Car / Van leasing FAQS
Q: What Is Car / Van Leasing
A: Business or Personal Contract Hire / Leasing, is a long term rental that allows you to take a brand new car or Light commercial vehicle for anything from 18 months to 60 months. You pay a fixed monthly price, subject to fluctuations in VAT. In most instances it is a lot cheaper than buying a new vehicle with the normal forms of finance.
Q: What are the differences between a business lease and a personal lease?
A: Personal prices include VAT and all business prices are excluding VAT.
Q: Can I own or buy the vehicle at the end of the agreement?
A: Very simply, No, you hand the vehicle back and choose another brand new vehicle. If you need to own the vehicle, please contact one of our experts who can direct you on your other options.
Q: What does ‘initial rental’ mean?
A: This is the first payment of your rental, its normally calculated in either 1,3,6,9 or even 12 times your monthly payment. The more initial rental, the cheaper the monthly rental. However, it’s worth pointing out, whatever the initial rental is, the total amount over the length of the rental will always be the same.
Q: What does ‘Payment Profile’ mean
A: this will be shown as 3 + 35 (3 year contract) or 9 + 23 (2 year contract). Basically, the 3 and the 9 represent the initial rental (see above) and the 35 or 23 represents how many subsequent months you will pay the rental.
Q: Can I terminate the finance contract early?
A: This depends on who the finance provider is, and if possible, charges will apply. Please contact your account expert to discuss this with them.
Q: How many miles per year can I do in my lease vehicle?
A: You can do between 5,000 and 50,000 per annum depending on the finance provider. At TVLE we encourage you to look at this very closely. Mileage is one of the main pricing considerations when working out the cost of your Lease. If you go over your contract mileage, there will be a ‘Mileage excess’ if you go under, you will not receive any rebate. To calculate as accurately as possible, try and look at any changes of circumstances that may be happening in the future.
Q: Are there any restrictions on leasing a vehicle?
A: As long as you have a good to excellent credit score, have a full UK driving licence are over 18 years of age, and can afford the monthly rental you can continue with your vehicle lease application.
Q: Can I take the vehicle out of the UK?
Because the finance provider owns the vehicle you need to obtain permission from them. There will be specific forms to complete so please arrange all this in plenty of time before your trip. They do reserve the right to decline your request.
Q: Can I put a personal number plate on the leased vehicle?
Yes, you can. Please feel free to speak to your account expert on how to do this. Don’t forget to take it back off again before the vehicle is returned
Q: What is the processing fee?
The processing fee covers the administration costs, dealing with all our funding partners, dealers and manufacturers.
Q: Why should I/we lease from The Vehicle Leasing Expert?
T = Trust, V = Value, L = Loyalty, E = Expertise
With over 30 years’ experience supplying SMEs, Blue Chip companies like Barclays and Kellogg’s, along with private individuals and believing that the high level of service should never change. Our MD, Andy Houston has received many industry awards for his and his team’s customer service.
Maintenance and Servicing FAQs
Q: How much will I pay for a maintenance contract?
This all depends on the length of your contract and how many miles you have put on your contract, it will also depend on the type of vehicle. Please ask your account expert to include maintenance in your quotation.
Q: What is included with a typical maintenance package?
All scheduled servicing at UK main dealers, unexpected maintenance issues, MOT test and replacement tyres.
Q: Why would I take a maintenance package?
Price protection from manufacturer service and labour costs. Fixed monthly cost so no unexpected bills. Collect and deliver service with courtesy cars (If available). Everything is booked for you via one phone number. Total Convenience.
Q: What is the process for applying for credit?
A: Complete the online ‘finance proposal form’ we will submit this to the relevant finance house on your behalf. Normally a decision will be returned within 24/48 hours. However, if additional information is required from you this could take longer.
Q: What finance provider will you use?
A: We have access to many of the UK Leasing funders.
Q: What is the minimum age to lease a vehicle?
18 years old or over with a full UK driving licence.
Q: When will the finance company take the payments from my bank?
As a rough guide, normally your Initial Rental will be taken 7-14 days after delivery of your vehicle. The first monthly rental will be approx. 1 month after delivery. This can vary between funders.
Q: Once I have signed and returned the finance agreement can I change my mind?
A: Regulated customers (Private Individuals, Sole Traders, Partnerships) have a 14 day cooling off period, so if you change your mind in this period, yes you can cancel. Cancellation charges may apply.
Q: Who are the registered owner and keeper of the vehicle?
A: Business Contract Hire and Personal Contract Hire the finance company is the registered owner and keeper of the vehicle.
Q: What is the VAT reclaim situation on Vehicle Leasing?
A: Business Contract Hire can claim 100% VAT if your business is VAT registered. This is providing the vehicle is used for 100% business. If any personal miles are travelled the business can still claim 50% VAT back. If the business takes a maintenance contract, in all cases, 100% VAT can be reclaimed. Private individuals unfortunately cannot reclaim VAT in any circumstances. Please ask your account expert for more information.
Q: Who pays for the Road Fund Licence (VED)
A: This is all included in your leasing contract. Just remember there are no longer paper tax discs so you won’t ever receive one
Q: Who Insures the vehicle
A: You are responsible for taking out fully comprehensive insurance for the vehicle. This must be kept up to date throughout the length of the contract.
Q: What does Pre Registered mean?
A: Manufacturer’s and dealers will sometimes register vehicles with the DVLA and issue a registration number before the vehicle is sold / leased to a customer. This is known as pre-registered. When a vehicle is pre-registered the remaining balance of the manufacturers warranty and roadside assistance will stay with the vehicle. Any pre-registered vehicle still requires an MOT before 3 years of the registration date. This may occur during your contract period in which case you will need to MOT the vehicle at your cost.
Q: Are the vehicles you supply all brand new?
A: Every vehicle supplied by The Vehicle Leasing Expert is supplied brand new from the manufacturers main dealer network.
Q: What does DPF mean and what does it do?
A: DPF, Diesel Particulate Filters (DPF) are fitted to diesel vehicles and are designed to clean the engine exhaust gases before they enter the air. The DPF is designed to be self-cleaning by burning off the excess soot particles. This requires the vehicle to run at approx. 45 mph for 30 minutes at least once a week. However, if your driving style is more of short, low speed journeys, this may not happen. If this is you, a petrol vehicle would be more suitable.
Q: Connected Services, is this automatically switched on?
A: Depending on the funder and agreement’s in place with certain manufacturers. Driver data will not always be set up on the vehicle.
Q: Do vehicles come with a warranty?
A: Every brand new vehicle The Vehicle leasing Expert supplies comes with a full manufacturer warranty.
Q: Can I rely on the vehicle delivery lead times you quote?
A: The Vehicle Leasing Expert will give you lead times quoted by the manufacturers franchise dealers. There are instances due to transport issues, production issues etc that can delay a vehicle. We will inform you, the customer, as soon as The Vehicle Leasing Expert finds out of any potential delay. Please be aware in the event of any delays, we do not provide hire / loan vehicles.
Q: Where do you deliver my new vehicle to?
A: Your vehicle will be delivered to any mainland UK Address.
Q: How is my vehicle delivered
A: All our vehicles are driven, free of charge. We are more than happy to obtain a price for you to have the vehicle delivered on a transporter. The first 100 miles on the trip meter will be not be deducted from your agreed mileage. All subsequent mileage will be deducted from your agreed mileage.
Q: Do you deliver to any offshore location in the United Kingdom?
A: For any offshore UK location we would only deliver to the mainland docks. You would need to come and meet the delivery driver at the mainland docks. We can arrange to obtain a price to deliver to your door if required.
End of Contract FAQs
Q: When should I start considering my next vehicle?
Your account expert will be in contact with you roughly 6 months from the end of your contract to discuss all your options with you.
Q: What is classed as Fair Wear and Tear and what is acceptable?
Please email your account expert who will provide you with a full BVRLA guide.
Q: Will my vehicle need valeting before it gets returned?
Because the collection agent has to do a full vehicle appraisal the cleaner the vehicle the better. This will ensure that if there is any damage it can be discussed at handover and not further down the line. This can avoid any disputes in the future.
Q: What do I need to return with the vehicle
A: Make sure, the locking wheel nut key is in the car, Service book if applicable, thing’s like the rear parcel shelf, cigarette lighter etc etc. You will be charged for any missing items.