This is the payment profile. For instance a 9+23 is a 24-month contract where the initial rental is equivalent to 9 monthly rentals. This is then followed by 23 further monthly rentals. A 6+35 for instance is a 36-month contract where the initial rental is equivalent to 6 monthly rentals, followed by 35 further monthly rentals. The payment profiles can be adjusted to suit you – the initial payment is usually 3, 6 or 9 payments (1 is available from some funders) The larger the initial payment the lower the monthly rental and the lower the initial payment the higher the monthly rental. The total amount you pay will be broadly the same either way.
Each lease agreement has an excess mileage rate (pence per mile) if you go over. If you think you are going to be considerably over mileage you can contact the finance company and get your agreement rescheduled so you pay a little more each month rather than get an over mileage bill at the end
If you want to end your car lease before the agreed contract period is up, you need to negotiate a settlement with the finance provider. This is usually around half the value of your remaining payments but can vary from funder to funder.
The vehicle you lease has to be serviced in line with the manufacturer guidelines. If you haven’t taken a maintenance contract then you have to arrange servicing – this is usually through a main franchised dealer but some finance companies are ok with companies such as Halfords carrying it out – check with the finance company what their guidelines are. Cars don’t need a MOT until 3 years so you may not need one, if you have a 4 year lease, you will need to get the car MOT’d (again if you have a maintained contract this will be covered).
Car are delivered to your home or in some instances your place of work (criteria depends on the finance company) – this is included in your cost. In some rare instances where the supplying dealer is very far away, there may be a small additional charge but this would be made clear to you at the point of order.
Whilst the finance companies don’t expect the cars to go back in showroom condition, they don’t expect it to have extensive damage either. We are part of the British Vehicle Rental and Leasing Association and they provide a fear wear and tear guide where it explains what is OK and within tolerance and what isn’t. We can help at the end of your contract by providing you with this.
Yes. Nearly all the cars we lease are brand new. We do get special deals from time to time on pre-registered cars, these are new but may have been registered previously to get a discount. They won’t have had any previous owners.
You should contact the finance company immediately. Don’t leave it and miss payments as this will be detrimental to your credit. Most finance companies have departments that will help you chose the correct option to end your lease or to arrange a repayment plan.