Lease Question?

[mrobins64495]

So i've gone for lease on the Model 3 LR, mainly because I like to change car every 2 years or so. Typically I run a PCP so this is new to me in terms of using an external company.

They seem really good, the deal seems excellent. My question comes around this signing the documents before the arrival of the car due to the 14 day cooling off period. Does this remove the right to cancel (not that I have plans to)? Typically on a PCP you sign it all on collections which is what'd i'd expect.

Speaking to the lease company they've stated that I still have the right to cancel up until collection, but I was wondering where the liability falls for costs etc...

Thanks all,

 

[NorfolkMustard]

Check which flavour of "lease" you have too. PCP is akin to HP, with the same protections and get out clauses.
PCH (Hire instead of Purchase) is more akin to a long-term hire car with a preferential rate because you agreed to a long term (2,3,4 years).

With PCH you're contracting for the full term and don't have the same get-out clauses as HP. i.e. it's like the minimum contract term on your mobile phone - if you want to get out early you haven't got an asset to bargain with (the car) and you're liable for the full lease payments & length you originally signed up for.

e.g. with PCP 4 year term, you may find that after 2 years the amount you owe is the same as the car's worth to sell, so you're in effect debt free if you want to end the contract early. Do that with PCH and you probably owe 2 years of hire payments but have no asset (car) to offset.

 

[mrobins64495]

Check which flavour of "lease" you have too. PCP is akin to HP, with the same protections and get out clauses.
PCH (Hire instead of Purchase) is more akin to a long-term hire car with a preferential rate because you agreed to a long term (2,3,4 years).

With PCH you're contracting for the full term and don't have the same get-out clauses as HP. i.e. it's like the minimum contract term on your mobile phone - if you want to get out early you haven't got an asset to bargain with (the car) and you're liable for the full lease payments & length you originally signed up for.

e.g. with PCP 4 year term, you may find that after 2 years the amount you owe is the same as the car's worth to sell, so you're in effect debt free if you want to end the contract early. Do that with PCH and you probably owe 2 years of hire payments but have no asset (car) to offset.

Hey, yup got all that down. It’s. PCH it’s more around the advanced signing that for the cooling off period that I’m unsure on.

From the lease companies perspective, the 14 day cooling off period has to expire before collection which is new to me.

 

[zayn]

Check which flavour of "lease" you have too. PCP is akin to HP, with the same protections and get out clauses.
PCH (Hire instead of Purchase) is more akin to a long-term hire car with a preferential rate because you agreed to a long term (2,3,4 years).

With PCH you're contracting for the full term and don't have the same get-out clauses as HP. i.e. it's like the minimum contract term on your mobile phone - if you want to get out early you haven't got an asset to bargain with (the car) and you're liable for the full lease payments & length you originally signed up for.

e.g. with PCP 4 year term, you may find that after 2 years the amount you owe is the same as the car's worth to sell, so you're in effect debt free if you want to end the contract early. Do that with PCH and you probably owe 2 years of hire payments but have no asset (car) to offset.

who are the lease company? is this your first car on a lease ?

basically once you sign the lease agreements you have 14 days but check your agreement some have admin fee which is a usually a broker

 

[ProfessorK]

Yup, 14 days is the usual refund time. You’re supposed to sign every thing and then mull it over for 14 days.

 

[mrobins64495]

Yup, 14 days is the usual refund time. You’re supposed to sign every thing and then mull it over for 14 days.

Gotcha. Seems weird to me to do that before the car that’s all. I’m used to the PCP process where you sign on collection and then if you decide not too you can just hand back