Personal leasing - some daft questions

[SparkyAMG]

I'd recommend gap insurance when taking out a lease. You can almost guarantee that there would be a shortfall between the insurer's valuation and what the lease company is owed so for the sake of £200 (that's what I paid SEAT finance) you get that peace of mind.

As for the OP's questions, I'd recommend ordering your new vehicle at least 4 months before the end of your current lease to avoid having to extend your current lease. I work as a fleet manager and have seen factory lead times at numerous manufacturers quite often go above the standard 12 weeks. If the lease company is any good they'll keep hold of your vehicle until you're ready if it does come in early.

Insurance hasn't been noticeably different.

The only other advice I'd give is make sure your mileage prediction is as accurate as it can be. On a personal lease you generally won't get refunded for any mileage you didn't use up, but you'll be charged if you go over and it adds up quickly.

 

[kiddo]

Good advise sparky. I risked not having gap insurance on current lease but will get it with next lease. Is it true that insurance will provide new car replacement in first year but subsequent years will only pay market value? I'm wondering if I only need gap insurance for years 2 and over?

 

[Blade]

Good advise sparky. I risked not having gap insurance on current lease but will get it with next lease. Is it true that insurance will provide new car replacement in first year but subsequent years will only pay market value? I'm wondering if I only need gap insurance for years 2 and over?

Some but not all insurance companies will offer new replacement in the first year.

 

[kazand]

Always had it, both on PCP and lease vehicles. Considering the low cost proportionally to the cost of the vehicle, why risk it?

 

[Blade]

As an example a 2 year return to invoice cover for a 30k vehicle will cost you approx £150 for £10k cover.


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[james88]

Some but not all insurance companies will offer new replacement in the first year.

I believe that most insurance companies only offer this if you are the actual registered owner. Its worth double checking.

I have had GAP several times and have always managed to by it for a much lower premium than a dealer is offering.

The same goes, for the "scratch and dent policies". I have not taken this one out before but could have saved £££ by buying online.

 

[pavarotti1980]

ALA for Gap Insurance

https://www.ala.co.uk/gap-insurance/contract-hire-gap-insurance

 

[stevemc81]

Got a little insurance question for those who might have done this before.

For various complicated reasons I'm going to end up getting my new lease car before I can sell off my current one. For insurance purposes I'm thinking the best way to do this is to transfer over my current policy (with its no-claims discount etc) which runs until May to the new car and take out a new policy for the current car until I've sold it.

I'm hoping to have it sold within a week or so which means I should be able to cancel the cover with only a small outlay. From what I've read I think there's usually a 14 day cooling off period with a reduced admin charge for cancellation in that period.

I did get some quotes for short-term insurance cover but the prices were a joke (£80-£100 for a week) so I don't think that's a good plan.

I'm with Admiral and they have multi-car cover so I guess that might cut the cost more than having two separate policies as well.

Any thoughts?

 

[Scrogg]

I'm with Admiral and they have multi-car cover so I guess that might cut the cost more than having two separate policies as well.

Any thoughts?

You appear to have answered your own question there. Speak to Admiral and see if they will cover both.

 

[russbellrfs]

Maybe move your insurance to new car as if you are still owner of current car, and if ur insurance policy allows u to drive other cars with owners permission, able to drive current car under that policy

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[Proby]

Maybe move your insurance to new car as if you are still owner of current car, and if ur insurance policy allows u to drive other cars with owners permission, able to drive current car under that policy

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But when driving other cars with owners permission, I believe that car also has to be insured on a policy of the owners.

For example, I can drive my fathers car with his permission, but not if he didn't also have an insurance policy on it.

 

[ben4012]

But when driving other cars with owners permission, I believe that car also has to be insured on a policy of the owners.

For example, I can drive my fathers car with his permission, but not if he didn't also have an insurance policy on it.

This is correct.

7 day driveaway insurance might cover the change.

 

[julian24110]

Some good questions here for Leasing newbies. Thinking of embarking on a Cupra lease myself in the next few months & this thread has prompted some even dafter questions in my head.

Why should I not just pick the cheapest deal I can find on the Parkers leasing page?

If I think I have residual value in my current PCP with VWFS is there any way to get this back if I go through a broker for a lease?

Why would I pick a 2yr lease instead of a 3yr lease (or vice versa)?

I've heard some lease companies put odd conditions such as specifying the tyres you must fit, is there anything else to watch out for?

Any other things that leasing newbies should know before signing the paper work??

 

[Scrogg]

If I think I have residual value in my current PCP with VWFS is there any way to get this back if I go through a broker for a lease?

Yes, sell the car (to a dealer, online buyer or privately) rather than handing it back. Pay the final payment and keep the rest.

Why would I pick a 2yr lease instead of a 3yr lease (or vice versa)?

2 years means you can change your car more often, 3 years means you'll pay less per month. No other benefits to either really.

I've heard some lease companies put odd conditions such as specifying the tyres you must fit, is there anything else to watch out for?

Most stipulate that tyres are replaced with the same brand/model that are fitted at the factory. As long as all four are the same brand/model when the car is inspected at handback you have nothing to worry about.

 

[Wings988]

Some good questions here for Leasing newbies. Thinking of embarking on a Cupra lease myself in the next few months & this thread has prompted some even dafter questions in my head.

Why should I not just pick the cheapest deal I can find on the Parkers leasing page?

If I think I have residual value in my current PCP with VWFS is there any way to get this back if I go through a broker for a lease?

Why would I pick a 2yr lease instead of a 3yr lease (or vice versa)?

I've heard some lease companies put odd conditions such as specifying the tyres you must fit, is there anything else to watch out for?

Any other things that leasing newbies should know before signing the paper work??

It's best to pick the cheapest deal to suit your needs for mileage and how long you want it. 2 or 3 years is your choice, how long do you want to be tied in for? 3 years can be better value sometimes, work out the price differences and decide what suits you best. Most lease companies require you fit equivalent quality tyres so they don't want the car returned with a set of cheng shin ditch finders that cost £200 for 4.

 

[hitchygolf1971]

Some good questions here for Leasing newbies. Thinking of embarking on a Cupra lease myself in the next few months & this thread has prompted some even dafter questions in my head.

Why should I not just pick the cheapest deal I can find on the Parkers leasing page?

If I think I have residual value in my current PCP with VWFS is there any way to get this back if I go through a broker for a lease?

Why would I pick a 2yr lease instead of a 3yr lease (or vice versa)?

I've heard some lease companies put odd conditions such as specifying the tyres you must fit, is there anything else to watch out for?

Any other things that leasing newbies should know before signing the paper work??

Tyres never been a problem with my previous lease deals if they are the same ratio and size not had a problem sticking budgets on but with the 300 I think I would spec the same.

Just don’t get drawn into the cheapest monthly payment work out the total cost over the lease take into consideration the down payment and with some brokers the admin fee.

I’ve always gone for a 3 yr lease not having to find a down payment every 2yrs but 3yrs instead and usually find the monthly payments the same.

I always go for a 1+ 35 contact also would rather pay more a month and have the equity in my bank account.

 

[kiddo]

As previous poster advised don't go with cheapest lease deal as these are usually low mileage and high initial rental. What I did was set length of contract and projected mileage and then obtain quotes based on this criteria and figured out total cost of ownership.

 

[KXL]

For most 2 year lease if you are doing less than 10k per annum, it's unlikely you would need a new set of tyres (could rotate them after 1 year, returned them with approx 5mm each tyre). Mine were 8k per annum. Unless of course you have a Cupra or 184TDI, then it's possible you may need some before the 2 years.

All mine stipulated is that the car should be returned in 'original' condition sans modification. 'Perishable' items such as light bulbs, tyres, various filters, can all be replaced. I would assume that means same spec tyres. I do not know if it is even possible to put different spec (besides speed/weight rating) tyres on the the same rims the cars came with. I mean if car was 205/55 R16, would a 205/60 or 205/45 R16 even fit properly?

 

[Lmbarrett83]

For most 2 year lease if you are doing less than 10k per annum, it's unlikely you would need a new set of tyres (could rotate them after 1 year, returned them with approx 5mm each tyre). Mine were 8k per annum. Unless of course you have a Cupra or 184TDI, then it's possible you may need some before the 2 years.

I've had to replace 3 tyres over my 24 month lease.
Unfortunately not one of them was down to wear Roads are bad around here.
I'll have had the car for 30 months by the time ive turned it in.

I'm down to 3.8mm on the front from the remaining original tyre.
Just put that on the back, as I only have a couple of months left.

I do under 10k per year and no track stuff.

 

[pavarotti1980]

Got a little insurance question for those who might have done this before.

For various complicated reasons I'm going to end up getting my new lease car before I can sell off my current one. For insurance purposes I'm thinking the best way to do this is to transfer over my current policy (with its no-claims discount etc) which runs until May to the new car and take out a new policy for the current car until I've sold it.

I'm hoping to have it sold within a week or so which means I should be able to cancel the cover with only a small outlay. From what I've read I think there's usually a 14 day cooling off period with a reduced admin charge for cancellation in that period.

I did get some quotes for short-term insurance cover but the prices were a joke (£80-£100 for a week) so I don't think that's a good plan.

I'm with Admiral and they have multi-car cover so I guess that might cut the cost more than having two separate policies as well.

Any thoughts?

Do Admiral not have temporary cover? I did this. Had old car so transferred insurance to new one and then added old ones as temporary for a couple of weeks to enable selling it