Lease Car Company Ceased Trading

Missy46

Hello, I have been with a car leasing company for the past 3.5 years, my policy is due to expire in 6 months time where i had the option to buy, trade in or hand back my car. The company has now informed me that they have ceased trading and that the only options are for me to hand back my car or purchase it - but all i wanted to do was trade it in, after all thats why i used to lease a car as it meant i could get a new car every 4 years.

I do not want to hand the car back as i will lose money nor can i purchase it as i do not have the funds to do this.

Is there any thing i can do, i have been with them for a long time, never missed a payment etc?

maninthestreet

You can't trade it in, as the leasing company is no longer in business, so you can't do anymore business with them.

jimbms

Try asking the administrators if any other company is going to take over the leasing.

Enfieldian

Why are you losing money? Have you already paid the next 6 months in advance?

Hintza

Enfieldian wrote: »

Why are you losing money? Have you already paid the next 6 months in advance?

Assuming it is a normal lease the OP will have paid 3 or 6 months up front which needs to be accounted for over the term of the lease so the OP has lost money.

OP you have a lot of strange comments and terms in your original post. Probably not that important for us on this forum but you might want to clarify them if/when you are talking/writing to the administrators.

Policy for one, I would say you have a contract and not a policy, you just want to make sure there are no misunderstandings later.