Mercedes Benz Lease early settlement due to low mileage, no salary

jimjames

AdrianC said:

Sea_Shell said:

You could get a really nice second hand car for £28k over 3 years.

You could get a very, very decent one for the £7k the OP put down before even getting the keys.

And the problem is at the end of it you have no car and no £7k paid in the deposit so you also need to save up again if you want another car when this one goes back. Great if it works for you but it's not for me.

macman

rebecca1 said:

macman said:

If you VT at 33 months, then I calculate that your motoring finance has cost you £582pm, or just shy of £7,000pa. Ouch...
I'm still not clear from your posts if you were somehow under the impression that what you had taken out was a conventional lease?

My shopping list with the Mercedes dealer was: 
1) Deposit and monthly payment price was ok 
2) 3 years was ok
3) I could hand the car back at the end of 3 years and walk away...
4) 15,000 miles per year
He didn't say specifically mention what the specific name was.... I was happy with the deal. Of course no one could for see C19 
I understand that, therefore we did not  discuss under mileage just if I went over the mileage! 
Rebecca 

The one thing missing off your list is the total cost of the deal across the whole 3 year term. and that is really the one figure that matters.

The contract you signed will have made it quite clear if it was a lease or a finance contract.

Supersonos

rebecca1 said:

macman said:

If you VT at 33 months, then I calculate that your motoring finance has cost you £582pm, or just shy of £7,000pa. Ouch...
I'm still not clear from your posts if you were somehow under the impression that what you had taken out was a conventional lease?

My shopping list with the Mercedes dealer was: 
1) Deposit and monthly payment price was ok 
2) 3 years was ok
3) I could hand the car back at the end of 3 years and walk away...
4) 15,000 miles per year
He didn't say specifically mention what the specific name was.... I was happy with the deal. Of course no one could for see C19 
I understand that, therefore we did not  discuss under mileage just if I went over the mileage! 
Rebecca 

Or you could have spent £20,000 on a good, used car and:
1) Have driven as many miles as you wanted as there'd have been no limit
2) Kept it for more than three years if you wished
3) When done, parked it on the street, left the keys in the ignition and just walked away....  and still be £8,000 better off.

Grumpy_chap

Supersonos said:

3) When done, parked it on the street, left the keys in the ignition and just walked away

Is that legal?  Dumping cars is not really permitted is it?  Surely it is littering.

AdrianC

Grumpy_chap said:

Supersonos said:

3) When done, parked it on the street, left the keys in the ignition and just walked away

Is that legal?  Dumping cars is not really permitted is it?  Surely it is littering.

If it's a Merc that was £20k-worth 3yrs previously, it'll be cleared up before too long.

Grumpy_chap

Still illegal:
https://www.kingston.gov.uk/report-problems-highways/abandoned-vehicles
BUT, they offer a solution:
https://www.cartakeback.com/
Then the OP could give whatever money the take back people pass in her direction to charity...

williamgriffin

Grumpy_chap said:

Still illegal:
https://www.kingston.gov.uk/report-problems-highways/abandoned-vehicles
BUT, they offer a solution:
https://www.cartakeback.com/
Then the OP could give whatever money the take back people pass in her direction to charity...

Looking at your link, not if it's taxed. 

CardinalWolsey

Sounds as if a lot of people on this thread don't drive cars, but ride high horses.  Nice that someone asking for advice then starts being lectured on their buying decisions, where no-one but the OP knows their financial situation and propensity to spend.

parking_question_chap

Sea_Shell said:

And all for the joy, or kudos, or bragging rights to drive a new premium brand car.

Making a £40k car "affordable" for people who could otherwise never be able to have one.

You could get a really nice second hand car for £28k over 3 years.

Or you could get a nice car for £9,000 for each of the three years.

I cannot get my head around paying £28,000 to borrow a car over 36 months. Its completely bonkers.

macman

CardinalWolsey said:

Sounds as if a lot of people on this thread don't drive cars, but ride high horses.  Nice that someone asking for advice then starts being lectured on their buying decisions, where no-one but the OP knows their financial situation and propensity to spend.

Most of us were mainly concerned that the OP had signed a contract under the impression that it was a lease, not a PCP. The advice given may not all benefit the OP, for whom it's too latenow, but it might benefit others about to take on such a contract.