Ending a car lease early

k3lvc

Will they allow you to buy out the lease rather than just paying the penalty. You could buy at book value and sell on probably costing you less than the penalty.

rodenal

It's a personal lease though - buying out the lease just means either paying off the cash and keeping the car till the term expires then handing back or paying off the cash (less a rebate of x months) and handing back now.

MercilessKiller

Yeh, there's no option to buy the car in this lease. Has to be returned at the end of the 2 year period outstanding.

Looks like I might have to pay the cancellation fee of £3k or whatever it is and give it back. God damn it!

Flyboy152

MercilessKiller wrote: »

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

With a termination penalty of ten months payments, I'd say you got off lightly. Usually, lease companies don't start discounting terminations until the last year, many until the last six months.

MercilessKiller

Hard to get my head around a £2.5k payment being "getting off lightly" so to speak.. but I guess it could indeed be worse. Hmm

Flyboy152

Lightly, by comparison.

It would have been worth about twelve thousand on a private sale, from a list price of twenty-three thousand. Assuming you might have picked it up for twenty thousand new, you are up by about two and a half thousand.

MercilessKiller

Actually, that does make me feel slightly better. Tell my bank account that when I withdraw 2.5k though

I'll be trying to get my company to pay for that seeing as they're the ones relocating me!