Personal Leases - Experiences ?

Acc72

Hello All,


There seems to be a lot of deals about at the moment for the various personal leases (usually involve paying a deposit, a monthly fee and then an optional final payment).


Does anybody have any personal experience with these ?


My big concern is that when you hand the car back, the dealer with find £'000's of "damage" etc.


It would be interesting to hear of peoples experiences - also if anybody has seen particularly good deals recently (not too worried about the manufacturer / model).

InsideInsurance

You are describing PCP not leasing

There is indeed a risk that damage is found, most decent companies for lease or PCP (guides are normally the same) will state their rules on whats chargeable and what isnt so you can know in advance if a stonechip is going to cost you or not.

If you are handing it back to the finance company you are generally best to get a local place to return it to A1 condition prior to handing it back than risk the finance companies repair rates for dealing with a cracked bumper etc.

With PCP you have the guaranteed balloon payment and so if the car is worth more than the balloon in its current state you could sell/ trade the car in and thus avoid the repair issues (though inevitably there will be the question on if you'd get more of an increase in valuation than the repair costs would be if you got the problems sorted)

forgotmyname

Its not just the damage they say needs fixing but what happens if your circumstances change during the term.

Quite a few people regret the lease or PCP early in the term and want to find ways out of them.

Can you afford to keep paying the lease or PCP if you lost your job or family circumstances changed?