Lease Extension

o.g.q

Active Member
Oct 17, 2018
10
0
Hi Guys,

I have a 290 Leon Cupra on lease from Seat, it has 6 months left on the lease and i asked for a quote to have it extended for a further 12 months, they have come back to me with a quote for approx £10 less per month. i was wondering if anyone had any experience of this and if this is negotiable or its a take it or leave it offer ?

thanks
 

Sochaux

Active Member
Jan 28, 2018
56
17
From my personal experience, getting a formal extension for less is very rare. The prices I’ve had back were £00’s more.

Although, no experience RE negotiating the price.
 

motty225

Polestar 2
Sep 11, 2008
941
209
Ashby De-La Zouch
Normally prices go up when requesting an extension, although my s4 is due to go back end of September but due to covid they have let me extend it for 6 months at the original monthly price of £280
 

Rowan83

Active Member
Dec 5, 2017
226
63
Sounds a good deal to me! If you still enjoy/want the car then go for it.
 

seatram

Active Member
Sep 8, 2017
115
60
Ilkeston
My first car was an FR, had to extend and the leasing company did it on a rolling basis, ended up paying £30 more a month.

If it's gonna cost you less than you are already paying then snap it up!
 

Peller

2018 Cupra 290 without the copper bits
Mar 29, 2016
518
160
Edinburgh
I've just been through this process.

My original agreement was for 24 months via SEAT Finace.

I asked for 2 quotes with the same terms.

The quote I received for the 6 month extension was an increase of £50 p/m but the quote for 12 months is £50 p/m less!

Sorely tempted to keep for another year as the Mk4 Cupra is gonna be a while.

As per the OP post, the offer is non negotiable as it has to be accepted within 7 days of receiving the quote and they take a £60 admin fee along with 1st payment of the amended contract.

Excuse the crappy picture quality



 
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Mr Pig

Active Member
Jun 17, 2015
1,906
585
A friend of mine had a BMW 3 series on one of those 50/50 deals, you pay for half the car over three years then either pay the rest or hand it back. He thought the car was costing too much so called and asked them to take it back, which you could do under the deal.

They called him back offering to reduce the monthly payments with no other changes. He asked how they could do this and they said that they'd looked at what the car was worth if they took it back now it it was better for them if he kept the car. So he kept the car and paid less each month.

Never hurts to ask. All they can say is no.
 

CupraRobX

Active Member
Jun 29, 2006
467
331
Surrey
VWFS just quoted me for 6 months and 12 months formal extension. Six months is £50/month more and twelve months £10/month less.
I do have the option of informally extending for 6 months at the same rate though, so will go with that instead until I can find another car.
<starts searching for M2's again>
 
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Peller

2018 Cupra 290 without the copper bits
Mar 29, 2016
518
160
Edinburgh
VWFS just quoted me for 6 months and 12 months formal extension. Six months is £50/month more and twelve months £10/month less.
I do have the option of informally extending for 6 months at the same rate though, so will go with that instead until I can find another car.
It's strange how it works, they must use some sort of cost matrix on final value/timing ect. I've just accepted my new offer as it's a LOT cheaper than any other replacement car I've been looking at!

I've taken care of the car since day one, broke it in gently, only 99 octane fuel, never booted it until warm and always kept it clean. I've become a little attached to it as it's such a nice car (would've been a great car for the next owner)

Hopefully I could negotiate to buy at the end of the term as I know of friends that have done this before.





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UnrepentantN00b

Active Member
Nov 4, 2015
11
10
Anyone know if they take into account current milage vs what the contracted milage?

Say you've paid for 10k for 3 years and you look to extend with only 25k. From that figure you're not going to be at 40k if you extended it for another year. You should be able to get away with asking for a much lower milage on the extension and hopefully be a lower figure /month.

Or is that lost since they've already got your money?
 
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Mr Pig

Active Member
Jun 17, 2015
1,906
585
Look, you need to understand that these sorts of things are negotiable. Sure, they use calculators and sums to arrive at a number but do you really think the deal they offer you is the best deal they could offer you?

You need to think of it as game. Take insurance for instance. You need insurance, you call for quotes. You pick the one you like and ask for money off. Do they give you it? They might, but probably not because they've had to give you a good deal to get you to pick them over their rivals. I'm not saying they're not making money off you but they're trying to keep the price keen, if they want your business.

You write off your car and now need them to pay out. This is a completely different situation. They already have your money. They are not that interested in getting you to stay with them next year as you've just demonstrated that you're a liability and statistically you're quite likely to crash again. So do they offer you the best payout they can? No. Never. Why should they? They have no incentive to give away money they can just as easily keep. So you need to have a little fight with them to get them to give you more money.

In some situations the price of something is not negotiable but it's actually rare. We Brits just don't haggle, it feels rude. Other people do it all the time. I've saved hundreds of pounds on things just for asking. Maybe they won't give you a better deal, but ask. Make a counter offer. At least try!
 

Peller

2018 Cupra 290 without the copper bits
Mar 29, 2016
518
160
Edinburgh
Anyone know if they take into account current milage vs what the contracted milage?

Say you've paid for 10k for 3 years and you look to extend with only 25k. From that figure you're not going to be at 40k if you extended it for another year. You should be able to get away with asking for a much lower milage on the extension and hopefully be a lower figure /month.

Or is that lost since they've already got your money?
I thought the same as my car is nearly 7k under the 2 year agreed limit (24k) I asked for 8k for the extension and they just amended the contract to 32k in total!

With hindsight I wondered if I put 5k (think that's the minimum) it may have lowered the price even more? I would be well within my final contracted milage



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