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Thread: The TZ Best Lease Car Deals Thread

  1. #901
    Master senwar's Avatar
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    Quote Originally Posted by benny.c View Post
    Possibly a pro rata amount for an incomplete month if the new hand back date isn’t on the same day of the month that the original date was?
    No don't think its that. I have just paid a payment (Friday) and my quote states valid if returned between 27/10/2020 and 26/11/2020 and that your last rental due has been paid which it has. Next payment is due 30 November, which if paid would then leave 4 payments. So my current payment takes me up to the 26th November. I did intend to arrange return in the next 2 weeks but lockdown might make that an issue

    Quote Originally Posted by peterdo View Post
    Also depends on your mileage.

    For ease of the example, if you had 36 month contract with 36,000 miles and handed it back 5 months early, your mileage entitlement would only be for 31 months or 31,000 miles

    If you had done 32,000 miles you would get penalty charges on the mileage e.g. 13p + VAT x 1,000 or £156

    You should get it all in the early termination quote. If it’s Lex Autolease, check the details as they are so far behind in service levels they missed 2 payments I had made from my termination value...they still haven’t taken the final settlement on a car I handed back in March either

    Pete


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    It's not mileage either. i'm well under and they don't actually know my mileage yet. I did 3yr/36000 and currently have 26628 on the clock - at this time in the rental I calculated it would be just over 30k

    As I say, I'll have to phone and check but can't see what it could be.

    It was all arranged through Volvo and is Santander finance. They've been pretty good/prompt in helping out (had a quote earlier in the year which I did have the same question on but never took it further).

  2. #902
    Master senwar's Avatar
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    Had a response with a breakdown

    The early termination fee is calculated based on 50% of the unadjusted rental which this would have been the amount before the initial payment is taken into consideration which reduced this to your agreed monthly rental. Upon the vehicle being returned during an early termination the credit control department would review the initial payment paid and dependent of how much was paid if applicable they would arrange for a pro-rated refund to be raised based on the days in possession of the vehicle. Below is a breakdown of the calculation used.

    ET of £917.80 is 50% of unadjusted outstanding rentals: 1 x £1,934.10 + 35 x £322.35 divided by 36 months = unadjusted rental of £367.12 £367.12 x 5 - 50% = £917.80
    Am I right in reading that this may lead to a pro rata refund after I have made payment/returned vehicle? Or a pro rata refund will be calculated and deducted from £917.80?

    If I'm working things out right, I have currently paid (ex-VAT) £11604.60. Total payment due over term is £13216.35 leaving £1601.75 remaining of which 50% is £805.88. However, using unadjusted figure above, 31 payments at £367.12 I 'should' have paid £11380.72, leaving £1835.60, and the £917.80 is half of that.

    So I've actually paid £224 more than I would have unadjusted - therefore a pro rata refund of £112, bringing my payment back to £805?

    I know thats complex above but I think I'm right?

  3. #903
    Master senwar's Avatar
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    By the way, sorry, appreciate this isnít a thread about what Iíve asked, more about deals.

  4. #904
    Grand Master TheFlyingBanana's Avatar
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    This looks like a cracking deal for a top spec E-Niro:

    https://www.v4b.co.uk/car-leasing/ki...0-9-93910.html
    So clever my foot fell off.

  5. #905
    Grand Master Dave+63's Avatar
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    Quote Originally Posted by TheFlyingBanana View Post
    This looks like a cracking deal for a top spec E-Niro:

    https://www.v4b.co.uk/car-leasing/ki...0-9-93910.html
    Put the mileage up to 10,000 and the term to 36 months and itís still less than £350pm.

    That is a good deal!

  6. #906

  7. #907
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    Can someone with the know how tell me if this is a reasonable deal (dont think there are any great deals just now ) and I cant work out the pecentage people use to establish this. BMW 5 Touring 2021 new shape. £1305 down 35 payments at £435. 10000 miles . I think the value is around £43000. standard paint and interior. Cheers

  8. #908
    Quote Originally Posted by nosher View Post
    Can someone with the know how tell me if this is a reasonable deal (dont think there are any great deals just now ) and I cant work out the pecentage people use to establish this. BMW 5 Touring 2021 new shape. £1305 down 35 payments at £435. 10000 miles . I think the value is around £43000. standard paint and interior. Cheers
    If your percentage is
    under 20% = either an Awesome Deal, or a surprisingly common 'mistake' by the dealer
    20% to 25% = Pretty Good Deal
    25% to 30% = OKish Deal
    over 30% = Poor Deal.

    Cost over the 3 years is £16530.
    The 'how good is the deal' percentage is based on a 2 year deal, so 16530/3 x2 = 11020. 11020/43000 = 25.6%, therefore OKish if it was a 2 year deal, probably a bit worse considering you're stuck with it for 3 years which means extra servicing costs and tyres etc, plus an extra year to pick up dings and dents that will cost you

  9. #909
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    Cheers Brighty, my allowance more than covers it and im assured if a better deal appears ealry in the year it can be changed, not much else out there I fancy..

  10. #910
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    Quote Originally Posted by nosher View Post
    Cheers Brighty, my allowance more than covers it and im assured if a better deal appears ealry in the year it can be changed, not much else out there I fancy..
    This M Sport version saves a few ££'s.
    https://www.leaseloco.com/car-leasin...2-36-10000-3-0

  11. #911
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    Thanks ,I use a broker who maybe doesn't have access to that deal but their T& C says (If you find a better price within 7 days of placing your order , we guarantee to beat that price by £50. If we cannot beat it, we will refund any initial payment received and cancel your order immediately) so I can put that deal to him..

  12. #912
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    This thread seems to have died. Any good deals out there, or have they all dried up with the chip shortage etc ?

  13. #913
    Quote Originally Posted by mtagrant View Post
    This thread seems to have died. Any good deals out there, or have they all dried up with the chip shortage etc ?
    I always keep an eye on lease deals but have to say the deals lately are very poor price wiseÖ

    Saw this deal the other day and seemed half decent.

    https://centralukvehicleleasing.co.u...~4SDTA~~8.htm/

  14. #914
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    Quote Originally Posted by Martylaa View Post
    I always keep an eye on lease deals but have to say the deals lately are very poor price wiseÖ

    Saw this deal the other day and seemed half decent.

    https://centralukvehicleleasing.co.u...~4SDTA~~8.htm/
    That does seem reasonable, although large up front for a short term duration skews the monthly payment somewhat. Wonder if they actually can source it, or if it is a headline grabber.

  15. #915
    Quote Originally Posted by mtagrant View Post
    That does seem reasonable, although large up front for a short term duration skews the monthly payment somewhat. Wonder if they actually can source it, or if it is a headline grabber.
    Lease loco is prob the best site to keep an eye on but again the deals are very poor this yearÖ

  16. #916
    For a two year lease deal this is probably the best of a bad bunch on a EV if people are looking for one…

    https://www.leaseloco.com/car-leasin...2-24-10000-6-0

    If the Ioniq5 is this price next year I may look at it closer…

  17. #917
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    Quote Originally Posted by Martylaa View Post
    Lease loco is prob the best site to keep an eye on but again the deals are very poor this yearÖ
    Will keep an eye on that thanks

  18. #918
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    Guys looking for some advice. I have no missed payments or anything over 10 years, never had an issue getting finance including expensive cars like Range Rover etc. Indeed 2 weeks ago I was approved by Mercedes Benz for an EQA on PCP. However due to a delivery delay I'd decided to try and lease a Tesla Model 3 but the broker said it was refused by the finance company (although they've allowed an appeal) and he is putting in the appeal to an underwriter (refusal came via computer). The Merc was more expensive than the Tesla BTW and that sailed through a fortnight ago.

    Any idea if leasing companies are stricter than PCP companies? I'm thinking maybe the recent Merc application (successful) might make them think I'm getting 2 cars but I was clear that wasn't the case and I'm getting rid of my current Range Rover PCP which is £250 more each month than the Tesla!

    I'll see what happens on Monday and if that fails then I'll try another broker (worst case I still have the Merc EQA approved so will get that as I was only going to cancel once the Tesla was approved).

  19. #919
    Quote Originally Posted by ryanb741 View Post
    Guys looking for some advice. I have no missed payments or anything over 10 years, never had an issue getting finance including expensive cars like Range Rover etc. Indeed 2 weeks ago I was approved by Mercedes Benz for an EQA on PCP. However due to a delivery delay I'd decided to try and lease a Tesla Model 3 but the broker said it was refused by the finance company (although they've allowed an appeal) and he is putting in the appeal to an underwriter (refusal came via computer). The Merc was more expensive than the Tesla BTW and that sailed through a fortnight ago.

    Any idea if leasing companies are stricter than PCP companies? I'm thinking maybe the recent Merc application (successful) might make them think I'm getting 2 cars but I was clear that wasn't the case and I'm getting rid of my current Range Rover PCP which is £250 more each month than the Tesla!

    I'll see what happens on Monday and if that fails then I'll try another broker (worst case I still have the Merc EQA approved so will get that as I was only going to cancel once the Tesla was approved).
    Had a similar situation on a mortgage application few years ago. Iíve never had any issues so knew something was up. My mortgage broker suggested I pay for a full in depth credit report which I did. It demonstrated that I was clean. This was sent over to the mortgage provider and all was resolved. Sometimes it does seem that system is not fail proof.


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  20. #920
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    If you need a car do what I’ve done since age of 17....... go out and buy one with your own money!

    If you’re short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease I’d simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?

  21. #921
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by walkerwek1958 View Post
    If you need a car do what I’ve done since age of 17....... go out and buy one with your own money!

    If you’re short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease I’d simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?
    Very sensible however this is the lease deal thread after all.

    As a heads up there are some really good deals on the Tesla Model 3 Long Range. Like £440 or so per month on a 9 + 48 profile with 5k Mike's a year. That's like £25 a month more than the Standard Range Plus which is £10k cheaper

  22. #922
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by glyn696486 View Post
    Had a similar situation on a mortgage application few years ago. Iíve never had any issues so knew something was up. My mortgage broker suggested I pay for a full in depth credit report which I did. It demonstrated that I was clean. This was sent over to the mortgage provider and all was resolved. Sometimes it does seem that system is not fail proof.


    Sent from my iPhone using TZ-UK mobile app
    Thank you. Seems like it is due to my address. I do know that due to issues with onerous leases and cladding quite a few foreign residents in this development have simply allowed their properties to be repossessed and gone home as their properties are worth less than their mortgages. Perhaps this could be it. But then Merc didn't care.

  23. #923
    Grand Master wileeeeeey's Avatar
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    Could just be too many searches recently on your file, Ryan

  24. #924
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    Quote Originally Posted by walkerwek1958 View Post
    If you need a car do what Iíve done since age of 17....... go out and buy one with your own money!

    If youíre short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease Iíd simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?
    The gift that keeps on giving.

  25. #925
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    Quote Originally Posted by walkerwek1958 View Post
    If you need a car do what Iíve done since age of 17....... go out and buy one with your own money!

    If youíre short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease Iíd simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?
    I've had nice cars on short term lease for a number of years and for businesses like me it can make sense from a cash flow and tax liability point of view. When the world stopped at the start of lockdown I was able to hand back my Audi to the lease company at no cost and I started using my 2000my Rav4 again, not that anyone was driving anywhere.

    As a fortuitous bonus, all the lease charges I've paid over the years contributed to me coming in just under the max profit threshold for the self employment support scheme so I was able to claim full support.

  26. #926
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    Quote Originally Posted by wileeeeeey View Post
    Could just be too many searches recently on your file, Ryan
    I agree, this is quite likely I would guess, particularly if the Merc EQA was also on approved on finance, as that would show on your credit file.

  27. #927
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    Ryan I imagine you do this anyway but just in case you donít, sign up with someone like Martin Lewis for a free monthly Experian credit report, just so youíre always in the know whatís on your credit file. We advise all clients to do this. I also get one from credit karma and when I did a couple of things (like switch energy provider) they emailed me to let me know there had been a change/search on my file. I imagine in your case it could be too many searches or itís flagging up multiple applications maybe, but always worth being in the know with your credit just in case.

  28. #928
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by Devonian View Post
    Ryan I imagine you do this anyway but just in case you donít, sign up with someone like Martin Lewis for a free monthly Experian credit report, just so youíre always in the know whatís on your credit file. We advise all clients to do this. I also get one from credit karma and when I did a couple of things (like switch energy provider) they emailed me to let me know there had been a change/search on my file. I imagine in your case it could be too many searches or itís flagging up multiple applications maybe, but always worth being in the know with your credit just in case.
    Cheers I did this and it turns out my report is in the 'excellent' band with one provider (Equifax) and 'fair' (but 1 point off 'good') with Experian. What dropped the Experian score was 8 hard credit searches in the last 3 weeks (mortgages and Cars).


    Just spoke to another leasing company who did a soft credit check and said for sure I'll get approved as long as I haven't lost my job- he said the previous check was done by a company known as being the most stringent and failing for no reason (Lex Autolease). So let's see.

    Apparently it is much harder to get approved for a lease than PCP though.

  29. #929
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by ryanb741 View Post
    Apparently it is much harder to get approved for a lease than PCP though.
    Probably because there's no way to get out of a lease but there is a way to get out of a PCP.

    If you're doing mortgage stuff at the minute I would wait for that to be done before you do the car.

  30. #930
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by wileeeeeey View Post
    Probably because there's no way to get out of a lease but there is a way to get out of a PCP.

    If you're doing mortgage stuff at the minute I would wait for that to be done before you do the car.
    Cheers but mortgage done. 5 year fix at 1.19% as I reckon interest rates are on the up.

  31. #931
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by ryanb741 View Post
    Cheers but mortgage done. 5 year fix at 1.19% as I reckon interest rates are on the up.
    Bar steward. We did ours at the end of April and it was 1.36% for five years even with the max deposit.

  32. #932
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by wileeeeeey View Post
    Bar steward. We did ours at the end of April and it was 1.36% for five years even with the max deposit.
    This is at 75% LTV.

  33. #933
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    Quote Originally Posted by ryanb741 View Post
    Cheers but mortgage done. 5 year fix at 1.19% as I reckon interest rates are on the up.
    Not related but just fixed mine at that rate with HSBC as i also think they are going up.

  34. #934
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    Quote Originally Posted by ryanb741 View Post
    Very sensible however this is the lease deal thread after all.

    As a heads up there are some really good deals on the Tesla Model 3 Long Range. Like £440 or so per month on a 9 + 48 profile with 5k Mike's a year. That's like £25 a month more than the Standard Range Plus which is £10k cheaper
    Nice deal. Do you have a link or can you share company? That may be very tempting!

  35. #935
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by Boss13 View Post
    Nice deal. Do you have a link or can you share company? That may be very tempting!
    Actually coming in at £428 a month! If you are genuinely interested I can make an intro. Dec delivery and this is for white colour

  36. #936

    The TZ Best Lease Car Deals Thread

    Quote Originally Posted by Boss13 View Post
    Nice deal. Do you have a link or can you share company? That may be very tempting!
    Try here for £424.

    https://www.bluechillicarleasing.co....e-awd-4dr-auto


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    Last edited by Martylaa; 9th October 2021 at 18:57.

  37. #937
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    Quote Originally Posted by walkerwek1958 View Post
    If you need a car do what I’ve done since age of 17....... go out and buy one with your own money!

    If you’re short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease I’d simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?
    I mean no disrespect but itís really healthy to at least try and see life from others perspective.

  38. #938
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    Quote Originally Posted by wileeeeeey View Post
    Probably because there's no way to get out of a lease but there is a way to get out of a PCP.

    If you're doing mortgage stuff at the minute I would wait for that to be done before you do the car.
    This isnít accurate in many circumstances.
    On a leased Audi (VWFS), I was able to end the lease early for a few months penalty. VW financial services even have a page on their website to get a quote for ending a lease early.

    Another lease I was able to extend from a 2 year deal to 3 years.

    I was also told I couldnít buy the car when ordering the lease at the Audi dealership, yet the auction house VWFS use offered to sell to me the car at the end of the lease, before it went through auction, and at a discounted price.

    PCP does give you more flexibility, but leases are certainly not the lock in many make them out to be.

  39. #939
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    Quote Originally Posted by mikiejack View Post
    This isnít accurate in many circumstances.
    On a leased Audi (VWFS), I was able to end the lease early for a few months penalty. VW financial services even have a page on their website to get a quote for ending a lease early.

    Another lease I was able to extend from a 2 year deal to 3 years.

    I was also told I couldnít buy the car when ordering the lease at the Audi dealership, yet the auction house VWFS use offered to sell to me the car at the end of the lease, before it went through auction, and at a discounted price.

    PCP does give you more flexibility, but leases are certainly not the lock in many make them out to be.
    I may well be wrong about this, but I firmly suspect that the many times a leasing provider tells you there is no right of purchase through the agreement, is driven by regulation. Given this is oft-repeated during a leasing process then I can see why the popular theory is that leasing is more 'locked-down' than PCP. There is also truth to it, in that due to the fact you don't own the vehicle or have any equity in it, you can't sell it to pay off the term as you could on a PCP. So if you want to exit early, in most cases you would have to pay full cost of remaining lease plus potentially a cancellation fee - and you'd have to dip into your own pocket for those funds.

    Sent from my Pixel 5 using Tapatalk

  40. #940
    Master badger1's Avatar
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    I've just got off the phone to VWFS about my lease and asked about a early termination. The redemption is circa £4500, 18mths into a 3 year deal, but there is also an Preferential Early termination whereby if you stay within the VWFS group (Audi, VW Skoda) the dealership will buy the car, pay the redemption and any equity can go into a new vehicle - i assume there will be some haggling going on at that stage.

    I did expressly ask if this would have an impact on my credit and was told it wouldn't.

    I hope this helps!

    Pete

  41. #941
    Quote Originally Posted by walkerwek1958 View Post
    If you need a car do what Iíve done since age of 17....... go out and buy one with your own money!

    If youíre short of cash buy something cheap, I drive an 11 year old car and feel comfortable doing so. Try it, you might find the advantages outweigh the drawbacks.

    If someone refused me credit or a lease Iíd simply tell them to F*** off, I certainly wouldn't beg or grovel. Do you really need the car deal?

    I've always done that as well, but there's a lot to be said for knowing exactly what a car is going to cost you (ALL costs) per month, particularly when you're on a regular monthly salary. When you buy one, there are so many unknowns - depreciation being the biggie.

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