Does anyone know if it's possible to end your lease early on your Up!? I am nearing the mileage limit & don't really want to pay the 4.4p a mile for going over. Is it possible to end the lease early? Thanks
Hi Metroman. depends on your term of lease or how long you
have left on the lease and what miles you are doing yearly.i think you should contact your lease company and they
will work the figures out for you.as beevee said you can px for a new vehicle hope this helps.Regards phill
Again, mileage only of interest if you are handing back, I'm contracted for 15k / year so am already a go 20k over or £1000 !!!...but as we plan to refinance the balloon , irrelevant ....however, may see what deal the garage can do turning it over for another ....watch this space...1 yr to go!
Option to buy or part exchange is on PCP (Personal Contract Purchase). PCPs will usually have a set GFV (guaranteed future value) or balloon payment
Leasing is different, on a pure lease there is no option to buy the car at the end of the term so no quoted GFV or balloon payment. Ending a lease early will usually involve a penalty, check with the leasing company all companies will have specific terms.
BTW 4.4p per mile is not too bad!!! Volvo is doing a heavily advertised PCP deal on the V40 currently & the excess mileage charge is in the region of 15p per mile!!!
My Focus is on a 15k pa PCP & at 1 month I have just over 1900 miles!!! Hope the GFV is conservative!!!!