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Ending a car lease early
MercilessKiller
Posts: 7,143 Forumite
in Motoring
Hi All,
So I got a great deal on a lease for my car... paying £250 a month for 3 years and then giving it back (no option to buy) but its an awesome car, was very happy.
Since then, I've been offered a chance to move to America for work. Looks like I'll be going in as soon as a month or 2 woop!
Don't think the leasing agent for the car will allow a lease assumption to transfer it, but the early cancellation fee is £2.5k. There's currently 2 years left on the lease however. (car was brand new at the start so 1 year and 10k miles in)
Any advice or ideas on what I can or should do? Thanks!
So I got a great deal on a lease for my car... paying £250 a month for 3 years and then giving it back (no option to buy) but its an awesome car, was very happy.
Since then, I've been offered a chance to move to America for work. Looks like I'll be going in as soon as a month or 2 woop!
Don't think the leasing agent for the car will allow a lease assumption to transfer it, but the early cancellation fee is £2.5k. There's currently 2 years left on the lease however. (car was brand new at the start so 1 year and 10k miles in)
Any advice or ideas on what I can or should do? Thanks!
[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]
- Bob Dole, Republican presidential candidate[/FONT]
0
Comments
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MercilessKiller wrote: »Hi All,
So I got a great deal on a lease for my car... paying £250 a month for 3 years and then giving it back (no option to buy) but its an awesome car, was very happy.
Since then, I've been offered a chance to move to America for work. Looks like I'll be going in as soon as a month or 2 woop!
Don't think the leasing agent for the car will allow a lease assumption to transfer it, but the early cancellation fee is £2.5k. There's currently 2 years left on the lease however. (car was brand new at the start so 1 year and 10k miles in)
Any advice or ideas on what I can or should do? Thanks!
Have you asked the lease company if they will allow a transfer?The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
As above first point of call is to ask the lease company if you can transfer it, also check your t+c's r,e cancellation as there are varying standard terms.
I suppose your last option would be to check if any family members would be interested in the car - as long as the driver is insured to drive a lease car it "shouldn't" matter that they arent the leaser. Could then set up an informal payment every month from them to you for the car, but ultimately it'll be your responsibility both if it gets written off and at handback time for damage claims etc.0 -
I've sent a letter to the lease company to ask
Awaiting a response but wanted to see if that was the only real option. [FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
MercilessKiller wrote: »I've sent a letter to the lease company to ask Awaiting a response but wanted to see if that was the only real option.
Wouldn't it have been easier to telephone them?The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
Well, by letter I mean email. I kept ringing and they were engaged every time so gave up and emailed.[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
Guessing I don't have any other options then? Oh well ! :P Anyone want a car? haha[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
What are the details of the car ?
I need a car but struggling to get Finance. If the car is suitable may be the finance company would be happy for me to take it on rather than go through the hassle of you returning it and them trying to sell it on.
John0 -
You will still be credit checked if taking over a transferred lease0
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Unfortunately the company will NOT allow a transfer of the lease meaning the lease must stay in my name.
Are there legal implications of keeping the lease in my name but someone else being insured to drive it and a separate contract being created between me and a 3rd party?
The car is an Astra Twintop 1.8 Sport (Black). 1 year old (got brand new) so 10k miles, had its first service, tax is free within the lease and no MOT needed. Lease ends June 2013 (Paying £250 a month)
Josh[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
As far as I am aware the lease company have no interest in who drives the car so long as it is insured. The grey area is whether you have to be the primary insurer or if anybody can insure the car, you'll need to check.
Ultimately you will be responsible for the car - to this end I don't believe you can sell the lease but you should be ok to have a family member or close friend use the car and give you some sort of completely unassociated gift payment every month0
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