Why would I have a funder-maintained leasing deal?
More and more customers are moving away from traditional methods of car ownership, namely cash purchases and hire purchase, and are instead utilising the usership-style of procurement which contract hire and leasing offers. However, there is still some confusion as to what is exactly included within a contract hire arrangement and who is responsible for maintaining the vehicle. Put simply, a personal or business lease customer has two options:
All the vehicles which we supply are brand-new which means that a manufacturer warranty is supplied with the vehicle (the length of which varies from manufacturer to manufacturer). However, a warranty is there to protect the driver against defects and issues which arise. The warranty does not provide for any servicing or maintenance on a vehicle. Please also note that each manufacturer will provide obligations for maintaining the vehicle i.e. it must be serviced at the appropriate interval (every x thousand miles or every x months) and the service must be carried out in the appropriate manner/using genuine manufacturer parts.
Each vehicle and manufacturer will have different servicing obligations and so before you lease your new vehicle, it is important to give thought to the service intervals, in order to accurately calculate if a funder-maintained contract may offer you a pragmatic option. As a credit-broker, CarLease UK work with a selected number of finance companies and each of these companies slightly vary in how exactly they administer their maintenance programmes. As such, please do ask for more information from your team here if you have any further queries.
So why would you want to take a funder-maintained package? We all want value for our money and, as you would guess, the funder-maintained packages are an additional cost. However, by taking it you can benefit from:
So what’s covered in a funder-maintained contract? As discussed above, as we work with a select number of finance companies the exact provisions of the contract need to be reviewed in all cases. However, you can expect to benefit from some of the advantages below:
Having a funder-maintained package is not compulsory. However, in all cases of personal and business leasing contracts we do suggest that you make a comparison between the two options so that you are taking a contract which wholly suitable to your needs and requirements.
If you have any queries on the above, get in touch with one of the team here at CarLease UK or read more help and advice in our dedicated help section, you can also read reviews and get the latest info from the car leasing industry on our blog pages.
CarLease UK, Car-E-Lease UK, VanLease UK and School Minibus Leasing UK
are trading names of CarLease (UK) Ltd.
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CarLease (UK) Ltd t/a CarLease UK, e-car lease and VanLease UK is Authorised and Regulated by the Financial
Conduct Authority – our Firm Reference Number (FRN) is 706617.
Carlease (UK) Ltd t/a CarLease UK, e-car lease, VanLease UK and School Minibus Leasing UK is a credit broker and not a lender and will introduce you to a limited number of finance providers which have been carefully selected by us - please note that we do not provide independent financial advice. The finance providers that we use may make payment to us if you elect to enter into an agreement with them. The amount we receive will affect what you pay for your vehicle. The commission received may or may not be capped in accordance with that finance company’s policy. We may also receive an extra amount based on how much business we provide to that finance company, the types of products you take from the finance company and the quality of our service. For Regulated Customers you can ask us about the payments we receive from the finance company so long as this is in good time before the agreement is made. Failure to maintain rentals may result in the vehicle being withdrawn (this may affect your credit).
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CarLease (UK) Ltd work alongside the select finance companies:
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