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Car Leasing

  • Thread starter Thread starter Big Sal
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Big Sal

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Joined
Jan 21, 2016
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196
Location
Pollenca
I'm looking into the possibilities of car leasing and have found that my bank Sabadell are offering for Opel or Polo 200-250euros a month for 24 month lease, inclusive of everything (IVA, breakdown cover, roadside assistance, insurance, servicing, maintenance, tyres and municipal taxes, 150,000km per year) apart from the obvious fuel. I think this is a viable option, but is there a catch? I'm meeting with the bank next week for more info. Anyone had experience of car leasing over here?

I'm intrigued!
 
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That sounds interesting and, if we are lucky enough to buy a property next year, something I would consider, as I gained the impression that buying a car is not as straightforward as in the UK.

I would be very interested to know what conclusion you come to.
 
I will provide an update with my findings.

It will certainly give us some 'breathing space', whilst we are transitioning with the move over here. Good luck with your ventures too!
 
Big Sal said:
I'm looking into the possibilities of car leasing and have found that my bank Sabadell are offering for Opel or Polo 200-250euros a month for 24 month lease, inclusive of everything (IVA, breakdown cover, roadside assistance, insurance, servicing, maintenance, tyres and municipal taxes, 150,000km per year) apart from the obvious fuel. I think this is a viable option, but is there a catch? I'm meeting with the bank next week for more info. Anyone had experience of car leasing over here?

I'm intrigued!
Click to expand...

Leasing is a very cash-efficient way to run a car. Effectively you just pay for the depreciation and maintenance, and just hand it back at the end of the term, rather than funding the full purchase price of the car.

The offer is good because it also includes insurance, which is generally separate from the leasing agreement.

Often the leasing companies/banks get additional discounts from manufacturers if they fund so-many vehicles, and these discounts can be passed over to the end user as lower rentals.

Is there a deposit payment to include in the cost, or just is a straight cost per month?

The car will need to be returned in a condition as per the contract. In the UK that would generally mean fair wear and tear. (If you look after your cars well, that isn't an issue, but if you are driving around Pollensa Town for instance, it cannot go back covered in scratches and grazes as you will be charged for these). You should look to translate the contract clearly first as other conditions may be imposed.
 
After a visit to Sabadell in the port, I'm still impressed with this option.
All appears as it seems. No deposit needed and comprehensive insurance with no excess either (damages from Pollenca parking will be covered by insurance, just need to raise a claim and repair). UK driving licence and NIE is sufficient enough to proceed (we are not yet residents). I bank with Sabadell so they can see whether I can afford payments, if indeed they require this as a check point.

We are thorough individuals, so will carefully understand the contract before signing.

We are now just deciding on our estimated mileage per annum and number of rental years we need. We will then proceed!

Car leasing appears to be known as AutoRenting out here.
Google search 'Sabadell offers autorenting', will show all their renting offers.
The web searches differ, one site with 2 cars, one site with multiple cars.

Caixa bank offer similar, but third party insurance.

I will provide further updates as I progress.
 
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That's good news. I hope I didn't cause you any unnecessary panic :o
 
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