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Transfer of contract - Lease question

Discussion in 'Leon Mk3 (2012-2020)' started by Paulr23, Oct 20, 2019.

  1. Paulr23

    Paulr23 Active Member

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    Hi all,

    Unsure if its against the rules of this forum, and apologies for this if it is, but basically going to be getting made redundant in the next month or two and that means I will not be able to continue the payments on my lease deal as mortgage payments will come first which are going to be a struggle too.

    Currently on a 10k pa mileage and its £262pm, wondering if anyone is interested in this. The contract remains until May 2021, I am happy to give the person taking on the contract a payment for taking this on which will reduce the monthly costs a lot as I have some savings.

    3p per mile excess too, magnetic grey, non lux

    Thanks for any help/advice
     
    #1 Paulr23, Oct 20, 2019
    Last edited: Oct 20, 2019
  2. Hag

    Hag Active Member

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    Sorry to play devils advocate on this but make sure you are always insured on the car at all times of the agreement as that’s part of your ts and c’s of a lease and just be careful who you let have it in case they don’t pay but also have the car

    Have you spoken to VWFS about your circumstances as they may be able to offer help or a payment holiday for a month or something 01908485000


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  3. Paulr23

    Paulr23 Active Member

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    Hi,

    I would assume this would have to be done officially through the lender as an agreed process meaning they will take on the responsibility for the contract so any breaches to T&C's would be their problem not mine.

    Unfortunately it isnt through VWFS, I have contacted the lender so I will await to see what they say in regards to options.
     
  4. Hag

    Hag Active Member

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    Most lenders won’t transfer on a personal agreement. Who is your lender if you don’t mind me asking?


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  5. Paulr23

    Paulr23 Active Member

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  6. Hag

    Hag Active Member

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    Ald are very funny about their contracts and they are one of the lenders that insist for example during the lease that you have to be the policy holder and not just a named driver. Their early term figures are sometimes not as daft as some due to the discount on the car that created the deal


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  7. Kirky

    Kirky Active Member

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    I transferred a personal lease when I got moved to Spain with work just 10 months into my contract. Did exactly the same as the op is suggesting which was to knock some money off the monthly payments. The transfer was done officially but obviously the monthly reduction of me paying the transferee was purely down to trust. Saved me a ton of money as I had to pay half the remaining contract to terminate early if I didn't transfer.
    The reason I bought my Cupra outright this time round. You never know what's round the corner.
     
  8. Paulr23

    Paulr23 Active Member

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    How did you find someone if you dont mind me asking?

    And how easy is the process with the lender? Of course its different but was it any hassle and assume there was fee's associated with this
     
  9. Kirky

    Kirky Active Member

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    The fee was a couple of hundred. It should be detailed somewhere in the contract. It's an "admin" fee for doing the work associated with transferring.
    The transfer was fairly simple. The person who will be taking on the lease will need to do the same credit checks as a new customer and sign documents agreeing to the remainder of your lease under the same conditions as your lease.
    I was lucky in the fact I found a work colleague who was after the exact car I was trying to get rid of. Pure luck.
     
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  10. Paulr23

    Paulr23 Active Member

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    Ah I see, hopefully I can get some luck with this as i'm ****** if not.
     
  11. Kirky

    Kirky Active Member

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    Wish you all the best. The offering to help with the payments sealed the transfer with my work colleague. I just set up a standing order for the remainder of the term to his account. This would be hard to do with a complete stranger as a high level of trust is required.
     
  12. Paulr23

    Paulr23 Active Member

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    Hi all,

    Spoke to the lender today, apparently they will only transfer the lease if its to a limited company, unsure why baffles me as they wont get their money when I lose my job.. Guess there is some reason for it though.
     
  13. cupra14

    cupra14 Active Member

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    Sorry to hear you're losing your job.

    The lease (is it actually, in law, a lease?) will be enforced in some way or other by the company, I fear. Do not assume anything else. I can see you're trying to find a way forward, which makes sense - though I don't know what ways may be available (sorry).

    You may be able to get detailed and accurate advice for free or fairly cheaply if you look around (CAB, pro bono lawyers, etc) - be sure to take along the detailed contract you agreed for the car.
     
  14. Kirky

    Kirky Active Member

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    Sorry to hear that. Hopefully you can come to some arrangement with the company.
     
  15. Hag

    Hag Active Member

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    Have you asked if they will allow a payment holiday? The limited company thing poses them less risk as it would then no longer be a regulated agreement and carries less opt out rights


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  16. Paulr23

    Paulr23 Active Member

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    Doesn’t a payment holiday just mean once the term would be over I would have to effectively have to pay double for two months (if I needed a two month holiday) or whatever the cost of those two months are split over the full term?
     
  17. Hag

    Hag Active Member

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    Or spread that payment out over the remainder of the term. I suppose it’s better than losing the car you no doubt put a down payment in for or having to subsidise someone else’s lease.


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  18. Hag

    Hag Active Member

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    Plus at £262 per month it’s ridiculously cheap for someone to take on for that car


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  19. motty225

    motty225 Active Member

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    Is that the going rate for a Cupra now :sleepy: jesus
     
  20. The Daily Meme

    The Daily Meme Waiting...

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    Around £300 pcm for PCP depedning on your deposit and option payment etc.
     

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