What happens at the end of the vehicle leasing contract?
At the end of the agreement the finance company comes and picks up the car from you. In a contract hire agreement the finance company is always the owner of the vehicle and you are the registered keeper.
The finance company will send correspondance to you via email or letter with instructions on how to proceed – this will include a suitable date and time as well as giving notice to make sure the car has had a valet and any damage over fair wear and tear has been resolved (if it is not resolved a bill will be created after an inspection where you are present).
If you are enjoying the car and don’t want to give it back just yet then you will need to contact the company after 12 months of recieving it and they will more than likely sort it out then and there. Please note this is not a guaranteed event and they will take into consideration the condition of the car and any missed payments etc during the agreement.
If you enjoy the car and you want to become the owner, then again you will need to speak with the finance company to agree a figure. Typically it will be in the form of a balloon payment at the end of the contract hire agreeement. Please note the finance company are not obligated to this and it is at their discretion.
Because we use various finance companies there is no set rule for all, it is always best to as your account manager when negotiating. However, a rule of thumb is that you won’t be able to cancel in the first 12 months and after that period the charge is 50% of the remaining rentals total. Please note, this differs from finance company to finance company and it is always best to ask your account manager beforehand and the finance company during.
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