Unfortunately, this deal is no longer available
Vauxhall Corsa Hatchback 1.2 Turbo SRi 5dr - £8,096 (3+47 x £150.02 + Initial Payment of £477.06 + Admin Fee), 8000 miles @ What Car Leasing
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Vauxhall Corsa Hatchback 1.2 Turbo SRi 5dr - £8,096 (3+47 x £150.02 + Initial Payment of £477.06 + Admin Fee), 8000 miles @ What Car Leasing

£8,096 Free P&P FreeWhat Car? Leasing Deals
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Posted 5th Jun

This deal is expired. Here are some options that might interest you:

Cheap car (just above Kia, Fiat, Dacia and Suzuki). OTR for about £19K. Excess miles at 6.3/m which is quite affordable and 8,000 p/a should be enough for me at least. This is a lease deal. Note that this is a 4-year deal rather than a 3-year one. Happy to hear about whether a 3-year deal is a better option (e.g. because of manufacturer warranty).
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Thought that would be the price for the car in total. Bad deal
40 Comments
Bad deal well over the 25% threshold deals of 24+3 months.
Work our value for money based on that profile and 10k miles for a better idea of good value for money.
Thought that would be the price for the car in total. Bad deal
Vauxhall? Lol
adamc1105/06/2020 21:14

Bad deal well over the 25% threshold deals of 24+3 months.Work our value …Bad deal well over the 25% threshold deals of 24+3 months.Work our value for money based on that profile and 10k miles for a better idea of good value for money.


It is a 47+3
If anyone could plug in a comparable deal with a smaller outlay, that would be grand.
siliconbits05/06/2020 21:22

If anyone could plug in a comparable deal with a smaller outlay, that …If anyone could plug in a comparable deal with a smaller outlay, that would be grand.


Why would you want to lease for 4 years?
siliconbits05/06/2020 21:41

Is the sweet spot 2 years?


I mean, ultimately it's personal preference but usually yeah, normally only need to pay for 1 service and still under warranty the whole term.

People normally lease for hassle free motoring and ability to regularly switch for a new car.
adamspencer9505/06/2020 21:49

I mean, ultimately it's personal preference but usually yeah, normally …I mean, ultimately it's personal preference but usually yeah, normally only need to pay for 1 service and still under warranty the whole term.People normally lease for hassle free motoring and ability to regularly switch for a new car.


Any other tips I should look for? Insurance maybe?
siliconbits05/06/2020 21:52

Any other tips I should look for? Insurance maybe?


Get good comprehensive car insurance and have a good look at GAP cover. When you don't own the car it can be a life saver if the car is ever written off.
adamspencer9505/06/2020 22:10

Get good comprehensive car insurance and have a good look at GAP cover. …Get good comprehensive car insurance and have a good look at GAP cover. When you don't own the car it can be a life saver if the car is ever written off.


If the car is written off, the insurance will usually reimburse the cost of the car minus the depreciation. So why would I need one? I understand that I would still need to pay the rest of my outstanding lease period.
adamspencer9505/06/2020 22:10

Get good comprehensive car insurance and have a good look at GAP cover. …Get good comprehensive car insurance and have a good look at GAP cover. When you don't own the car it can be a life saver if the car is ever written off.



I've looked into this extensively and gap insurance isn't really worth it on a lease except if you have a high initial rental. It can make sense on a PCP or HP as that is effectively a loan. Write a lease car off and your insurance company will settle with the lease company and you just walk away. Lease company will then terminate your lease. Insurance companies should pay out no quibble they pay the ex vat price to settle with the lease company so it actually costs them far less than on a normal private car or PCP.
It is also telling that the major insurance brands do not get involved in selling gap insurance which suggests to me it is a rife area for misselling and they don't want anything to do with it.
siliconbits05/06/2020 22:20

If the car is written off, the insurance will usually reimburse the cost …If the car is written off, the insurance will usually reimburse the cost of the car minus the depreciation. So why would I need one? I understand that I would still need to pay the rest of my outstanding lease period.


Yes, so if you write it off within the first year, the depreciation is pretty quick so any settlement from the insurance company is unlikely to be sufficient to clear any liability.

I.e. if you lease a £20K car and write it off at 6 months old, you might get a £15K settlement, but only paid 6 monthly payments of (just for argument) £250.

So there is a £3.5K delta between what the car is worth and what the lease company have received.
SFconvert05/06/2020 22:22

I've looked into this extensively and gap insurance isn't really worth it …I've looked into this extensively and gap insurance isn't really worth it on a lease except if you have a high initial rental. It can make sense on a PCP or HP as that is effectively a loan. Write a lease car off and your insurance company will settle with the lease company and you just walk away. Lease company will then terminate your lease. Insurance companies should pay out no quibble they pay the ex vat price to settle with the lease company so it actually costs them far less than on a normal private car or PCP.It is also telling that the major insurance brands do not get involved in selling gap insurance which suggests to me it is a rife area for misselling and they don't want anything to do with it.


I thought it was the opposite, as proposed in the comment above this one.
siliconbits05/06/2020 22:20

If the car is written off, the insurance will usually reimburse the cost …If the car is written off, the insurance will usually reimburse the cost of the car minus the depreciation. So why would I need one? I understand that I would still need to pay the rest of my outstanding lease period.


That's what a lot of people think and what gap insurers imply, but it doesn't work like that. Yes technically your contract is to pay the lease for the term, but the lease company can't force you to pay for a lease on a car that no longer exists and for which an insurance company has settled on.
Now if your insurance company refuses to pay out then you have a problem (ie someone else was driving the car with your consent) or you left the keys in it or something, then you have an issue, but you still have that issue with or without gap insurance.
SFconvert05/06/2020 22:31

That's what a lot of people think and what gap insurers imply, but it …That's what a lot of people think and what gap insurers imply, but it doesn't work like that. Yes technically your contract is to pay the lease for the term, but the lease company can't force you to pay for a lease on a car that no longer exists and for which an insurance company has settled on.Now if your insurance company refuses to pay out then you have a problem (ie someone else was driving the car with your consent) or you left the keys in it or something, then you have an issue, but you still have that issue with or without gap insurance.


And what's your best deal at the moment for a hatchback, very low mileage 5000m
adamspencer9505/06/2020 22:28

Yes, so if you write it off within the first year, the depreciation is …Yes, so if you write it off within the first year, the depreciation is pretty quick so any settlement from the insurance company is unlikely to be sufficient to clear any liability. I.e. if you lease a £20K car and write it off at 6 months old, you might get a £15K settlement, but only paid 6 monthly payments of (just for argument) £250.So there is a £3.5K delta between what the car is worth and what the lease company have received.



The lease payments don't come into the insurance payout. The insurance company agrees to pay the lease company based on market value at time of the loss. And they settle at the ex vat value, so it's a cheaper outcome for the insurer. There are established processes in place for this and it is rarely an issue.
SFconvert05/06/2020 22:38

The lease payments don't come into the insurance payout. The insurance …The lease payments don't come into the insurance payout. The insurance company agrees to pay the lease company based on market value at time of the loss. And they settle at the ex vat value, so it's a cheaper outcome for the insurer. There are established processes in place for this and it is rarely an issue.


I was under the impression you would be liable for any shortfall as they "lent" you the car with a value and if the insurance payout didn't fulfil that obligation you'd have to pay.

Could be wrong, and it sounds like I might be.
siliconbits05/06/2020 22:37

And what's your best deal at the moment for a hatchback, very low mileage …And what's your best deal at the moment for a hatchback, very low mileage 5000m



You can lease my old 2004 Mazda off me for £100 a month, no initial deposit, 36 month term. Non maintained, obviously, but unlimited mileage?

PS I don't think this is a bad deal, even though it is 4 years. Though I've seen things like Honda Jazzes at slightly cheaper prices overall in the past on 2 or 3 year term, not sure if there are any deals at the moment though.

There is also a new deal on a fiat 500 PAYG, which is £100 a month, £100 initial rental, the catch is you pay 19p per mile. So if you do less than about 3000miles a year it is comparable to this deal.
adamspencer9505/06/2020 22:47

I was under the impression you would be liable for any shortfall as they …I was under the impression you would be liable for any shortfall as they "lent" you the car with a value and if the insurance payout didn't fulfil that obligation you'd have to pay.Could be wrong, and it sounds like I might be.


See these articles seems to agree with my view

If it's written off it's treated as you buying the car

leasefetcher.co.uk/gui…car

osv.ltd.uk/wha…nt/
SFconvert05/06/2020 22:48

You can lease my old 2004 Mazda off me for £100 a month, no initial …You can lease my old 2004 Mazda off me for £100 a month, no initial deposit, 36 month term. Non maintained, obviously, but unlimited mileage?PS I don't think this is a bad deal, even though it is 4 years. Though I've seen things like Honda Jazzes at slightly cheaper prices overall in the past on 2 or 3 year term, not sure if there are any deals at the moment though.There is also a new deal on a fiat 500 PAYG, which is £100 a month, £100 initial rental, the catch is you pay 19p per mile. So if you do less than about 3000miles a year it is comparable to this deal.


Need 5 doors and being able to go on a motorway. I love the concept though but no, it won't be for me. Tx for your advice though.
adamspencer9505/06/2020 22:47

I was under the impression you would be liable for any shortfall as they …I was under the impression you would be liable for any shortfall as they "lent" you the car with a value and if the insurance payout didn't fulfil that obligation you'd have to pay.Could be wrong, and it sounds like I might be.



Technically yes you are liable, but only for market value. So if the insurers settle at "market value" the lease company would need to argue a different "market value".
In reality they argue amongst themselves and agree a price. And as I've suggested with reference to VAT, don't forget that insurance companies know that lease companies get huge volume discounts on their fleets, so the settlement reflects that too. Or rather that lease companies aren't likely to quibble a lower market value offer from the insurers. The lease company isn't going to be buying a replacement from an overpriced main dealer are they? The lease company won't actually replace the car anyway, they'll just reinvest their payout into a brand new car for their fleet.

This is why gap insurance is a prime mis-selling area!
SFconvert05/06/2020 22:58

Technically yes you are liable, but only for market value. So if the …Technically yes you are liable, but only for market value. So if the insurers settle at "market value" the lease company would need to argue a different "market value".In reality they argue amongst themselves and agree a price. And as I've suggested with reference to VAT, don't forget that insurance companies know that lease companies get huge volume discounts on their fleets, so the settlement reflects that too. Or rather that lease companies aren't likely to quibble a lower market value offer from the insurers. The lease company isn't going to be buying a replacement from an overpriced main dealer are they? The lease company won't actually replace the car anyway, they'll just reinvest their payout into a brand new car for their fleet.This is why gap insurance is a prime mis-selling area!


Well, I'll bow to your apparent greater knowledge then.

I did say look into it not "buy it at all costs"
adamspencer9505/06/2020 22:50

See these articles seems to agree with my viewIf it's written off it's …See these articles seems to agree with my viewIf it's written off it's treated as you buying the carhttps://www.leasefetcher.co.uk/guides/car-leasing-explained/write-off-lease-carhttps://www.osv.ltd.uk/what-happens-if-my-lease-car-is-in-an-accident/



The first link has a serious flaw in claiming that you'd have a shortfall of £7900, because the lease company value an 18 month old car at its new price.
The second link looks more like an advert for gap insurance

Have I mentioned mis selling? And why the major insurers still clear of it!

My insurance policy specifically states that if it is a lease car, they will settle directly with the leasing company. You are technically still liable though for making the lease payments until that is settled, but then your insurers will likely be providing you with a courtesy car anyway up to the point of settlement. And you would have to settle the policy excess yourself (but gap insurance doesn't cover that either) In reality they should settle quickly and the lease company will be keen to sell you a new lease if they can.
Ffs it looks like a MG.. what were they thinking. Newer cars are supposed to look more modern but they have gone backwards with this.
SFconvert05/06/2020 22:31

That's what a lot of people think and what gap insurers imply, but it …That's what a lot of people think and what gap insurers imply, but it doesn't work like that. Yes technically your contract is to pay the lease for the term, but the lease company can't force you to pay for a lease on a car that no longer exists and for which an insurance company has settled on.Now if your insurance company refuses to pay out then you have a problem (ie someone else was driving the car with your consent) or you left the keys in it or something, then you have an issue, but you still have that issue with or without gap insurance.


This is a bit misleading - you should ALWAYS get rti GAP. If you put down 6 monthly upfront then the gap ensures you get your upfront payment back too. For example I had £3.5k on an Audi and my gap means I’ll see that £3.5k back if anything happens.
adamc1106/06/2020 00:22

This is a bit misleading - you should ALWAYS get rti GAP. If you put down …This is a bit misleading - you should ALWAYS get rti GAP. If you put down 6 monthly upfront then the gap ensures you get your upfront payment back too. For example I had £3.5k on an Audi and my gap means I’ll see that £3.5k back if anything happens.



I never said you aren't risking your initial payment, but that's a reason for making the initial payment as small as possible as it generally doesn't affect the overall lease cost by very much anyway.
May I ask how much your gap insurance was?
It always seems to be around £300+ whenever I look around and presume it is more expensive the higher value of the car.
So you are paying maybe £300+ to cover a potential £3.5k risk. If that fits your risk profile then fair enough, but for example on my lease I wouldn't consider £300 gap insurance to cover my c£700 initial rental (3months). Yes I'd be out of pocket in the worst case of a total loss but that doesn't seem like good value to me.
I pay less than £200 for my comprehensive insurance policy on a £30k car, and I'm also covered for millions of pounds for other liabilities.
adamc1105/06/2020 21:14

Bad deal well over the 25% threshold deals of 24+3 months.Work our value …Bad deal well over the 25% threshold deals of 24+3 months.Work our value for money based on that profile and 10k miles for a better idea of good value for money.


This is 4 years....Not 2
10k in a corsa??? This will be a runaround not a motorway cruiser... must try harder.
MrBiccy05/06/2020 21:19

Vauxhall? Lol


Utter rot had a corsa in 2012 from new and it never missed a beat in the five years I owned it
thedvdmonster06/06/2020 09:22

Utter rot had a corsa in 2012 from new and it never missed a beat in the …Utter rot had a corsa in 2012 from new and it never missed a beat in the five years I owned it


K
Thanks
Pointlessusername06/06/2020 08:07

This is 4 years....Not 210k in a corsa??? This will be a runaround not a …This is 4 years....Not 210k in a corsa??? This will be a runaround not a motorway cruiser... must try harder.


Yes but there has to be some form of standardisation when calculating value for money otherwise we wouldnt be able to calculate it...
SFconvert06/06/2020 01:09

I never said you aren't risking your initial payment, but that's a reason …I never said you aren't risking your initial payment, but that's a reason for making the initial payment as small as possible as it generally doesn't affect the overall lease cost by very much anyway.May I ask how much your gap insurance was?It always seems to be around £300+ whenever I look around and presume it is more expensive the higher value of the car.So you are paying maybe £300+ to cover a potential £3.5k risk. If that fits your risk profile then fair enough, but for example on my lease I wouldn't consider £300 gap insurance to cover my c£700 initial rental (3months). Yes I'd be out of pocket in the worst case of a total loss but that doesn't seem like good value to me.I pay less than £200 for my comprehensive insurance policy on a £30k car, and I'm also covered for millions of pounds for other liabilities.


My GAP was really cheap with ALA I can’t remember how much exactly but it was around £120. Well worth it in my opinion. Especially given how easily companie write cars off now... (bug bear of mine)
adamc1106/06/2020 13:17

My GAP was really cheap with ALA I can’t remember how much exactly but it w …My GAP was really cheap with ALA I can’t remember how much exactly but it was around £120. Well worth it in my opinion. Especially given how easily companie write cars off now... (bug bear of mine)



Agree that does seem reasonable value if you've put down £3.5k. I see that some also cover your excess.
I'm still confused though, so say you write it off at 2 years. Do you basically get given the difference between the insurance market value (that the lease company and insurers agree on) and the p11d value? You could come out considerably on top, ie you would basically have had 2 years free leasing. It must surely be open to abuse?
SFconvert06/06/2020 17:54

Agree that does seem reasonable value if you've put down £3.5k. I see that …Agree that does seem reasonable value if you've put down £3.5k. I see that some also cover your excess.I'm still confused though, so say you write it off at 2 years. Do you basically get given the difference between the insurance market value (that the lease company and insurers agree on) and the p11d value? You could come out considerably on top, ie you would basically have had 2 years free leasing. It must surely be open to abuse?


Yeah course you could abuse it but then imagine your insurance quote on the next car .
Remember you have to factor in the cost of purchasing an ex council house to park it in front of.
adamc1105/06/2020 21:14

Bad deal well over the 25% threshold deals of 24+3 months.Work our value …Bad deal well over the 25% threshold deals of 24+3 months.Work our value for money based on that profile and 10k miles for a better idea of good value for money.


Sorry but this is probably a stupid question but could you explain the significance of the percentage and how it’s calculated?
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