Car leasing for personal use

Flyboy152

BlueScouse wrote: »

Agree that I would not particularly like to own something that deprediates immediately. However, I would be even less keen to pay that depreciation plus interest to a finance company, which is what happens when you lease a car.
At the end of the contract period, you then have insult added to injury when you need to pay an amount invented by the finance company to make them even more profit - you know who I mean, Mercedes Benz Finance.

But the residual value is set at the beginning of a finance lease.

BlueScouse

Flyboy152 wrote: »

But the residual value is set at the beginning of a finance lease.

It's not the residual value that is the problem; it's the amount they invent if you return the car at end of lease for "bringing the car up to standard". This is an amount over which you have no control whatsoever. I understand that Mercedes Benz Finance are particularly notorious for charges applied at the end of lease.
I would recommend avoiding this company at all costs.

Flyboy152

BlueScouse wrote: »

It's not the residual value that is the problem; it's the amount they invent if you return the car at end of lease for "bringing the car up to standard". This is an amount over which you have no control whatsoever. I understand that Mercedes Benz Finance are particularly notorious for charges applied at the end of lease.
I would recommend avoiding this company at all costs.

And as I have asked several times, why didn't you get the car repaired yourself?

hbnmdm

Hello,

I had a relatively painless experience with Lombard. We returned our Astra after 3 years and had the majority of minor marks buffed or resprayed ourselves.

The inspector said the car was in great condition, spotted a minor dent I hadn't even noticed. There were 2 deep scratchs under the boot handle which for some reason hubby didn't get fixed. !?!?!? he puzzles me greatly at times ?!?!?!

I returned the car a month early at a penalty of £100 (so saved £130 on the months rental) as our new car arrived faster than expected. I was also fortunate to not have to MOT the car as it went back a month early too. This was a major bonus for me, a pleasant and unexpected one as I thought they may ask me to do it! The car was 6 miles over the proposed 45,000 so all good.

I got a letter and pics for the damage at £125 for the scratch and £180 for the bump. I rang and explained I understood the scratchs, they were deep but that the bump did not require painting, etc. The man looked at the pics and agreed and dropped the charge to £45. As easy as that.

Lombard did take the full months rental from my bank but I rang them straightaway and the lady who said she would look into it rang me back when she said she would - twice!, and the money was back in my account 5 days later.

All in all fairly painless.

I know it's easy to be outraged and hop on the phone but honestly I took a deep breath and was super super nice when i spoke to the man about the damage. He responded to it and I got the resolution i wanted.

bigjl

I would only lease if it was for business use and there were tax advantages, why else spend money for nothing in return, a bit like renting a house, you are throwing money away month after month to be left with some reciepts for what you paid out.

Yes it can be a cheap way into a new car, but unless, like Kilty, you have the option to purchase I can't see the point.

Everybody is different, I just like to own my cars, though as in most things in life, it is up to you.

albionrovers

On my 3rd 2 year personal lease with a MAX budget of £230/month on 10K miles/annum.

BMW 318i - 1 x oil change (at an independent) plus no charge on handing back
Audi A3 1.6 - 1 x oil change (at an independent) plus no charge on handing back
Honda Insight Hybrid - nearly end of year 1

Simple pay as you go motoring. Look after the car, it's not too much to ask. And avoid Mercedes finance.