Business Lease Terms

MrJaxy

Hi,
Just wondered if anyone knew whether its possible and/or what the likely penalties might be to cancel a business car lease? We are 1.5 yrs into a 3 year agreement, but will need to get a bigger car to accommodate expanding family? Is it a realistic proposition for me to approach the lease firm (Alphabet/BMW) and ask if we can annul the existing agreement and get a new one going on a bigger car. In my mind this would be good for them as they get a newer car back earlier than expected to sell on and also get me tied into another 3 year plan?

Grateful for any comments.

Thanks

InsideInsurance

Cars dont depreciate in a straight line though, they lose money fastest as they are newer but a lease company levels this out across the duration of the lease to give you consistent payments. An early termination will result in an admin fee and additional payment to cover this higher earlier depreciation.

Now if you are taking a new lease from them then there is always grounds for negotiation but you are most likely looking at reducing that additional fee than getting away with no additional fee unless you were paying way over the top to start with

Car_54

Why don't you just ask the firm, rather than solicit dubious advice from total strangers on the internet?

The worst that can happen is that they say no!

MrJaxy

Thanks for the comments.

Car54 - Obviously I can and no doubt will end up asking the firm. I posted on here because I was interested to hear if any others had dealt with a similar situation and what the outcome was for them. I thought the whole point of these types of forums was to "solicit dubious advice from total strangers on the internet"?

Regards

flashg67

50% of outstanding rentals is a common early termination contract term, plus any excess mileage charges, pro ata to the current mileage versus the total contract mileage agreed