Car lease newbie! Pls check assumptions...
13 March 2008, 10:18 PM
#1
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Car lease newbie! Pls check assumptions...
Maybe looking at a personal lease. Seems pretty straight forward but I'm worried I'm missing something. 
Deposit = £4k
35 monthly payments of £130.
After the 3 years, hand it back and start again, having saved the new deposit over the 3 years. Or pay £X,000 to buy the car.
The bigger the deposit, the smaller the monthly payment.
Correct?
PS Anyone flying out of LHR in the next few days, don't worry about today's intruder. It wont happen again, we're applying to the Govt for a new Fence Tax!
Deposit = £4k
35 monthly payments of £130.
After the 3 years, hand it back and start again, having saved the new deposit over the 3 years. Or pay £X,000 to buy the car.
The bigger the deposit, the smaller the monthly payment.
Correct?
PS Anyone flying out of LHR in the next few days, don't worry about today's intruder. It wont happen again, we're applying to the Govt for a new Fence Tax!
14 March 2008, 01:40 AM
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Deposit is too high.
Go for the standard 3 months up front and do it over 2 years. Get the mileage right an you won't pay for any new tyres and only one oil change service.
Check the hire company pays the road fund tax too.
Take out GAP or back to invoice insurance on-line [about one third of the price a dealer will sell it for!] if your car insurer does not replace with new during the first two years [the NFU do!].
Make sure you repair any marks/scratches on the car yourself [Chips Away/Dentmaster the week before you return it] before you send it back and put some rubber mats in it to keep the carpets clean too. I have a £5 piece of tarpaulin on the boot floor too.
Go for the standard 3 months up front and do it over 2 years. Get the mileage right an you won't pay for any new tyres and only one oil change service.
Check the hire company pays the road fund tax too.
Take out GAP or back to invoice insurance on-line [about one third of the price a dealer will sell it for!] if your car insurer does not replace with new during the first two years [the NFU do!].
Make sure you repair any marks/scratches on the car yourself [Chips Away/Dentmaster the week before you return it] before you send it back and put some rubber mats in it to keep the carpets clean too. I have a £5 piece of tarpaulin on the boot floor too.
14 March 2008, 01:42 AM
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Try Ling - she's a larf and bluddy good at her job too!
Car Leasing, PCP, Lease Cars, Contract & Lease Hire from Ling at LINGsCARS
Car Leasing, PCP, Lease Cars, Contract & Lease Hire from Ling at LINGsCARS
14 March 2008, 09:08 AM
#4
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Deposit is too high.
Go for the standard 3 months up front and do it over 2 years. Get the mileage right an you won't pay for any new tyres and only one oil change service.
Check the hire company pays the road fund tax too.
Take out GAP or back to invoice insurance on-line [about one third of the price a dealer will sell it for!] if your car insurer does not replace with new during the first two years [the NFU do!].
Make sure you repair any marks/scratches on the car yourself [Chips Away/Dentmaster the week before you return it] before you send it back and put some rubber mats in it to keep the carpets clean too. I have a £5 piece of tarpaulin on the boot floor too.
Go for the standard 3 months up front and do it over 2 years. Get the mileage right an you won't pay for any new tyres and only one oil change service.
Check the hire company pays the road fund tax too.
Take out GAP or back to invoice insurance on-line [about one third of the price a dealer will sell it for!] if your car insurer does not replace with new during the first two years [the NFU do!].
Make sure you repair any marks/scratches on the car yourself [Chips Away/Dentmaster the week before you return it] before you send it back and put some rubber mats in it to keep the carpets clean too. I have a £5 piece of tarpaulin on the boot floor too.
Couple of questions. What is GAP? What is NFU, and why is a Dentmaster visit and clean carpets important?
Cheers,
14 March 2008, 10:25 AM
#6
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Gap insurance - covers the difference between what you still owe on the lease and the value paid for the car by your motor insurers in the event you crash it and they write it off.
NFU is an insurer who replaces old for new in the first 2 years (unlike most who will simply offer a settlement in the event of a write off)
And read the small print on acceptable wear and tear very carefully
HTH
NFU is an insurer who replaces old for new in the first 2 years (unlike most who will simply offer a settlement in the event of a write off)
And read the small print on acceptable wear and tear very carefully
HTH
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14 March 2008, 11:41 AM
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Try Ling - she's a larf and bluddy good at her job too!
Car Leasing, PCP, Lease Cars, Contract & Lease Hire from Ling at LINGsCARS
Car Leasing, PCP, Lease Cars, Contract & Lease Hire from Ling at LINGsCARS
14 March 2008, 11:52 AM
#10
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gap doesnot always cover upto what you owe on finance, it changes from policy to policy, sometimes its just back upto invoice price, so no interest covered.
it is a good product, i had a customer who had his car 3 months and was written off, car cost 24k and could have had gap for £249, after 5 months still owed 20ish including interest, insurance co. offered 17k, so he was 3k short and had no car!
same as any of this type of insurance, if you need it, best thing in the world, if you don t a bit of peace of mind.
it is a good product, i had a customer who had his car 3 months and was written off, car cost 24k and could have had gap for £249, after 5 months still owed 20ish including interest, insurance co. offered 17k, so he was 3k short and had no car!
same as any of this type of insurance, if you need it, best thing in the world, if you don t a bit of peace of mind.
14 March 2008, 11:54 AM
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I have an ML320 CDi coming on tomorrow that i leased through Mercedes M Class Car Leasing and Mercedes M Class Contract Hire
Works out £575 a month over 24 due to a couple of options i asked for. 3 payments up front.
I previously bought cars cash & lost a fortune, not anymore leasing for me is the way forward. As for damages i have valeters & bodyshops in my business that can clean / repair my vehicle as & when required.
Works out £575 a month over 24 due to a couple of options i asked for. 3 payments up front.
I previously bought cars cash & lost a fortune, not anymore leasing for me is the way forward. As for damages i have valeters & bodyshops in my business that can clean / repair my vehicle as & when required.
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