Lease extension

[paddy wagon]

Just thought this might interest some of you.

 

I'm on my second Octavia Scout,  both leased. The current one is due for return in June. It's on a 2 year, 10k pa contract. I'm currently paying £265 a month, higher than my first but had  it right at the launch of the facelift and has a factory tow bar. 

 

Current there is nothing out there that I fancy more, this far does everything I want and need, it'll tow a 1400 kg caravan one day and do nearly 60 to the gallon on the motorway the next. 

 

So I enquired about extending the lease, an extra 12 months nd a further 10k miles.

 

VWFS came back with an offer of £215 a month. I've signed up and looking forward to the next year with the car.

 

It's a very simple and straightforward process!

 

 

[Swirly182]

Excellent thanks for sharing. I plan to try this next Feb when mine is up. Didn't know they reduced the rental! 

[teescom09]

4 hours ago, paddy wagon said:

Just thought this might interest some of you.

 

I'm on my second Octavia Scout,  both leased. The current one is due for return in June. It's on a 2 year, 10k pa contract. I'm currently paying £265 a month, higher than my first but had  it right at the launch of the facelift and has a factory tow bar. 

 

Current there is nothing out there that I fancy more, this far does everything I want and need, it'll tow a 1400 kg caravan one day and do nearly 60 to the gallon on the motorway the next. 

 

So I enquired about extending the lease, an extra 12 months nd a further 10k miles.

 

VWFS came back with an offer of £215 a month. I've signed up and looking forward to the next year with the car.

 

It's a very simple and straightforward process!

 

 

Yes I did it before. But be aware if

you go over 3 years/ warranty period YOU have to pay for any repairs ! I got compensation after they didn't make that clear to me after I agreed to go 3.25 years 

 

[teescom09]

You also have to pay for mot,s and and failure repairs plus longer maintenance items like brake fluid and belts etc 

 

[Scotty72]

Thanks for sharing this OP. Nice to know I could ask to extend my lease to 3 years if I needed too. I know they told me already if I want to ask for more miles on the current 2 year lease I can contact them after a certain period of time. 

Also noted that extending the lease past the warranty period is not a good idea either.

[paddy wagon]

It makes sense that your liable after the warranty period, unless you have a maintenance package.

 

Hence why it's going at 3 years.

[Swirly182]

Or consider buying it if the offer is there... Wonder what a three year old / 30k miles vRS 245 would be worth.

[buaan]

If I was to extend the lease near or past 3 years you could factor in to the additional lease the price of extending the warranty  - https://www.skoda.co.uk/owners/warranty - £255.

 

My 245 is on a 2 year lease, I'm really enjoying the car and would consider extending it but that would involve another service, an MOT and definitely tyres - I've got another year to make my decision.

 

I guess you could always try to hand the car back 3 weeks early?  Once you sign the car over to BCA I'm assuming your responsibility for it (MOT/Service/Damages) ends?

[paddy wagon]

My parents bought my previous Scout from VWFS directly.

 

2 yrs old, 17k miles and £13750.

 

Well below market value at the time.

[Swirly182]

Wow. Wonder why they priced it so low. Limited market for the Scout possibly? 

 

So why can't the original person leasing the car buy it back? Has to be family or friends I think I read somewhere... 

[paddy wagon]

No I could purchase, I was told by the dealer that they couldn't sell to the customer to due some tax rule.

 

I suspect that isn't the case now as I was definitely offered the chance, however, it defeated the object for me.

 

In terms of the price, I suspect as long as they cover the reserve they don't mind. They also save on the costs of BCA transportation and auction fees.

 

I guess both parties win in different ways.

[buaan]

On 05/03/2019 at 08:11, paddy wagon said:

My parents bought my previous Scout from VWFS directly.

 

2 yrs old, 17k miles and £13750.

 

Well below market value at the time.

 

I think I'll do the same with mine, offer it to my parents.  Out of interest, how did the transfer work? On the last day of the lease your parents paid the balance?  Did they give you a quote on the total lease mileage, eg 20k, or did they ask for an accurate mileage at the end of lease?

[paddy wagon]

9 hours ago, buaan said:

 

I think I'll do the same with mine, offer it to my parents.  Out of interest, how did the transfer work? On the last day of the lease your parents paid the balance?  Did they give you a quote on the total lease mileage, eg 20k, or did they ask for an accurate mileage at the end of lease?

 

Parents made a bank transfer and took ownership, it was a couple of weeks before the end of lease date as my new one arrived and they wanted it in a certain months figures. But they looked after me so I wasn't out of pocket. The payment went to BCA I believe.

 

It was based on the final mileage, I think I'd gone about 1500 miles over, I had to pay the excess but it was never inspected so in theory I could have dubbed, but didn't.

 

It's a very easy process