Cancelling lease contract

[Syed Shah]

Hey guys!

Only just got my lease a month ago (month and 4 days to be precise haha) but I wanted to know about cancellation charges. Has anyone here cancelled their lease early and if so, what were the charges and procedure? My contract doesn't seem to say much about cancelling the lease for my A4.

I'm still in the process of doing the maths and so forth but my main reason is purely down to the fact that I'm being increasingly tempted to just get an E46 M3 (a must have car for me). Though I must just end up keeping both, I just wanted to weigh up all avenues.

Thanks!

 

[Jsmills]

Not ended a lease early only pcp, but it was my impression you’ll owe every payment of the term to cancel. Might be wrong though.


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[Syed Shah]

Not ended a lease early only pcp, but it was my impression you’ll owe every payment of the term to cancel. Might be wrong though.


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I've been trying to find out and most I've heard it half of all the payments, though I'm not sure.. also what is the give back procedure? do they collect or do you have to deliver back?

 

[Jsmills]

Well... all I know about is the end of the lease with VWFS. a guy from BVRLA or whoever it is turns up at your house, inspects it and the car goes off to auction. Sometimes on a transporter but generally one man drives it off.


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[Jsmills]

Ring up and ask VWFS for a final settlement figure... I doubt it’ll be worth giving it back, I think you’ll be stuck with it...


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[Syed Shah]

Well... all I know about is the end of the lease with VWFS. a guy from BVRLA or whoever it is turns up at your house, inspects it and the car goes off to auction. Sometimes on a transporter but generally one man drives it off.


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That's not bad then. Just have to make sure everything is in good nick before you call it a day.

Ring up and ask VWFS for a final settlement figure... I doubt it’ll be worth giving it back, I think you’ll be stuck with it...


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I'm going to do so tomorrow. Will post an update on what they say tbh. If it's paying half of the lease agreement at that point, I will wait it out a few months and then just cancel when I can. Shouldn't be an awful amount although my bad decision making does leave £4k down the drain. Meh

 

[Kev-1983]

I have handed a car back to VWFS previously - it was 50% of the remaining payments.
I did reduce it slightly by lowering the annual mileage before requesting the final figure.

 

[Syed Shah]

I have handed a car back to VWFS previously - it was 50% of the remaining payments.
I did reduce it slightly by lowering the annual mileage before requesting the final figure.

Hmm might even keep the car for a bit longer than planned just to make the 50% seem more insignificant to my wallet. & can you actually ring them and reduce the contract mileage and do they calculate current mileage on a pro rata basis? I.e. 20k miles over 2 years would equal to an allowance of 833 miles per month so they would charge for anything over this monthly allowance? Because I'm already on 1500 miles haha

 

[wecanseeformiles]

Syed, since you've only just got the car, I suspect a better option is to persuade someone else to take over the lease. This assumes that your finance company will allow this. Some will, see for example, https://www.osv.ltd.uk/can-car-lease-transferrable/.

You may have to pay some fees and you may have to give somebody a sweetener to take it over, but it'll almost certainly be cheaper than handing it back earlier and paying 50% of your lease payments.

Did you decide you didn't really like or weren't enthused by your Audi A4 1.4 or do you just need to scratch that itch with an E46 M3?

 

[wecanseeformiles]

Syed, I know nothing about them but you might want to check out http://www.takemylease.co.uk/index.php and similar.

 

[Syed Shah]

Syed, since you've only just got the car, I suspect a better option is to persuade someone else to take over the lease. This assumes that your finance company will allow this. Some will, see for example, https://www.osv.ltd.uk/can-car-lease-transferrable/.

You may have to pay some fees and you may have to give somebody a sweetener to take it over, but it'll almost certainly be cheaper than handing it back earlier and paying 50% of your lease payments.

Did you decide you didn't really like or weren't enthused by your Audi A4 1.4 or do you just need to scratch that itch with an E46 M3?

I'm very sure my contract did state it was non transferable but I am going to check as I already know of someone who wanted to take the car off me if that was an option.

The reasoning is heavily based on the urge for me to scratch that deep E46 M3 itch I have had for a while now. I was extremely close to buying one the previous year but it sold on the same day I was going to make the journey up to Blackpool to go view it.

Don't get me wrong I really do like my Audi A4 and may even keep both cars for the duration as M3 isn't at all a great car in the wet being super tail happy. But as it stands I would much rather keep one car instead of paying for the A4 to stand on the drive looking pretty

 

[Syed Shah]

Syed, I know nothing about them but you might want to check out http://www.takemylease.co.uk/index.php and similar.

Thanks! I will take this website to mind if I can transfer

 

[Urban Sports]

Don't get me wrong I really do like my Audi A4 and may even keep both cars for the duration as M3 isn't at all a great car in the wet being super tail happy.

There is nothing wrong with the e46 in the wet, driven to the conditions it's like any other car.

 

[Syed Shah]

There is nothing wrong with the e46 in the wet, driven to the conditions it's like any other car.

My opinion came purely down to what I have heard so it probably isn't as bad as I have been hearing haha. I had a 320ci for about a month during summer 2 years back which was my only experience with an e46

 

[holly35]

All this after a months ownership , im sure you thought about the A4 a lot before buying it but if the BM is so desirable to you ,why didnt you buy it?
I find this sort of thing difficuilt to get my head round,,,,sorry!

 

[Syed Shah]

All this after a months ownership , im sure you thought about the A4 a lot before buying it but if the BM is so desirable to you ,why didnt you buy it?
I find this sort of thing difficuilt to get my head round,,,,sorry!

It was more on the spot tbh. Didn't give it much thought, just saw a good deal and snapped it up. Once I had placed my order that's when I started looking into the A4 and then prompted me to sign up to this forum.

At the time, I couldn't find a M3 to my taste and neither could I find a decent unmolested example. E46 M3's have quite a few issues that need to be looked into hence why I just had given up at that point and opted towards just getting something to do the job.

I planned to rest my E46 itch till my lease was over and then I came across quite a few really good examples.. meh

 

[Urban Sports]

My opinion came purely down to what I have heard so it probably isn't as bad as I have been hearing haha. I had a 320ci for about a month during summer 2 years back which was my only experience with an e46

OK so you have a major e46 M3 itch to scratch, I've driven them and I've owned a Z4M, I'd seriously go and drive one before you decide anything drastic, it genuinely might not be what you think it's going to be.

Fantastic cars but they're old now and it shows, for me it's not a daily driver more a weekend car, they can be a pig when cold and not really a commuting car if that's what you'd use it for.

I love them and may get a cab in the future but only as occasional use.

Oh also be very wary of the SMG they take a real knack to drive smoothly.

 

[Jemster]

I’ve just gone from 3 years in a beautiful e46 M3 (2005, SMG) to a ‘15 A4 177 tdi quattro. The two cars are almost as opposite as you can get (short of a 2 seater).

Why did I change? Unpredictable costs I guess. They are expensive to maintain, and given their age, they do cost money to keep running well. Over 3 years I lost about 1.5k and could probably have lost less if I held out for the right buyer. So they are good in that respect, but maintenance probably cost 3.5-4k in parts and labour. You HAVE to be able to work on them yourself. Sure, there are specialists, and you may be lucky enough to live close to a good one, but then you pay high labour costs. Parts aren’t cheap. I can do all the discs and pads on the Audi with ATE parts for the same price as the front discs on the M3.

Smiles per mile? Huge! Engine sound, Epic! Handling, precise and balanced, Especially in the wet! But if your average drive is in traffic, you will be frustrated by the heavy clutch and clunky gearchange. The SMG is great and takes away this issue, but brings its own headaches in decreased reliability. Oh and don’t forget the rear axle carrier panel (subframe issue).

I loved mine, but the A4 is a nice place to be and much more family friendly Unless money is of no importance to you (in which case what about a current mode M3?) I would sit it out for a couple of years. They won’t get any cheaper but the good ones are like hens teeth anyway.

 

[Syed Shah]

OK so you have a major e46 M3 itch to scratch, I've driven them and I've owned a Z4M, I'd seriously go and drive one before you decide anything drastic, it genuinely might not be what you think it's going to be.

Fantastic cars but they're old now and it shows, for me it's not a daily driver more a weekend car, they can be a pig when cold and not really a commuting car if that's what you'd use it for.

I love them and may get a cab in the future but only as occasional use.

Oh also be very wary of the SMG they take a real knack to drive smoothly.

My major itch came from when I sat in a fellows M3. Nothing but love for that car and how linear the performance was. But ofcourse, I'm going to take time to really get down to business in terms of test driving one and deciding the main question.. SMG or manual.. I do want the SMG and quite frankly one of my main requirements down that list is that SMG pump/motor has to have been done. Otherwise I'm hearing that alone is a 2.2k cost at an indy. Apart from that, the rear subframe being done is also another major requirement for me.

At this stage I am still weighing up all the options and may even just keep both cars.. it's just the space which is an issue for me as there isn't much place to have it parked up.

 

[Jemster]

My major itch came from when I sat in a fellows M3. Nothing but love for that car and how linear the performance was. But ofcourse, I'm going to take time to really get down to business in terms of test driving one and deciding the main question.. SMG or manual.. I do want the SMG and quite frankly one of my main requirements down that list is that SMG pump/motor has to have been done. Otherwise I'm hearing that alone is a 2.2k cost at an indy. Apart from that, the rear subframe being done is also another major requirement for me.

At this stage I am still weighing up all the options and may even just keep both cars.. it's just the space which is an issue for me as there isn't much place to have it parked up.

You may want to rethink that requirement. Just cos a pump hasn’t been done doesn’t mean it’s going to fail. Not only that, but the community has recently discovered that pumps, in general, do not fail. What fails is the electric pump motor. This can’t be bought from BMW on its own, the dealer cost for a new pump is indeed around 2.5k, but you can buy a new motor now from Burkhart Engineering for about £450. Changing it over can actually be done without a ramp and this solves most failures.

Rear axle carrier panel (subframe) can be done by ETA Engineering I think for about £800, or you can buy plates and have them welded in. This was another extremely expensive repair, but provided the damage is caught early enough, is no longer all that expensive to remedy in the scheme of things.

Then there’s the Vanos... Besian Systems make refurbishment kits.

Don’t forget, the thing you don’t replace... that’ll be the bit that fails I had no subframe issues, no SMG issues and no Vanos issues and would much rather buy a well maintained car with suspension refreshed than any of these famous problems fixed without the basics done. Bushes, shocks, springs, wishbones, they’ll all add up...

The biggest cost I was looking at when I decided to part ways was all cosmetic. It really needed a new wing and a front end respray. Any bubbling on the front arch and it’s guaranteed to be coming from the back. New panel is £300+ and dealer-only. Plus paint of course.

 

[Syed Shah]

I’ve just gone from 3 years in a beautiful e46 M3 (2005, SMG) to a ‘15 A4 177 tdi quattro. The two cars are almost as opposite as you can get (short of a 2 seater).

Why did I change? Unpredictable costs I guess. They are expensive to maintain, and given their age, they do cost money to keep running well. Over 3 years I lost about 1.5k and could probably have lost less if I held out for the right buyer. So they are good in that respect, but maintenance probably cost 3.5-4k in parts and labour. You HAVE to be able to work on them yourself. Sure, there are specialists, and you may be lucky enough to live close to a good one, but then you pay high labour costs. Parts aren’t cheap. I can do all the discs and pads on the Audi with ATE parts for the same price as the front discs on the M3.

Smiles per mile? Huge! Engine sound, Epic! Handling, precise and balanced, Especially in the wet! But if your average drive is in traffic, you will be frustrated by the heavy clutch and clunky gearchange. The SMG is great and takes away this issue, but brings its own headaches in decreased reliability. Oh and don’t forget the rear axle carrier panel (subframe issue).

I loved mine, but the A4 is a nice place to be and much more family friendly Unless money is of no importance to you (in which case what about a current mode M3?) I would sit it out for a couple of years. They won’t get any cheaper but the good ones are like hens teeth anyway.

To be honest I don't really see myself selling it very soon but instead want to keep it for the fun of it. Maintenance is one of the main reasons why I want to keep the A4 as I will be without a car if it goes wrong. I'm all down for learning how to maintain myself as I did roughly start this when i had the 320ci and I do enjoy it tbh. Around my area I can't seem to find a specialist, so I think i'd have to head down to London for my nearest indy.

The sub frame and the SMG motor/pump are the main things I am looking at, after that the service history and maintenance. I want the SMG to be mapped to the CSL, as I've heard this takes a lot of the issues away from a laggy SMG.

I don't need a family friendly car tbh so that's not a priority at this moment. I've spent the good part of a year and a half trying to find a nice M3 and only 3/4 times have a found a nicely priced one. Rest of them are molested motors, sadly

 

[Syed Shah]

You may want to rethink that requirement. Just cos a pump hasn’t been done doesn’t mean it’s going to fail. Not only that, but the community has recently discovered that pumps, in general, do not fail. What fails is the electric pump motor. This can’t be bought from BMW on its own, the dealer cost for a new pump is indeed around 2.5k, but you can buy a new motor now from Burkhart Engineering for about £450. Changing it over can actually be done without a ramp and this solves most failures.

Rear axle carrier panel (subframe) can be done by ETA Engineering I think for about £800, or you can buy plates and have them welded in. This was another extremely expensive repair, but provided the damage is caught early enough, is no longer all that expensive to remedy in the scheme of things.

Then there’s the Vanos... Besian Systems make refurbishment kits.

Don’t forget, the thing you don’t replace... that’ll be the bit that fails I had no subframe issues, no SMG issues and no Vanos issues and would much rather buy a well maintained car with suspension refreshed than any of these famous problems fixed without the basics done. Bushes, shocks, springs, wishbones, they’ll all add up...

The biggest cost I was looking at when I decided to part ways was all cosmetic. It really needed a new wing and a front end respray. Any bubbling on the front arch and it’s guaranteed to be coming from the back. New panel is £300+ and dealer-only. Plus paint of course.

I'm just wary haha, rather have some of the stress taken out. a lot of the ones I have seen have already had their SMG pumps replaced so that's not really a major issue. But subframe i would rather it's done so I can go straight to the action and not straight to the garage hahah.

like i always say, E46 m3's are either the best cars you buy, or come close to being the worst cars you purchase. hopefully it's the best in my case, fingers crossed!

 

[Jemster]

To be honest I don't really see myself selling it very soon but instead want to keep it for the fun of it. Maintenance is one of the main reasons why I want to keep the A4 as I will be without a car if it goes wrong. I'm all down for learning how to maintain myself as I did roughly start this when i had the 320ci and I do enjoy it tbh. Around my area I can't seem to find a specialist, so I think i'd have to head down to London for my nearest indy.

The sub frame and the SMG motor/pump are the main things I am looking at, after that the service history and maintenance. I want the SMG to be mapped to the CSL, as I've heard this takes a lot of the issues away from a laggy SMG.

I don't need a family friendly car tbh so that's not a priority at this moment. I've spent the good part of a year and a half trying to find a nice M3 and only 3/4 times have a found a nicely priced one. Rest of them are molested motors, sadly

I’d certainly make sure you get one with a folder of receipts and good history - dealer or specialist, we all know dealers aren’t always the best! Don’t worry about CSL update when buying, the update is a few minutes work with a laptop and cheap cable. None of this expensive VCDS stuff, INPA is out in the open in BMW land and a coding setup doesn’t cost more than £30 and a basic laptop.

But you are correct, the update itself is night and day. Without it there is no rev matching on off-throttle down-shifts. Also faster shifts across the range. Make sure you test out the SMG with a prolonged period of gear changes, e.g. give it some through the twisties if it throws up a cog light then suspect the pump is on its way out.

SMG is hard to drive smooth and has a lot of ‘character’. Don’t go in expecting DSG and you won’t be disappointed. When pushing on it has a great kick in the back on the lightning quick 7.5k changes. Oh and if you knock it into neutral above 40mph and pull back on both paddles for 10 seconds, then put it back into drive, it will reset the adaptations and you’ll get to see how smooth it can change.

Good luck with the search! And don’t buy a cheap fixer-upper unless you’ve deep pockets lol!

Damn... now I’m missing that car!

 

[Syed Shah]

I’d certainly make sure you get one with a folder of receipts and good history - dealer or specialist, we all know dealers aren’t always the best! Don’t worry about CSL update when buying, the update is a few minutes work with a laptop and cheap cable. None of this expensive VCDS stuff, INPA is out in the open in BMW land and a coding setup doesn’t cost more than £30 and a basic laptop.

But you are correct, the update itself is night and day. Without it there is no rev matching on off-throttle down-shifts. Also faster shifts across the range. Make sure you test out the SMG with a prolonged period of gear changes, e.g. give it some through the twisties if it throws up a cog light then suspect the pump is on its way out.

SMG is hard to drive smooth and has a lot of ‘character’. Don’t go in expecting DSG and you won’t be disappointed. When pushing on it has a great kick in the back on the lightning quick 7.5k changes. Oh and if you knock it into neutral above 40mph and pull back on both paddles for 10 seconds, then put it back into drive, it will reset the adaptations and you’ll get to see how smooth it can change.

Good luck with the search! And don’t buy a cheap fixer-upper unless you’ve deep pockets lol!

Damn... now I’m missing that car!

Ofcourse, everyone I've seen, before jumping in the car I've asked for all the paperwork because I don't want to waste my time falling in love especially when the paperwork is telling me the car is not up to scratch maintenance wise.

I actually went to see a M3 around the corner from me the other day. Absolute stunner, cin brown interior, and a deep blue colour (deeper than tanzanite blue on the new BMW's). Moment I stepped inside the car and switched it on, the gearbox light popped on!!! so annoying hahahaha the dealer was not amused at all haha

I'm going in expecting nothing from the gearbox, i've kept my expectations from the car at bay so i don't go in and disappoint myself.. I think I will update it after I am used to it tbh.

And thanks ahahaha! I will be sure to let you know once I have picked one up. Will be a few months yet so i'm just starting my hunt again haha!

 

[Jemster]

Sounds like Estoril Blue perhaps, but a brown interior? Must’ve been an Individual with that colour combination. Oh, last bit of advice, take anything you read on m3cutters board with a Massive pinch of salt! Especially if you want to enjoy a worry-free ownership! Feel free to PM as we’re considerably off the topic of Audi’s! Hahaha

 

[Syed Shah]

Sounds like Estoril Blue perhaps, but a brown interior? Must’ve been an Individual with that colour combination. Oh, last bit of advice, take anything you read on m3cutters board with a Massive pinch of salt! Especially if you want to enjoy a worry-free ownership! Feel free to PM as we’re considerably off the topic of Audi’s! Hahaha

Nope was a lot darker than estoril blue. It was an individual for sure, and deffo mate. M3cutters is the forum that has scared me with this smg pump and all of that stuff hahaah! I will pm you mate!

 

[Nickfrog]

They'll still be around when your lease is up so the money not wasted can go towards repairs/refresh.

 

[Syed Shah]

They'll still be around when your lease is up so the money not wasted can go towards repairs/refresh.

Ofcourse that's an option. Although at this moment I feel my urge for one surpasses the financial aspect as I'm trading in one of my cars that will be free by then for the M3 so initially there isn't much money coming out of my pocket apart from for the cancellation (and that is if i do decide to cancel)

 

[cuke2u]

For somebody who buys a car on whim, I suggest you stand back and give it consideration before commiting yourself again. You are already going to lose out financially on a A4 so why make the same mistake. Or maybe you have money to burn...

 

[Syed Shah]

For somebody who buys a car on whim, I suggest you stand back and give it consideration before commiting yourself again. You are already going to lose out financially on a A4 so why make the same mistake. Or maybe you have money to burn...

I wouldn't say money to burn tbh, I have a car that should become vacant come a few months, p/x means that it should only require a bit more from myself to in essence buy my dream car of a few years than live and regret in a few years time when financially I will be occupied elsewhere

 

[Nickfrog]

Well if it's free then why not, I just don't know how you got to that conclusion!

 

[Syed Shah]

Well if it's free then why not, I just don't know how you got to that conclusion!

By free i referred to my second car being vacant. Won't cover most of the cost of the M3 but should be a decent amount towards it.

 

[Nickfrog]

I won't lower the cancellation fees though, which is money down the drain either way, you're still paying for a car that you won't have. But then again, it's your money

 

[blackb9er]

Not much to add here but if i was in your shoes i'd get yourself an M3 and just keep both. If you dont have a family and you can manage both financially without losing sleep then go for it! It'll be an awesome experience owning your dream car and having the A4 aswell. Id do the same if I could (but i'd get the E90) Hope you find a clean one soon mate and keep us posted.


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[Syed Shah]

Not much to add here but if i was in your shoes i'd get yourself an M3 and just keep both. If you dont have a family and you can manage both financially without losing sleep then go for it! It'll be an awesome experience owning your dream car and having the A4 aswell. Id do the same if I could (but i'd get the E90) Hope you find a clean one soon mate and keep us posted.


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I am considering that as an option tbh. I would prefer to keep both cars if I could but as it stands lack of space is an issue. So unless I can sort something out it wont be feasible

 

[holly35]

I think your really a BM man and should have gone in that direction,im sure theres a forum more suitable for Bavarian products,

 

[Paddyh747]

I’ve had 2 e46 m3’s awesome cars but I had them about 10 years ago. I’d say if I drove one now it would feel old in comparison to my B9 S4.
In regards to getting out of your lease if it’s with VWFS it can only be transferred to ltd company I think.
To buy out when I looked into it if there was a year or less left it’s 50% anything over a year was 60 or 65%.
When I asked what the settlement figure was it’s was way over what the car was worth.

 

[Syed Shah]

I think your really a BM man and should have gone in that direction,im sure theres a forum more suitable for Bavarian products,

I didn't want to commit to a brand new BMW because if I had bought one half the value would have already gone, so my only option came down to lease.. and when you find the a4 equivalent at nearly £400pcm, it's not really worth it especially when the deposit is about 3000£ minimum too. Would have been a lot more money down the drain and not half of the interior that the A4 has on offer.

 

[Syed Shah]

I’ve had 2 e46 m3’s awesome cars but I had them about 10 years ago. I’d say if I drove one now it would feel old in comparison to my B9 S4.
In regards to getting out of your lease if it’s with VWFS it can only be transferred to ltd company I think.
To buy out when I looked into it if there was a year or less left it’s 50% anything over a year was 60 or 65%.
When I asked what the settlement figure was it’s was way over what the car was worth.

From what I read, transfers only work if it's with a similar party and not business to personal or something like that. Though I will ring up on monday to get clarity on this situation.

Also there will be a heaven and hell difference between the S4 and M3. S4 is superior in every dimension (arguable?) to the M3. It's just that I would rather buy one now than go 10 years on and see they have gone up in price too much, or it's no longer feasible for me. So while I have the resources and the situation is right, I wouldn't mind calling the decision now.

 

[Syed Shah]

Okay so in the end I came to the decision that I will just keep my lease. The urge for the M3 will stay at bay (sigh)