Extend Age Lease For Free

The residual value of the car will stay the same, meaning if you want to buy the car later, you'll still have to pay the residual value despite depreciation. Extending the lease may incur fees and penalties. The longer you drive the car, the more likely it will be that it will need repairs.

The residual value of the car will stay the same, meaning if you want to buy the car later, you'll still have to pay the residual value despite depreciation. Extending the lease may incur fees and penalties. The longer you drive the car, the more likely it will be that it will need repairs.

On top of the cost of the lease extension itself, you must also pay both your own professional fees and those of your freeholder. Usually, your own fees will be in the region of £2,000 to £2,500+VAT and your freeholder's will be much the same, or a bit higher.

Lease Extension Cons There might be extension fees. Many lenders do not reset the residual value in the contract even though the vehicle is continuing to depreciate. If you end up buying the vehicle, it won't be as good a deal later as you would be getting now, and the extra lease payments are wasting money.

In general is best to extend the lease before it reaches 80 years or below because some lenders require a certain number of years before they are prepared to lend. When a lease drops below 80 years the premium to extend the lease increases because marriage value becomes payable.

How to Extend a Car Lease First, the lessee contacts the lender through which the original lease agreement was made and says they want to request an extension. The lender reviews the request and determines whether the lessee is eligible. If the request is approved, the lessee will be sent a new contract.

The answer to this question depends on your situation. If you're unsure if you want to finance or lease a new car, you may wish to extend your current lease, so you'll have more time to think about it. If you're not prepared for any additional fees, it might be best to turn in the vehicle once your contract is up.