Getting Rid of Lease Car

[UnleadedUltimatum]

Hello all - happy New year etc.

I've recently split with my partner and we'll be looking to move forward with out own properties.

I've taken out a lease for a car we both use, more than I wanted to be spending but that's besides the point.

Now we've split and I'm stuck with the car that I didn't really want in the first place. Is there any way to get rid other than to pay the fee?

Looking to maximize my mortgage affordability. Lease is through Arval who don't do transfers between private parties.

Ex is willing to take the car but I don't see how this is possible from a legal perspective, and probably not financially wise.

Any help appreciated.

[ashenfie]

After 14 days, you’re going to have to pay penalties to cancel your lease contract. This is known as ‘voluntary termination.’

It depends a bit on levels of trust. You could transfer the registered keeper and in return get the monthly payments till the end of the contract. Best an agreement writing. I suspect this might be classed as sub leasing thu.

[Pistonheader101]

In b4 “torch the car”.

On a more serious note, how long is left on the lease? Might be worth seeing it through to the end

[Mark V GTD]

ashenfie said:

After 14 days, you’re going to have to pay penalties to cancel your lease contract. This is known as ‘voluntary termination.’

It depends a bit on levels of trust. You could transfer the registered keeper and in return get the monthly payments till the end of the contract. Best an agreement writing. I suspect this might be classed as sub leasing thu.

OP has a lease agreement (PCH) not PCP/HP - VT does not apply in this case. Registered Keeper is likely to be the finance company rather then the OP.

[blue_haddock]

Usually it's 50% of remaining rentals to get out of a lease early.

[Stu-nph26]

UnleadedUltimatum said:

Hello all - happy New year etc.

I've recently split with my partner and we'll be looking to move forward with out own properties.

I've taken out a lease for a car we both use, more than I wanted to be spending but that's besides the point.

Now we've split and I'm stuck with the car that I didn't really want in the first place. Is there any way to get rid other than to pay the fee?

Looking to maximize my mortgage affordability. Lease is through Arval who don't do transfers between private parties.

Ex is willing to take the car but I don't see how this is possible from a legal perspective, and probably not financially wise.

Any help appreciated.

Ring them see what they say my lease company were willing to take my car back early without penalty. I presume this was because of the shortage of used cars.

[journeymanpro]

ashenfie said:

After 14 days, you’re going to have to pay penalties to cancel your lease contract. This is known as ‘voluntary termination.’

It depends a bit on levels of trust. You could transfer the registered keeper and in return get the monthly payments till the end of the contract. Best an agreement writing. I suspect this might be classed as sub leasing thu.

Rubbish advice.

There is no VT on a lease and you also can't transfer the keeper as that remains the lease company.

[ConnectionError]

Pick up the phone to the leasing company and explain the situation you are in and ask for their advice as to the most cost effective solution for you.

[UnleadedUltimatum]

Thanks guys. 18 months left on the lease (3+23), looks like the best option is to phone and see.

I'll probably end up needing to keep a hold of it, not the end of the world but not ideal.