The first, and most important, aspect to note is that you need to confirm what financial product has been used in conjunction with your vehicle. A “lease” generally refers to one of two products, namely:
A contract hire arrangement is what we refer to as a usership-style product. This is a contract to use a vehicle over a predetermined amount of time (2, 3 or 4 years) and an agreed amount of mileage (5,000 – 50,000 miles per annum). As part of the arrangement either you will be responsible for all servicing, maintenance and tyres (driver-maintained) or this will have been included within the cost of the contract (funder-maintained).
As a credit broker, we work alongside a select number of finance companies and each company will utilise a distinct approach to a contract hire agreement. Before you make a decision, you need to either contact your credit broker, or the finance company directly, to enquires as to what exactly you are permitted to do. Your options will generally include:
A PCP arrangement is what we refer to as an ownership-style product. This is a contract to purchase a vehicle over a predetermined amount of time (2, 3 or 4 years) and an agreed amount of mileage (5,000 – 50,000 miles per annum). As part of the arrangement wither you will be responsible for all servicing, maintenance and tyres (driver-maintained) or this will have been included within the cost of the contract (funder-maintained). When you provide the mileage and term, you will also be provided with the guaranteed future value (GFV) / balloon amount, which is payable at the end of the contract.
Your options at the end of a PCP deal will generally include:
If you would like to know more about extending your lease car or returning your lease car at the end of the contract period, simply contact the team at CarLease UK who will happily walk you through some of the principles in more detail. For more Help and Advice on leasing a car, simply head on over to our Help and Advice Pages HERE or read more about the lease car industry in our Blog Pages Here... You can also find some of the best car leasing deals and special offers Here for when it comes time to change your lease car.
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).
All images on this website are for illustrative purposes only and may not reflect the actual vehicle which is delivered to you. All prices shown are subject to change at any time and are subject to credit status and vehicle availability.
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CarLease (UK) Ltd work alongside the select finance companies:
CarLease (UK) Ltd have a partnership and affiliation with: