Lease exit

Andrew_Bu

Andrew_Bu

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Hi all,

Do any of you have experience of exiting a lease early? I am 15 months into a four year lease and, whilst I still love the car, I really could do with something bigger.

I know that there is a standard early return penalty but would a dealer be willing to void this if I took out a new agreement on another Audi?

Obviously I could just contact the dealer but I don't wish to feel like an idiot if the question is considered daft....

Thanks all.

Andrew
 
You can get a settlement figure at any time during the lease. Depending on the original deal will depend on how much you stand to lose.
 
I'm on a 4 year lease and would like to change to an rs3. My lease is through VW Financial is yours the same? Would be good to do this with no hassle but would it not effect credit ratings?
 
I did this with my A1 before trading it in for my S3. Finance was with VWFS and garage was a local Audi dealership owned by Marshal Motor Group. As I was still going for another car from the same dealer I never ended up with any additional fees to pay, obviously not true of all situations and dealerships however.

My A1 was a relatively short two year lease and by this point I had already paid for +60-65% of the car, not sure what they ended up doing on their side but I arranged to give them the A1, several months before it was due to go back after paying around 60% of the cars total value and stepped into a built to order S3 whereby the dealer put in a good chunk of the £4,500 deposit asked of me, few weeks later same day my A1 went back I got into the S3!

Buying this one though as it will be a track day toy in the very near future! :p
 
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Thanks all. Time to make a call I think!
 
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audi upgrades
Finally obtained a figure from VWFS for exiting the lease now. After approx 19 months of a four year lease, the early return penalty is £6,054! Think I'll be keeping it for a while longer :tearsofjoy:
 
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I'm in the same deal as you. My price was £10,000 odd after 1 year
 
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Max-Robbo said:
@Andrew_Bu wants to get a bigger car, @Chris5 wants to get an RS3
Similar avatars so understandable confusion, but different people :friends:
Click to expand...
Guess I should read back thru the posts better...lol
Thanks for clearing that up Robbo...:friends:
 
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It does have bigger arches......:whistle2:
 
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This sounds to me like a PCP deal. Lease, PCP and HP are 3 different financial agreements on a car.

If its a lease im not sure the rules as ive never had a lease but i know that the car is never yours and never will be yours.

If its a PCP obtain your settlement figure, go to your local audi and tell them you want to trade it in. They will look at your settlement figure, look at the car and then either pay off your settlement and enter you into a new agreement on the desired car you want OR look at other options. The problems start when you owe more than the car is worth meaning you are in negative equity therefore you will have to fork some amount out generally on the deposit on the new car. If you owe less than the car is worth then you are in positive equity meaning you can have control of the situation and offset that positive equity against the deposit on the new car meaning you can trade in for no deposit.

HP works in exactly the same manner as the PCP.
 
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Alternatively there is a get out clause that nobody tells you however it is written in your terms and conditions and needs to be applied by law.

Any financial credit agreement can be terminated early (exactly half way through the credit agreement). Therefore they will look at your vehicle in fine detail to charge you (scratches, mileage, wear, condition) because you are handing the car back to VWFS. You can then go on to make a new agreement on a new car as a new customer.
 
But is a lease actually classed as a credit agreement, unlike a PCP or HP?

One of my business partners had a business lease on a Merc and wanted to switch to something more expensive part way through.
It was categorically 'no'. You're stuck with it unless you pay all outstanding payments.
 
Last edited:
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Mine is lease and it was £10,000 odd to end the lease early after just one year on a 4 year deal. I dont think the half way through deal works with a lease but would be good to know a definite answer on that one
 
Chris5 said:
I dont think the half way through deal works with a lease but would be good to know a definite answer on that one
Click to expand...
Leases aren't covered by those voluntary termination rules.
There are companies which help you transfer the lease to someone else, but no idea if they're any good or if all lease companies allow it.
 
Yeah you're in no man's land,l leased a car for 2 years changed cars after 22 months kept the leased car for the 2 remaining months,had 2 car's in the drive,l wasn't going to hand it back as l had to pay the full term no matter what.leasing work's better over shorter periods of time although it's more expensive per month
 
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Chris5 said:
Mine is lease and it was £10,000 odd to end the lease early after just one year on a 4 year deal. I dont think the half way through deal works with a lease but would be good to know a definite answer on that one
Click to expand...

Mine is a business lease, meaning that my employer can claim back some of the VAT back on the monthly costs. My understanding is that the early termination payment is effectively the interest payable on the agreement for the remainder of the period. I naively thought that VWFS might be prepared to waive the fee if I committed to a fresh lease with them but they're not playing...

I saw the great deals available on the new A4, the larger car would suit me better right now but c'est la vie. I still love the A3 after nearly 15k miles (apart from an intermittent rattle/squeak and a screeching clutch in the DSG box when the car is warm on pull away), and I'm happy to see out the remaining term. Hopefully the two issues will be resolved when it goes in for its first service.
 
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I'm 9 months into a 4 year PCP and may be moving to Canada next year. I fear i'll have to buy the car then look to sell it as there will be the negative equity :-(
 
More than likely, on a four year deal to hand the car back you pobably need to have made at least three years of payments, maybe more maybe slightly less depending upon the deposit you made initially...
 
The one thing I miss of my B5 rs4 is the rear end 'bulge' (...it gave me :blink:)
 
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