Selling on a lease

[Ursicles]

Wonder if anyone can help.

I have a skoda VRS 245 on a 2yr lease deal - 8k per annum £226 a month.

Problem is i have now got a new job which will be 600 miles a week, so thinking it makes more sense to buy a diesel that will get me 60mpg, than keep this one which does 40mpg on motorways and pay the 8p a mile. Ill probably be doing 30k a yr - so 22k paid for is a few quid!

Does anyone know a place that 'buys' leases? Not sure if you can sell a lease on, or what would happen if i were to give the car back to VW - not due to return until July 2020!

Cheers,

[zedstar]

IIRC VAG only allow you to transfer the lease to a LTD company - so you'd need to find someone to take it on whos happy having it as a company vehicle...

[Mandat]

22,000 additional miles will cost you £1,760.

How much are you really going to save if you swap to a used car instead?

Do the sums to find out the actual cost, and don't forget to factor in the benefit of using a new warrantied car over a used un-warranted one.

[Ursicles]

Wonder if a cheaper option is to call VW and see how much it would cost to boost the mileage to 12k per annum instead.

[SteBrown91]

Probably more than paying the mileage penalty

[MinuteMan]

FWIW, with VWFS you can get the contract amended mid-term to reflect the extra miles, and in my experience it's been a lot cheaper than paying for the excess mileage at the end of the contract.

16k extra miles on my A4 cost me around £600 extra through mileage amendment. Paying it at the end would have cost me around £1200 (at 7.2p per mile)

Just had a quote for my Cupra 300, taking it from 16k miles to 32k miles. It's around 25% cheaper than paying at the end.

Edited by MinuteMan on Wednesday 20th March 18:21

[Edible Roadkill]

You can’t sell it as it’s not yours to sell.

Either VT the car or amend the mileage to suit

[couragebest88]

Edible Roadkill said:

You can’t sell it as it’s not yours to sell.

Either VT the car or amend the mileage to suit

You can as long as the buyer pays the finance company. I had to get out of a lease after an operation a few years ago, couldn’t drive the car anymore. I got a settlement figure, buyer paid the finance company rather than me, job done.

[rog007]

Or get a new job maybe? 600 miles per week; crikey!

[Ursicles]

600 miles a week and that includes 2 days from home

I'll give VW a call I think and see how much to increase the mileages to 12k and 15k, plus how much it works be too terminate the lease - though I didn't think you could be VT a lease, only a PCP once you paid more than 50%?

Could will be wrong there.

[The Voice]

Ursicles said:

600 miles a week and that includes 2 days from home

I'll give VW a call I think and see how much to increase the mileages to 12k and 15k, plus how much it works be too terminate the lease - though I didn't think you could be VT a lease, only a PCP once you paid more than 50%?

Could will be wrong there.

You can cancel your lease at any time with VWFS. However, you have to pay 55% of all outstanding payments.

[jonwm]

Had pretty much the same situation and VW let me give it back for 55% remaining payments.
Tried to transfer the lease to someone but even with a Ltd company they wanted the inside leg measurement of the FD.

[Begall]

couragebest88 said:

You can as long as the buyer pays the finance company. I had to get out of a lease after an operation a few years ago, couldn’t drive the car anymore. I got a settlement figure, buyer paid the finance company rather than me, job done.

Sounds like a PCP, not PCH

[Ursicles]

So from rough calc, I'd have to pay 1740 to hand it back, of 3160 to keep it.

For the difference of £2k (£1400 + £600 insurance) I might as well just keep it and use it for runs to the dump and the odd trackday

[BuzzBravado]

Are you allowed to use lease cars on trackdays? Genuine question. I just assumed it would definitely be a no no.

[couragebest88]

Begall said:

Sounds like a PCP, not PCH

I was on a PCH for 2 years. Not sure about OP but it sounded similar is all.

[Ursicles]

As long as you cover the number plate - no reason you cant use it on a track day.

[Camelot1971]

Ursicles said:

As long as you cover the number plate - no reason you cant use it on a track day.

Yes, that's a really sensible idea

[sbk1972]

I would keep the car, use it, then clock it.

VAG/Skoda - £100 to do.

I know many, and I mean MANY limo drivers that do this to Mercedes / BMWs / Jags.

You can either have the mileage removed, or install a box that you flick on or off to record the mileage too.

[anonymous-user]

Camelot1971 said:

Ursicles said:

As long as you cover the number plate - no reason you cant use it on a track day.

Yes, that's a really sensible idea

Not something I'd personally do, but I guarantee there are plenty of cars which are owned by finance companies which get used on track against the terms of the contract. You only have to attend a few trackdays to see the amount of surprisingly new cars which come out with tape over the number plates.

As long as it's insured, or the owner has very deep pockets in the event of chucking it in the wall, it's not very high risk.