Help - need advice on car lease

Superhans_

First time poster here in need of some friendly advice. My VW car lease is becoming unaffordable for me. It’s a contract hire lease and is £564 a month. I’ve spoken to VW financial services and despite being just over half way through my 4 year lease term, the early termination quote came to an unaffordable £8.6k. What’s the best approach for me to take here? I can try and go ahead with the early termination and request (hope) they accept affordable monthly repayments across several years. Bear in mind this will also leave me without a vehicle but I’m considering an electric company lease, which would prove more affordable and bypass my soon to be poor credit. I dont know if this would represent an arrangement to pay or not? In which case would it make more sense to default on the early termination fee and then repay the eventual debt collectors when it’s sold on?

ManyWays

Bear in mind this will also leave me without a vehicle but I’m considering an electric company lease, which would prove more affordable and bypass my soon to be poor credit.
Would this be through you work?

What are your other debts, have you missed payments on any of these?

Could we see more about your situation, it is hard to say anything useful without the full picture; the best way is to complete a Statement of Affairs and post it here, including lender names: https://www.stoozing.com/soa.php

Keep_pedalling

What has changed to make the payments unaffordable?

MEM62

My VW car lease is becoming unaffordable for me.

Bear in mind this will also leave me without a vehicle but I’m considering an electric company lease

Leasing one car has stressed your finances so you are now ging to give that back, still have a significant debt as a result, and you are thinking of taking another lease. You might want to play that back in your mind as, based on the information you have provided thus far, you are just digging the hole deeper.

In general, car finance is expensive and nobody gets rich by keeping car payments around their neck for years on end. Consider buying a car that you can afford - i.e. pay for in cash.