Lease

neocon

neocon

neocon

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Joined
24 Aug 2006
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I'm expecting a lease car in April. Obviously I agreed to this before the Corona kicked off. I'm not sure this is great idea now, I have a permanent job, but for how long... What would you do?
 
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neocon said:
I'm expecting a lease car in April. Obviously I agreed to this before the Corona kicked off. I'm not sure this is great idea now, I have a permanent job, but for how long girth the current situation. What would you do?
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Definitely long girth.
 
There's a fair chance your car wont even get built any time soon. Many of the manufacturer's (including us, by which I mean PSA) are in the process of closing their plants for a number of weeks, which could turn into months.

Regardless, what are the T&Cs regarding cancelling?
 
If you don't need the car and can cancel without significant penalty then I would consider it. I would probably be cancelling if possible.

But if you do need a car and would instead have to buy one then a lease might still be a good idea. It shields you against a collapse in used car prices
 
Hades said:
If you don't need the car and can cancel without significant penalty then I would consider it. I would probably be cancelling if possible.

But if you do need a car and would instead have to buy one then a lease might still be a good idea. It shields you against a collapse in used car prices
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I do need a car, but I could just buy a cheap one instead. It's a 3 year lease so used prices aren't an issue as it's not technically mine. I think the car is already in the UK at the VW dealer.
 
I take it you're not in the cooling off period anymore?

What industry do you work in? Is your job generally 'recession-proof' or not?

I wouldn't make a long term decision to fit (what would hopefully be) a short term scenario. It all comes down to financial planning and whether you think you have enough in savings to weather the storm in case things do unfortunately go south for you.

If you don't think you would be able to weather the storm with the car payment going out each month, I would look at trying to get out of it at a fee. But that is only if:
  1. You think your job is at real risk.
  2. You think it would take enough time to find another role, that your savings would be eroded to a point that would make you uncomfortable.
 
TNGL said:
I take it you're not in the cooling off period anymore?

What industry do you work in? Is your job generally 'recession-proof' or not?

I wouldn't make a long term decision to fit (what would hopefully be) a short term scenario. It all comes down to financial planning and whether you think you have enough in savings to weather the storm in case things do unfortunately go south for you.

If you don't think you would be able to weather the storm with the car payment going out each month, I would look at trying to get out of it at a fee. But that is only if:
  1. You think your job is at real risk.
  2. You think it would take enough time to find another role, that your savings would be eroded to a point that would make you uncomfortable.
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I'm a web developer, it was easy to find work in the past, but I don't know about now.

I don't suppose it would hurt emailing them to ask would it? I've just heard that sometimes they demand the full lease amount.
 
neocon said:
I'm a web developer, it was easy to find work in the past, but I don't know about now.

I don't suppose it would hurt emailing them to ask would it? I've just heard that sometimes they demand the full lease amount.
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It won't hurt to ask at all. Just beware that if there is an exit route, they might not necessarily make it obvious and so I would read over the agreement in full too.
 
arfoll said:
Obviously go the cancellation route if you don't really want it. Read all the terms and conditions carefully.

However I'm thinking you're overworrying things. Cov-19 or not websites will be needed and this ain't going to be automated all too soon. As long as you can adapt to new tech I don't see this changing anytime soon... Honestly wouldn't worry too much as a web dev/programmer.
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Thanks
 
arfoll said:
However I'm thinking you're overworrying things. Cov-19 or not websites will be needed and this ain't going to be automated all too soon. As long as you can adapt to new tech I don't see this changing anytime soon... Honestly wouldn't worry too much as a web dev/programmer.
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Slightly off-topic, but I can confirm this. Remote contractor positions are more than plentiful right now :)
 
It's going to be £600 to cancel. It'll be £600+£300 wasted... But I can't commute for the next 12 weeks anyway. It'll probably even out.

Would have spent £500 on petrol.

I was looking forward to a Cupra Ateca.
 
you'll cancel at the last minute ? in case they did have a supply problem -doesn't sound too expensive to get out of as you discussed,

whether PCP's with a large initial payment are a lot more punitive, redundancy clauses in PCP's (ressurgence of ppi) sound an interesting propoisition now
 
Yes, I don't think my wife will come back to the UK now because of all this Corona chaos, it was a family car. Plus it was fairly expensive.
 
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