Ending a Lease Early - VWFS Settlement Figure

[a3_phil]

So I'm looking to end my 3-year lease, one year early and I've asked for a settlement figure.

VWFS (through my dealer) have come back with a figure that is basically the entire outstanding lease!?!?

When I asked about this last year they told me I'd probably have to pay about 65% of the outstanding lease back and now I'm being told it's 100%. This is for a car that will have only done about 25,000 miles (against an expected 40,000 at the 2-year mark).

Anyone have any experience of doing this and whether this is an entirely unreasonable figure or not?

 

[cuke2u]

Did they quote a interest rebate figure?

 

[a3_phil]

They did not, though I'd have thought there isn't any interest as such on a lease?

They've just come back to me though and said they've based it on 18mths of repayments to go (i.e. handing back today) even though I asked them to base it on handing back in August / September so that might explain the discrepancy.

 

[a3_phil]

Panic over, that's exactly what they were doing so it's pretty much as expected.

Now the real bad news... I'm getting a Golf R. (sorry)

 

[cuke2u]

Good you've sorted it...

 

[veeeight]

Bear in mind, that as long as you have paid half the amount of the total amount payable, you can just hand the keys back and walk away.

Chances are that if you are 2/3 the way through the PCP (if it is a PCP and not a lease) - you may have already have paid half that amount.

So - hand keys back and walk away. Subject to pro-rata mileage, and VBRA wear and tear conditions, of course.


More:
http://www.audi-sport.net/xf/threads/carwow-quotation.265892/#post-2695657

 

[a3_phil]

lol, the clue was in the title I'm afraid!

Definitely a lease and note a PCP

 

[veeeight]

Ah well !

 

[a3_phil]

Thanks anyway!

Though I'm sure I'll miss the quick responses of this place when I'm gone..

 

[Chris5]

My car is on a lease to and I plan to cancel it early for an upgrade.
Who did you contact to discuss ending it and getting the error meant figure from, VWFS or the company you took the lease out with?
Also does it effect credit rating ending a lease early?

 

[a3_phil]

My lease was direct through my local dealer and it was a business leave through my business so it's leased to my company and I take it as a company car.
As I understand it the dealership negotaited the discount on retail and then they take out the finance with VWFS so all my discussion is with the dealer.
No idea on credit rating but I can't see it affecting you as it's not a credit agreement (assuming as with v8 above that it's genuinely a lease and not a PCP).

 

[Kugaman1]

Please post us your thoughts once u have the Golf.
Im not talking about ragging it round a track etc, just your thoughts on daily driving and all round livng with it compared to the Audi.

 

[a3_phil]

Happy to, though it's probably not a great comparison as I'm going from a medium spec A3 TDI to a fairly highly specced Golf R (DNS Pro Navigation, Dynaudio, DCC / Mag-ride etc.).

 

[cuke2u]

lol, the clue was in the title I'm afraid!

Definitely a lease and note a PCP

Yeah I got confused as well as some refer to a pcp being a private buyers leasing scheme...

 

[Kingfisher]

Please post us your thoughts once u have the Golf.
Im not talking about ragging it round a track etc, just your thoughts on daily driving and all round livng with it compared to the Audi.

Ditto please, I'd be interested as well. Thinking about replacing a B6 A4 quattro S Line with either GTi PP or R .
The S3 saloon is great ( sold wifes B5 QTS for it ) and she loves the S3 so much I'm not seeing too much of it ..... still I suppose it's fair I sold her car

 

[Ethanjon]

Request a detailed breakdown of the settlement figure and negotiate based on the discrepancy in mileage and previous information provided.