was that with? Mine's through leaseplan.
Seems all lease companies, finance houses are different. My previous experience with both BMW and VWFS has been if you are in the last 12 months of the lease it's 50% of remaining rentals (minus the VAT in BMWs case). If it wasn't the last 12 months you were pretty much paying the whole lot.
I am not advocating this, as each to their own....what I can tell you is if you are full pay and on a suspension, a quick trip to the doctors for a sick note and do not attend the disciplinary where you are about to be fired means they have to delay (they can not fire you) thus you will continue your full pay
I don’t know your circumstances and only advocate that if you have been shafted by the company, if you done f
ked up then attend meeting
I don’t know your circumstances and only advocate that if you have been shafted by the company, if you done f
ked up then attend meetingAeschylus said:
I am not advocating this, as each to their own....what I can tell you is if you are full pay and on a suspension, a quick trip to the doctors for a sick note and do not attend the disciplinary where you are about to be fired means they have to delay (they can not fire you) thus you will continue your full pay
I don’t know your circumstances and only advocate that if you have been shafted by the company, if you done fked up then attend meeting
If I skip it they'd just move it to the following week, I'm not getting out of it.... and yeah it's my doing not theres.I don’t know your circumstances and only advocate that if you have been shafted by the company, if you done f
ked up then attend meetingilikejam said:
The early termination terms should be in your finance agreement so you should be able to work it out pretty accurately by yourself.
I'm another nosey b@astard who wants to know what happened BTW...
That's a good point. Now if only I could remember where I put it my finance agreement. Moved house and no idea where it went. I signed the documents by email and can't view them again after signing - they must have sent me docs in the post but who knows where they are lol. Hope they dont take too long to get back to my quote request.I'm another nosey b@astard who wants to know what happened BTW...
As for what happened... let's just say I tested positive for naughty substances during the work day. Exec said he is willing to give me one final chance to sort my s
t out. Then two weeks later I gone and done it again. sc0tt said:
How do you get to work?
they told me they'd call the police if I've driven in and they will do everthing they can to make sure I am arrested, made that pretty clear... so I've been walking to work instead. Not risking losing my licence or worseBegall said:
LeasePlan is/was 50% of remaining payments. I had a Fiesta ST leased through them which I ended the lease on one month early.
Thank you, that's a very helpful answer buddy 
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