Car Lease Deal

[TurningLeaves]

I have a car 25 months into a 36 month PCP contract. Just had a phone call from the dealer saying they've selected me to be eligible for an early upgrade. I know this is because it suits them, rather than me, so I'm not having the wool pulled over my eyes.

They said no deposit (25 months ago I got £4,000 part ex value towards it plus £2,000 from the dealer), a brand new car equivalent to my current model, and the same monthly payments.

So what's the catch? I'm going in on Wednesday to discuss further. What do I need to watch out for?

As far as I'm concerned; A, I love the car so would be happy to stick with this make and model. B, I won't have another deposit saved up at 36 months, so maybe this suits me as well as it suits them, C, I need to be strong and make sure they don't get me to increase my monthly payments.

Am I missing something?!

It ties you in for longer as you'll be taking out a new 3 year deal. You're probably approaching the stage when you are legally able to hand the car back without penalty - you can do this when you've paid half of the total finance amount (this includes the deposit and balloon payment, it's not as simple as half of the 36 payments) and they don't want you to do this.

They want you to keep on with finance on new cars with them and don't want to risk you going elsewhere. They may also be looking to increase their sales to meet targets before the end of the year - I can imagine that car sales aren't doing that well at the moment due to Brexit uncertainty etc.

PCP is very different from a lease,
The main thing you need to watch out for is them getting you in on their fishing hook but then offering you a deal that is more per month than you’re already paying

Thank you. Yes, I realised it was PCP after I wrote the title and forgot to change it.

I'll have a steely resolve and walk away if they won't match my current repayments!

If you can get it on the same monthly repayments is a win win really unless you were planning to hand car back and be without a car after the pcp deal ends

The massive amount you’d save by not having to pay deposit for the next one is excellent and sounds like a perfect time of year to be having the deal renew as they must be desperate to get to target figures.

I’d be interested to see how you get on.

What brand of dealership is it?

Hi, Thanks for your responses.

It is a Sytner dealership for Volkswagen.

They were very up front about needing to hit their target for the end of the month, and also to generate second hand stock.

VW were willing to offer financial support by way of zero deposit and they reckoned they'd approach existing customers as an easy sell rather than starting from scratch with new.

Zero deposit, brand new, same model (but now has a slightly better spec as standard), only £7 per month more than I'm paying now.

Like you said, the zero deposit is what makes it such a good deal for me. I was worried it was too good to be true, but there's no catch. It really is a good deal.

So win/win! I pick it up next week!

Thanks for your advice!

Fantastic result!

Early Christmas present for you!

What colour did you go for?

I know 😆 But I have to wait until the 30th! Indium Grey which is metal is dark grey. It looks fab!