As you reach the end of your agreement there are a variety of options available to you. In order to make this process simple for you AMG Autolease can try and inform you of what is available.
Contract Extension
An extension agreement is the continuation of the original agreement for a set, additional time span with a set amount of additional mileage. There can be a number of types and lengths of extension agreement.
Informal Extension
Some finance companies allow you to informally extend your vehicle on a week by week basis, this informal contract can provide cover for new car delays, bridge employment gaps. This agreement is only allowable for a set period of time and the finance company are allowed to alter payments or recall the vehicle when they like.
Formal Extension
A new agreement has to be signed and the contract must be for a set period of time usually 6 or 12 months, mileages can be modified at this point, however any excess mileage has to absorbed into the revised monthly amounts. The new agreement starts from the last day of the original agreement.
Not all finance companies will facilitate a formal extension please call for any advice on this.
What does a Formal Extension Cost?
There is no forecast available on this as the extension pricing is based on current market sale / auction conditions, mileage of the vehicle, length of the contract, initial discount/support amounts. As a general rule on a 3-year contract with the mileage on schedule should result in a slight saving year on year of extension.
How long does the extension process take?
The process of extending can take up to 4 weeks and we have to go at the pace of the finance company.
