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VWFS refuse to extend lease


gazzab

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Had an email last night in response to my request to extend my 2018 R estate lease for another year (it’s up in March).  
I told them I have already done 31k and so they have a) questioned if this is a mistake and b) told me I can’t extend with that many miles.  
Has anyone else had an issue, or not, extending when they had done too many miles? I assumed they would just sort excess miles at hand back. 

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3 hours ago, gazzab said:

Had an email last night in response to my request to extend my 2018 R estate lease for another year (it’s up in March).  
I told them I have already done 31k and so they have a) questioned if this is a mistake and b) told me I can’t extend with that many miles.  
Has anyone else had an issue, or not, extending when they had done too many miles? I assumed they would just sort excess miles at hand back. 

What was your mileage limit ?/ ho much have you gone over by ? 

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I just extended my with VW finance. Mine was also a March 2018 golf r estate.

 

I signed up originally for a two year deal with 8k miles. Just extended for another year with 8k miles. It went up £15 a month from £220.

 

4ppm seems very very cheap. Usually around 9ppm I thought.

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22 hours ago, gazzab said:

Had an email last night in response to my request to extend my 2018 R estate lease for another year (it’s up in March).  
I told them I have already done 31k and so they have a) questioned if this is a mistake and b) told me I can’t extend with that many miles.  
Has anyone else had an issue, or not, extending when they had done too many miles? I assumed they would just sort excess miles at hand back. 

A lot usually depends on the finance company the lease is through.

 

i have had leases that have been requested back early (with replacement offered), been offered to purchase, hand back above excess mileage some with a charge some without.

 

a lot of companies will have an asset manager, they will be controlling the stock and monitoring depreciation levels across all models. Not having an extension to a lease could be as simple as X number ahead of you extending and they want all other cars back to put xx amount cash back in to business account.

 

also if you get a very cheap mileage charge, they are less likely to allow user to extend. The mileage cost should cover offer depreciation due to mileage, obviously putting this too low means they can lose money on that asset.

 

its always worth either offering to buy (check what it's worth first) or trying to negotiate an extension (that maybe at higher rate), have also heard of extension being given with excess mileage costs rolled up into new lease cost.

 

leasing can be a bit of a minefield, however as the asset belongs to them, they can pretty much do as they please (within contract, which are usually rubbish).

 

 

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Maybe too late in the day now but could you accidentally have given them the wrong mileage.... extend it then run it another year then hit them with the bad news at the end of year three 😂

 

it was explained to me that with a lease you are basically paying the depreciation on the car. But surely that would mean the excess mileage charge should have been calculated to cover this additional depreciation?!

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  • 3 months later...

Just to complete the story. The lease is up this month. So I tried again and they agreed to extend it.  They have taken the mileage up by 5000 and given me 6 months.  
The monthly is up by £200 a month but that £1200 over 6 months includes the reset of the mileage allowance and so the 18k mile charge has gone. So that saves me £800 which effectively means my monthly hire is costing me £130 ish pm rough maths. 

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27 minutes ago, gazzab said:

my monthly hire is costing me £130 ish pm rough maths. 

Sounds very nice!  At the end, when you change it would be interesting to see a real life account of the cost of a long lease on an R.   Only ofcourse if  you were willing to share such personal financial information.😀

Buying vs Leasing Debate can then run its course.  
I’m very curious as I have always bought my vehicles, have never Leased or PCP’d - but older age gives the opportunity to seriously consider all options for the best fit.

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This is my second R lease. The previous was 2 years and extended to 3. 
The maths is quite simple :

- if you had a 2 year lease it was typically about £7k for 2 years and 20k miles with a reasonable 10.8 per mile above that. The hand back process is ok and the costs for wheel scuffs etc are generally very good compared to getting them done yourself.  Adding extras when ordering is normally not worth it except maybe dsg (you don’t pay the full cost for it in your 2 years).  £7k is a lot less than the depreciation would have been. 
- buying new for cash or using other forms of borrowing might allow your to negotiate a discounted price. But I doubt the pch deals can be beaten.  
whatever route you take then servicing and tyres are the same price. 

These sort of deals won’t be repeated. The last deals were about 20% more expensive which is still good but not a bargain.  The new 8 will be higher again for various reasons. 
The ownership experience for both cars has been faultless.  The R is a great car. Not particularly exciting but reliable, nippy, comfortable and dare I say it the 7.5 is very economical. I get 44 mpg when driving to Norfolk. 

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