Ending Arval Lease Early - Lack of Transparency

datostar

Herzlos wrote: »

You can presumably use glass to get an idea of what your car is expected to get from auction, fudge in a bit and see if it's likely to be more than £3k.


You could always ask them how much it'd cost to buy the car off them directly.

Some years ago I had a car from new on a 3 year business lease through Renault Finance. When the 3 years were nearly up I enquired about buying it from them outright. The car was in excellent condition with 30,000 miles on the clock. They gave me a very good deal and said they only charged what they thought it would fetch at auction. I had that car for another 11 years.
Well worth asking.

danburge

CirrusDesAigles said:

Cheers for replies.

I can pay 50% of remaining monthly payments but I am liable for excess mileage (will be a few there) and wear or tear (won't be much there) OR I can let it go to auction and if it makes their "written down value" (as per contract) then I won't be charged but if it falls short of the "written down value" then I am liable for the shortfall (I have no issue with this).

My issue is the fact they won't declare to me what the "written down value" currently stands at. If it's £3,000 above the glass guide price then I am snookered, if it's around the glass/parkers etc value then I am better going with this option.

I am just very surprised that the lack of transparency of declaring the "written down value" as cited in the contract is legal?

Hi, i'm interested in what you did in the end? I'm currently in the same situation where i want to leave the lease and i'm 2/3rds through. I can either pay 50% early termination fee which is just over £2k or I can let it go to auction and then I pay the difference. I have asked what they value the car as but they haven't replied to me yet (although sounds like they won't tell me). 

What did you end up doing? And what should i do?

neilmcl

danburge said:

CirrusDesAigles said:

Cheers for replies.

I can pay 50% of remaining monthly payments but I am liable for excess mileage (will be a few there) and wear or tear (won't be much there) OR I can let it go to auction and if it makes their "written down value" (as per contract) then I won't be charged but if it falls short of the "written down value" then I am liable for the shortfall (I have no issue with this).

My issue is the fact they won't declare to me what the "written down value" currently stands at. If it's £3,000 above the glass guide price then I am snookered, if it's around the glass/parkers etc value then I am better going with this option.

I am just very surprised that the lack of transparency of declaring the "written down value" as cited in the contract is legal?

Hi, i'm interested in what you did in the end? I'm currently in the same situation where i want to leave the lease and i'm 2/3rds through. I can either pay 50% early termination fee which is just over £2k or I can let it go to auction and then I pay the difference. I have asked what they value the car as but they haven't replied to me yet (although sounds like they won't tell me). 

What did you end up doing? And what should i do?

Considering this thread was from August last year and the OP hasn't been on here since I doubt you'll ever find out.