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Contract Hire and Vehicle Leasing are schemes for financing long-term vehicle hire. In both cases a business or an individual makes monthly or quarterly payments to a finance company. This company retains actual ownership of the vehicle while your payments cover the cost of vehicle funding, cost of vehicle depreciation and the Road Fund License.
Leases and hiring contracts involve a minimum term of hire, usually 2 years or more. This means that if you’ve had enough of the car and want to end the contract prematurely, you’ll have to foot the bill. When the contract expires, the finance company is responsible for disposing of the vehicle. Unless the car is really ancient, they usually sell it on to a 3rd party.
The thing that often catches people out is that at the end of the lease or hiring contract, title of the vehicle does not pass to the hirer. In the case of a Finance Lease, the finance company will refund you a percentage of the sales proceeds from the vehicle, but you will never get ownership.
If you do want to get title of the vehicle, you should take out a Lease Purchase scheme. This also requires a minimum term of regular payments, but at the end the vehicle will be yours. If this is what you’re after, be very careful when signing the lease that it is indeed a Lease Purchase contract. There are other types of lease that work in the same way as contract hire, and won’t get you title of the vehicle.
Contract Hire and Vehicle Leasing are mostly used to finance company cars, but vans, buses and coaches are also covered.
Approved Index matches your requirements to only the most relevant companies, so you can be on the road in next to no time. Just fill in our simple enquiry form to receive free no obligation quotes from 4 leading contract hire and lease providers.
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