Informal Lease Extension - How long for?
Discussion
Short question Is there a maximum length of time you can extend a lease for on an informal basis with Lex Autolease?
More detailed version of above question I currently have a lease with Lex Autolease, which was originally on a 6+35, fully maintained, 5,000mpa basis for £313 a month. Last year, as I approached the end of the 36 month term, I formally extended to 48 months and the monthly cost for the remaining 12 months stayed at about the the same price (£312).
I am now almost at the end of the 48 month period and I would like to keep the car for longer, it just suits my particular circumstances at the moment. I've obtained a quote from Lex to extend to the maximum 60 months which is coming out at £381pm. Alternatively, the monthly price for informal extension is £345pm (due to 6 month initial being built into average monthly cost), and gives me the flexibility to hand the car back. It makes sense financially to move to an informal extension, however, I am aware that a lot of lease agreements stipulate a time limit of 90 days for informal extensions. I've checked on Lex's website and they don't give a specific time limit for informal extensions, but just say that they are intended to be short term, specifically they say this:-
Does anyone have any experience of this situation with Lex Autoloease and informally extending for more than 90 days and potentially up to 12 months?
More detailed version of above question I currently have a lease with Lex Autolease, which was originally on a 6+35, fully maintained, 5,000mpa basis for £313 a month. Last year, as I approached the end of the 36 month term, I formally extended to 48 months and the monthly cost for the remaining 12 months stayed at about the the same price (£312).
I am now almost at the end of the 48 month period and I would like to keep the car for longer, it just suits my particular circumstances at the moment. I've obtained a quote from Lex to extend to the maximum 60 months which is coming out at £381pm. Alternatively, the monthly price for informal extension is £345pm (due to 6 month initial being built into average monthly cost), and gives me the flexibility to hand the car back. It makes sense financially to move to an informal extension, however, I am aware that a lot of lease agreements stipulate a time limit of 90 days for informal extensions. I've checked on Lex's website and they don't give a specific time limit for informal extensions, but just say that they are intended to be short term, specifically they say this:-
Lex website said:
An informal extension is meant to be a shorter-term option. If you’re in an informal extension for over a year, we’ll be in touch to see whether it’s still the best option for you, and to talk about the potential return of your vehicle.
That seems to suggest that I could potentially informally extend for up to 12 months before they would contact me about handing the car back. Does anyone have any experience of this situation with Lex Autoloease and informally extending for more than 90 days and potentially up to 12 months?
Pistonheadsdicoverer said:
Got 12 months on my Vauxhall Corsa with them.
(2023 to 2024).
Originally for 24 months.
You need to get a quote through the online system or phone them
Thanks, I got a quote for a formal 12 month extension from them, but was curious about how long an informal extension could run for.(2023 to 2024).
Originally for 24 months.
You need to get a quote through the online system or phone them
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