leasys car lease return early with 8000 miles below contract

[renna1]

hi all as im no expert with lease car companies was wondering if anyone knows the answer to this question i have returned my lease car from leasys 8 months early although im aware i have an early termination charge but need to know if im 8000 miles under my 24000 contract am i entitled to any refunds or allowances due to this i have asked leasys but keep getting mixed answers thanks

[treeroy]

best you can do is read the T&Cs.

However, i would almost certainly say NO you won't get a refund. The price of your lease is not determined by an "agreed" mileage, but an agreed mileage -limit-. You can do 1 mile under or 10000 miles under and it doesn't make a difference, as long as you do not exceed the mileage limit.

[Topbalcblue]

When I returned by Giulia Veloce late last year under mileage I was told no refunds would be given for being under mileage. Some offer it some don’t, I know MB did offer it on something I looked at last year

[iphonedyou]

Nope.

[Bill4San]

Sadly, no. You won't get any refund for being under mileage.

I'm in a similar position with my BMW 530e which is now almost 3,000 miles under my 12,000 pa contract after just 18 months - mainly because it has only done 50 miles in the last two 'Covid' months.

It looks like things won't start opening up for a while, so I think I'll be giving the car up early and paying the penalties as it'll still be cheaper than having it idle on the drive.

Of course, if you have a PCP you can but the car at the agreed price with the lower mileage - but be aware that car prices will be lower anyway due to covid. In short, we lose either way.

[roca1976]

In general terms is it 50% of remaining payments and losing all up front deposit?

[Philvrs]

PCH is "initial payment" not "initial deposit" so you have "lost" nothing I'm afraid.
VWFS was 55% of remaining payments last time I returned early, that was after half way through the agreement term, any earlier and it was 65%.

And no refund for mileage not driven.

[Maxsteel]

I lowered my annual limit with VWFS for my current A5 2/3rds of the way through the 3 year lease from 20k PA to 15k PA (45k total). My payment went down from £370 a month to about £320 and they said that would apply to the '55% of remaining payments' if I handed back early. I think there was a £30 fee.