[Anonymous]

Hi everyone. I am due to renew our car soon , my mileage is very low on my current vehicle ( less than 5k ) and I like the car .I have looked through the current vehicles on offer and nothing is really standing out .I noticed I can extend my current lease , it also noticed it says you can get an increased good condition bonus if you do this .Has anyone done this and are you able to change your car anytime during the extension period , also does anyone know how much the increased good condition bonus is please.

Topic

[DBtruth]

I’ve just extended my lease last week. I’m under 15k miles. Spoke with motability and they agreed an extension no problem. Took about 5 mins on the phone. Got a confirmation letter through the post yesterday.

As far as I’m aware your GCB increases by £150 for every extra year you have the car up to 5 years so £600 after 3 years, £750 after 4 and £900 after 5

[JS]

For every completed year GCB is

3 years £600

4 years £700

5 years £900

if you opt for extension you can change at anytime,

[Rhodgie]

I just extended mines a few weeks ago, very easy over the phone and they’ll send you out a new insurance letter to cover the extension.

Yes you can change at any time within the extended period but it’d need to be a much better car for little or no deposit to make me change…. the way I see it, for me it makes no difference if my car is 3, 4, 5 years old or brand new… I’m still paying the same money each month for it and all the costs are covered (servicing, insurance, tyres, repairs, etc) the only thing is I’ll have paid out a lump sum (£1,499 for the one I was considering) to have the latest reg plate? If I wanted a different car (shape, size, power, colour, doors, economy, EV range etc) then that’s a different story.

I also recieved my £600 GCB cheque and when I phoned to query this the said just cash it and if there’s more due after years 4 or 5 they’ll make up the difference then.

[Anonymous]

• Thanks Everyone,  that’s superb information

[Scott]

Guys when the lease ends do you get gcb right away into bank or is it a cheque ? Want to put this towards new vehicle if possible .

[File28]

Gcb is paid after you have completed your handover usually 4 weeks later

[vinalspin]

The GCB is in the form of a cheque and it takes around a week to arrive, mine took 4 days.

[JS]

Scott wrote:

Guys when the lease ends fo you get gcb right away into bank or is it a cheque ? Want to out this towards new vehicle if possible .

scott at present due to covid Motability are offering to pay the GCB in advance even if your lease is not up, they are classing it as a hardship payment but perfect for those that could do with it upfront to put towards AP,

if not then until now the payment has been in Cheque form But Motability have now  introduced BACS payments, these are statements from motability

Motability Scheme customers who are experiencing temporary and exceptional financial need in relation to COVID-19 are able to access an advance of the £600 Good Condition Bonus (GCB) usually paid at the end of a lease.

This GCB payment can be brought forward to provide support during the COVID-19 lockdown, ensuring that customers in need have access to money during a period when they may need it most. Please note that customers who choose to take this payment early would not therefore receive a further GCB at the end of contract – a point when some customers like to put this towards an Advance Payment on their new car.

As customers use their mobility allowance for their lease instalments, paid directly from the Government, it is not possible to reschedule payments to be repaid later, so this arrangement offers an alternative route to flexibility for customers.

To help us to deal with requests from customers needing exceptional help as quickly and efficiently as possible, please complete our online form to request a call back from a member of our Customer Services team.

Alternatively you can call us on 0300 020 5050, but please bear with us, as we are currently experiencing a high volume of calls and you may have to wait longer than usual.

And

Following a successful pilot earlier this year which allowed Good Condition Bonus (GCB) payments to be made by BACS transfer, we’re excited to be taking another step forward on our digital journey.

We’ve now made this available to all dealers so they can offer eligible customers the option of receiving their GCB by BACS transfer instead of cheque.

What’s the benefit for the customer?
If a customer chooses to receive their GCB payment by cheque, it can take up to 10 days to reach them and then a further 3 to 5 working days to be in their account once the cheque is paid into their bank. BACS payments only take up to 5 working days and the customer doesn’t need to do anything to receive their payment, making it much easier and quicker for them to receive the money.

 

[Bifter]

JS  can apply for this anytime  or does it have to be within the 3 month period that your current lease is up as I assume the vehicles condition would need to be assessed first or am I reading your comment incorrectly

[JS]

Bifter wrote:

JS can apply for this anytime or does it have to be within the 3 month period that your current lease is up as I assume the vehicles condition would need to be assessed first or am I reading your comment incorrectly

i cant find anywhere it suggests within the 3 month period or the vehicle has to be assessed, im sure there are limitation but i assume it is available to all, the full lastest update can be read here.

FAQs from the Motability Scheme regarding COVID-19 (Coronavirus)

[Anonymous]

Thanks JS .

[Author]

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