Stuck with car leasing

Ruby_Lucy

Looking for some advice and knowledge!!
I have a car via a lease plan, it's for four years and I'm nearly 18 months in. I'm desperate to reduce my monthly outgoings and wondered if anyone knew if it is possible to make changes to monthly payments, either by extending the length of the lease or changing the car to a cheaper alternative? In advance thank you

flashg67

You really need to ask them direct - both options are usually possible but terminating at 18 months in and arranging a new lease will likely cost you a lot - depending on the car, could well be into the £000s
Extending the lease, if they allow it, will probably cost you more in the long run and most won't want to go over 5 years anyway.

albionrovers

It varys from lease company to company. I had one a while back which could be terminated by simply paying a few months up front. Any new lease, however, will incurr the inevitable admin fee which all the finance companies seem to add on these days. Good advice above, ask.

Herzlos

Ask them for a settlement figure and see if you can get a loan to cover that with more suitable terms. You'll lose a lot of money renewing the lease on a new car.

harrys_dad

There are lots of ideas for reducing outgoings on the Debt Free Wannabee board so maybe ask for help there too?