Extending a lease

julian24110

Active Member
Jul 16, 2009
114
25
Cornwall
My 2018 1.8FR is due back in April 2020 after a 2 year lease. It's rapidly approaching the 6 months left to run point where I have to decide whether to order a new one or extend it. I like the car a lot, I can't be bothered with the hassle of changing and then there's the whole BREXIT uncertainty right in this timeframe

Has anyone got experience of extending a lease? I have to apply for a quote once the lease is into its last 6 months. Is this likely to be an expensive route to take? It's a 9+23 on 10k (£223 per month) if it makes any difference.

Thanks!
 

Hag

Active Member
Sep 15, 2018
399
193
Who is your lender that you pay every month as they can have different processes for this


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Hag

Active Member
Sep 15, 2018
399
193
You should be able to call them and they will price this up for you on 01908485000 or email them at [email protected]


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Nora2004

Active Member
Oct 15, 2017
176
80
I recently did it to my Cupra, at precisely 6 mo th left I rang up for an extension quote, took them about 2 weeks to email it to me! You then have 14 days to accept, after that period the quote is no longer valid, so be quick!

To accept it was just a case of print off the forms, sign them and email them back, nice easy and simple!

Bonus point aswell, dropped my monthly payments down from £300 to £250 which was nice!
 

julian24110

Active Member
Jul 16, 2009
114
25
Cornwall
Thanks that’s useful to know, I wondered if extending was going to work out expensive. I’m definitely up for a price reduction!
 

Rog.

...is unwell
Jul 19, 2006
93
1
Location Location
VWFS will also arrange an informal lease extension if you plan to lease from them again, on the same terms you are currently on. Handy if you've ordered a new car and delivery is delayed.
The useful thing about that is that they will only charge for the time you have the car, so while you'll still pay monthly, if it goes back in the middle of a month you'll get a refund for the rest of the month you didn't use. If you arrange a fixed extension it's effectively a new contract and you need to pay for the whole of the extra time you agree with them. Also, VWFS have been known to put the monthly price up for extensions, don't bank on it going down.
 

The Daily Meme

Insta: @thatredcupra
Jan 3, 2018
912
466
Cambridge
The OP is talking about PCH.

PCH = lease (renting the car)
PCP = a loan to finance a car purchase (which you can walk away from at some point if you want to)

Some confusion because the explanations on most websites aren't as clear as the one you just supplied. I have just signed up to PCH for 4 years and already thinking that was probably not long enough.
 

Rog.

...is unwell
Jul 19, 2006
93
1
Location Location
Four years PCH? I'd say that's too long :)
Presumably the car will be out of warranty for the fourth year, so any big repair expenses are down to you, then you have to give it back - plus you'll need to MOT it at the end of year three and four.
I know four year deals can be cheaper monthly than two or three years, and obviously cars are a lot more reliable than they used to be, but I'm not sure I'd be brave enough - unless of course you've added maintenance.

For me, leasing/PCH is all about having the use of a new car for the lowest possible amount of money over the time period - i.e. spending less on the lease than depreciation would cost me if I bought the car outright then sold it after two years or whatever.
 

The Daily Meme

Insta: @thatredcupra
Jan 3, 2018
912
466
Cambridge
Four years PCH? I'd say that's too long :)
Presumably the car will be out of warranty for the fourth year, so any big repair expenses are down to you, then you have to give it back - plus you'll need to MOT it at the end of year three and four.
I know four year deals can be cheaper monthly than two or three years, and obviously cars are a lot more reliable than they used to be, but I'm not sure I'd be brave enough - unless of course you've added maintenance.

For me, leasing/PCH is all about having the use of a new car for the lowest possible amount of money over the time period - i.e. spending less on the lease than depreciation would cost me if I bought the car outright then sold it after two years or whatever.

I have had mine for 2 years and put 30,000 miles on it. I've serviced it twice for around £300 on average. One new set of tyres on the front two wheels. The rear two are the ones it came out the factory on. Mot can be added to your service for less than £100. So far thats all the maintenance I've spent on it, and the car is 6 years old in January.

The maintenance package the leasing company was offering was £70 a month with an initial payment of £400. So over 4 years, nearly £3,800. I couldn't see myself spending that much money on maintenance over four years. Even if I put two full sets of very good tyres on the car.
 

Rog.

...is unwell
Jul 19, 2006
93
1
Location Location
Sure if you've done your sums and it works for you, go for it - my Mrs had a four year lease on her Golf and it didn't throw up any nasty surprises either, I just don't like the potential risk :)
I've had two lease cars for two years each, and because of long life servicing I'll only pay for two minor services over that four years, whereas she's had to pay for major services as well as MOTs. Plus you get to choose a new car sooner :)
 

julian24110

Active Member
Jul 16, 2009
114
25
Cornwall
Just to answer my original question, I filled in a form on the VWFS website on Sunday evening which was exactly 6 months before the car is due back. On Wednesday I had a formal extension quote in my inbox. I currently pay £222/month, the extension will be £196/month. I have 7 days to get the signed form back to them. Needless to say I’ll be accepting it!

Just hoping the mk4 will be out by Early 2021 as it was the anticipation of that that made me have a 2 year lease in 2018.
 
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Nivster

Active Member
Sep 3, 2019
53
43
I asked this when taking out my lease...

Phone up your finance company and ask the question...

There may be a tax reason why they can't do it...at least in your name again.
 

sumogtr

Active Member
Jul 24, 2018
124
46
Watford
Just to answer my original question, I filled in a form on the VWFS website on Sunday evening which was exactly 6 months before the car is due back. On Wednesday I had a formal extension quote in my inbox. I currently pay £222/month, the extension will be £196/month. I have 7 days to get the signed form back to them. Needless to say I’ll be accepting it!

Just hoping the mk4 will be out by Early 2021 as it was the anticipation of that that made me have a 2 year lease in 2018.

How long is the fixed extension period?

You know you are locked in and will have to pay the whole term should you want to return the car early?
 

GordonMcC

Active Member
Feb 8, 2017
284
153
31
Ayrshire, Scotland
I have had mine for 2 years and put 30,000 miles on it. I've serviced it twice for around £300 on average. One new set of tyres on the front two wheels. The rear two are the ones it came out the factory on. Mot can be added to your service for less than £100. So far thats all the maintenance I've spent on it, and the car is 6 years old in January.

The maintenance package the leasing company was offering was £70 a month with an initial payment of £400. So over 4 years, nearly £3,800. I couldn't see myself spending that much money on maintenance over four years. Even if I put two full sets of very good tyres on the car.
at those miles you will be replacing the Front tyres on the Cupra every year or worse maybe twice a year
 

Kirky

Copper Cupra Advocate
Apr 10, 2019
1,042
497
at those miles you will be replacing the Front tyres on the Cupra every year or worse maybe twice a year
The Contis apparently last about 7k miles which is shockingly low but I can believe it as I had them on my Saab 9-3 Aero and got through them in under 10k. Any idea how long the PS4S tyres last? I'll change to either PS4S tyres or whatever is best when the Conti's hit their 3mm wet weather marker.
 

GordonMcC

Active Member
Feb 8, 2017
284
153
31
Ayrshire, Scotland
The Contis apparently last about 7k miles which is shockingly low but I can believe it as I had them on my Saab 9-3 Aero and got through them in under 10k. Any idea how long the PS4S tyres last? I'll change to either PS4S tyres or whatever is best when the Conti's hit their 3mm wet weather marker.
Yeah mine last 7500 miles. I now have Ps4s however iv only done 600 miles in them so can't comment. I have heard 12 to 15k from them
 
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KXL

KXL
Dec 15, 2016
1,581
197
London, UK
Just to answer my original question, I filled in a form on the VWFS website on Sunday evening which was exactly 6 months before the car is due back. On Wednesday I had a formal extension quote in my inbox. I currently pay £222/month, the extension will be £196/month. I have 7 days to get the signed form back to them. Needless to say I’ll be accepting it!

Just hoping the mk4 will be out by Early 2021 as it was the anticipation of that that made me have a 2 year lease in 2018.

Out of curiosity, what did you do insurance wise? I know they are usually 1 year long etc...
 
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