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Original poster

Car leases? How does it work

63 replies

Pieceofcakes · 02/05/2025 08:14

We have always have a car on a lease, DH prefers that; we just changed ours recently, DH chosen it but there is something I don’t like about the car. Can we replace the car? How does this work? Are there penalties?

OP posts:
RentalWoesNotFun · 02/05/2025 08:41

You’d need to check the contract. And quickly. If there is a cooling off period it will only be a couple of weeks.

Bromptotoo · 02/05/2025 08:41

It will depend on the terms of the lease but change is unlikely to be easy or cost free.

Original poster
Pieceofcakes · 02/05/2025 08:51

Thanks. I just called them. Apparently there is a cooling off period on the finance; but we need to keep the car; quite disappointed as I really don’t like the car but it seems we are stuck with it.

What options do we have?

OP posts:
Original poster
Pieceofcakes · 02/05/2025 09:08

Basically we can get out of the finance by purchasing the car; but can’t change the car.

I am so down 😢

OP posts:
Tryingtokeepgoing · 02/05/2025 09:09

Check the lease agreement to see what the early termination penalty is? If it’s a price you’re willing to pay, terminate and lease or buy a different car. Though I expect that terminating so soon could incur a charge of 12 months payments or more, depending on the length of the lease.

Original poster
Pieceofcakes · 02/05/2025 09:09

There is 2 weeks cooling off period of the finance so basically we can get out of it by purchasing the car; but have to keep the car.

We can potentially buy the car and resell it but I guess we will loose money.

I am so down😢

OP posts:
Tryingtokeepgoing · 02/05/2025 09:12

If it’s a new car then yes, I expect you’ll lose at least 30/40% of the cost of it new if you sell it after few months. Unless it’s a particularly in-demand sort of car.

Edited to add, how bad can it be? And how longs the lease?

Original poster
Pieceofcakes · 02/05/2025 09:13

It is a Toyota Corolla. We just got it this week

OP posts:
Original poster
Pieceofcakes · 02/05/2025 09:14

30 to 40 percent seems a lot for a car that we have driven 3 days for school runs

OP posts:
Tryingtokeepgoing · 02/05/2025 09:19

Pieceofcakes · 02/05/2025 09:14

30 to 40 percent seems a lot for a car that we have driven 3 days for school runs

Because it’s gone from a brand new car to a used one, albeit one with low mileage. If the price is too close to that of a new one, everyone’s going to choose the new one! But if the lease company got a decent discount and pass it on to you, maybe the financial hit will be less. Don’t get your hopes up though!

Original poster
Pieceofcakes · 02/05/2025 09:48

😭

OP posts:
DrivingandInsurance · 02/05/2025 11:01

We had a lease car on a 3 yr arrangement. We wanted it change it about 6 months before the end of the lease. The penalty was 40% of the remaining monthly payments. We were happy to do this as the new car was much cheaper so overall was cost neutral.

Calmdownpeople · 02/05/2025 11:15

Pieceofcakes · 02/05/2025 09:08

Basically we can get out of the finance by purchasing the car; but can’t change the car.

I am so down 😢

Then look to sell it privately or through a big car site such as carwow

Calmdownpeople · 02/05/2025 11:16

Pieceofcakes · 02/05/2025 09:09

There is 2 weeks cooling off period of the finance so basically we can get out of it by purchasing the car; but have to keep the car.

We can potentially buy the car and resell it but I guess we will loose money.

I am so down😢

Edited

I don’t think you are getting the right info here. Contact your dealer and see what they can do or head office. Unless you went to an independent and then you might be a bit stuffed.

Original poster
Pieceofcakes · 02/05/2025 11:55

Calmdownpeople · 02/05/2025 11:16

I don’t think you are getting the right info here. Contact your dealer and see what they can do or head office. Unless you went to an independent and then you might be a bit stuffed.

Show quote history

I called Toyota in Croydon/purley where we purchased it.

They said you can get out of the finance agreement by purchasing it but you have to keep the car.

They chased and chased and promised everything until you sign and then wash their hands off

OP posts:
Tryingtokeepgoing · 02/05/2025 12:07

Is it definitely leased? Not some other form of finance like PCP or HP? I thought with leasing the leasing company owned the car and it would be them you need to speak to directly, not the dealer. The dealer has sold the car to a Toyota Finance, who lease it to you. The dealer has no interest in undoing the deal - so I would speak to Toyota Finance directly and see (a) what sort of agreement you have and (b) what the options are. You can always terminate a lease, it’s just a matter of how much it costs.

Original poster
Pieceofcakes · 02/05/2025 12:18

Thanks just spoke to Finance and they said we have a cooling off period of 2 weeks to get out of the finance.

Cant do much about the car, we have to keep apparently. Or do a part exchange for another car which won’t be as good.

End of Toyota dealings for me.

OP posts:
Calmdownpeople · 02/05/2025 17:27

Pieceofcakes · 02/05/2025 11:55

I called Toyota in Croydon/purley where we purchased it.

They said you can get out of the finance agreement by purchasing it but you have to keep the car.

They chased and chased and promised everything until you sign and then wash their hands off

Show quote history

Call the call Center and raise it to head office. If it’s been two weeks since delivery cooling off still applies.

SuperTroopers · 02/05/2025 18:34

I think you should read the paperwork you have signed rather than asking Toyota.

I’ve just bought a new car. The difference in the prices between ones that had zero miles on. Those that had 10-20 miles on and those that had a thousand miles on was insane.

Original poster
Pieceofcakes · 02/05/2025 19:03

Calmdownpeople · 02/05/2025 17:27

Call the call Center and raise it to head office. If it’s been two weeks since delivery cooling off still applies.

Show quote history

Cooling off is only for finance apparently; not to change the car.

Perhaps I can scale it

OP posts:
Original poster
Pieceofcakes · 02/05/2025 19:05

SuperTroopers · 02/05/2025 18:34

I think you should read the paperwork you have signed rather than asking Toyota.

I’ve just bought a new car. The difference in the prices between ones that had zero miles on. Those that had 10-20 miles on and those that had a thousand miles on was insane.

will do once DH shares the info with me.

OP posts:
Calmdownpeople · 02/05/2025 19:57

Pieceofcakes · 02/05/2025 19:03

Cooling off is only for finance apparently; not to change the car.

Perhaps I can scale it

Edited
Show quote history

Yup, if you bought online you would be in luck. What don’t you like about the car? You can also hand the car back half way thorough finance agreement - how long is your agreement T?

RandomUsernameHere · 02/05/2025 20:02

What is it that you don’t like about the car? It’s a tricky situation as two or three years (assuming that’s the length of lease) is quite a long time if you really hate it.

HollidayRanger · 02/05/2025 20:02

What’s wrong with it? I am not into cars at all but always think a new one is quite a treat

Tryingtokeepgoing · 02/05/2025 20:11

HollidayRanger · 02/05/2025 20:02

What’s wrong with it? I am not into cars at all but always think a new one is quite a treat

It appears as if it’s the same make and model as the last car, but a different colour and the interior is ‘different’. That’s all the OP has said. I struggle to see how a car as inoffensive as a Toyota Corolla can be so bad it’s worth losing thousands and thousands of pounds changing it after a few days though!!