Early settlement figure

[whitey5000]

I have been looking to end my lease with vwfs for my formentor due to a change in circumstances. I have done a quote for the past couple of months and they quoted around the £2000 mark. I have been looking at all my options and then had to get a new quote this morning they are now asking for £4800 does anyone know why this could be

 

[CosmicBlue]

Do you mean 'lease' or are you on a PCH deal?

Likely causes:

- your mileage has exceeded the pro-rata number that was calculated when you started the agreement and you are being hit with the penalty (which is usually plus VAT

- the market value of your car has fallen

 

[whitey5000]

I have just got off the phone to them. Apparently vw have re evaluated all leases and adjusted all early settlements due to the changes in the used market

 

[Wyld Stallyn]

Is your Formentor a hybrid?

 

[whitey5000]

No v2 1.5 dsg

 

[CosmicBlue]

I have just got off the phone to them. Apparently vw have re evaluated all leases and adjusted all early settlements due to the changes in the used market

The wicked, commercially aware bit of me fears that VW Finance have taken a terrible pasting over EV residual values (which have absolutely bombed on 3 and 4 year old contracts that are terminating now) and are clawing money back any way they can from any punter that they can take money off and use it to offset their losses on other business - hence your settlement value rose dramatically.