The End Of Lease?
At the end of a lease contract, you can simply hand back the vehicle to the finance company who will collect at no cost to you. If the vehicle is in acceptable condition, you will not pay damage charges. You can then choose a new lease agreement on your next vehicle or look at alternative options.
Arranging Vehicle Collection
Car/Van Leasing Made Simple will contact you a few months before your agreement ends to discuss your options & help you find a new lease deal.
Depending on the finance company, our Customer Service team may be able to assist in arranging the vehicle’s collection and inspection. It is advised that at least 7-10 working days notice is provided to arrange the collection and can be arranged 30 days prior to the contract end date. Collections are arranged from a mainland UK address and the vehicle must have valid MOT of at least 2 days.
When booking your vehicle’s collection, you will need to provide your:
- Vehicle’s registration number.
- Collection address.
- Preferred date & time.
- Contact name & number.
Collections are usually Monday – Friday between 9am-6pm, excluding Bank Holidays and weekends. 24 hours prior to the collection, you will be contacted by the collection agency to confirm collection. On the date of collection, the collection agent will contact you roughly 1 hour before their impending arrival.
If you have arranged a new leased vehicle through Car/Van Leasing Made Simple, where possible we will also try to arrange the collection of the existing leasing on the same day as delivery of the new vehicle.
Read on to learn how to prepare your vehicle for collection with our useful checklist below.
Returning a leased vehicle Checklist
- Read The BVRLA Guidelines
A copy of the BVRLA Fair Wear & Tear guidelines can be found here to help you identify any damage which goes beyond the standard wear & tear expectations.
- Check The Exterior
Thoroughly inspect the paintwork for damage (such as scratches) at least 2 months before your collection is due, enabling you to have sufficient time to get any repairs completed before returning the vehicle. Don’t forget to examine the wheels too as alloys can be scuffed easily.
- Examine The Interior
Check over the upholstery for any stains or bad odours, plus make sure the dashboard features & equipment are all working properly.
- Have the Vehicle Professionally Cleaned
Paying for a valet service is important to ensure the vehicle can be inspected properly.
- Remove All Personal items
Make sure to remove all of your possessions from the vehicle.
- Organise Your Paperwork
You will need to provide the service history, if this is not held electronically & a valid MOT certificate (if required). Don’t forget to hand over both sets of keys.
What Happens If I’ve Damaged The Vehicle?
All reputable leasing companies will follow the British Vehicle Rental & Leasing Association (BVRLA) Fair Wear & Tear guidelines when inspecting the vehicle. If you have been in an accident or incident which caused damage to the vehicle, you will be expected to pay for the repair.
Can You Dispute End-Of-Contract Charges?
You have the right to dispute any charges with the leasing company who is a member of the BVRLA. However, if you wish to have the vehicle independently inspected, you will need to pay for the service.
What Happens If I Exceed My Mileage Limit?
If you go over your total annual mileage allowance, you will be charged on a pence-per-mile basis. This pence-per-mile cost is different depending on the finance agreement & the exact amount will be outlined in your contract.
Excess mileage charges are there to compensate for any extra depreciation put on the vehicle. Leasing companies use your expected mileage to work out the vehicle’s residual value (how much it will be worth at the end of your contract term). This also affects the price of your deal, so it’s important you don’t exceed your mileage limit because the vehicle will depreciate further the more you drive.
Remember that your allowance is pooled over the course of your agreement, so even if you choose 10,000 miles per year for a 3-year agreement, you can drive 30,000 miles in total. It wouldn’t be a problem if you drove 10,000 miles one year, 5,000 miles the next & 15,000 miles in the final year.
Do I get the Initial Rental back at the end of the lease?
The first payment you make will be your initial rental which is part of your overall lease cost, & the more you pay as part of this initial rental, the cheaper your monthly instalments will be.
Returning A Lease Vehicle Early
If you want to end your lease early, you will need to pay a termination fee to the finance company. If you can no longer afford your monthly rentals, please get in touch with us so we can help. We can also provide you with a no-obligation quote for terminating the agreement early, giving you time to consider your options & decide if cancelling is the best thing for you financially.
If for some reason you miss the arranged collection date or the vehicle can’t be picked up, you may be charged an abortive fee which varies depending on the finance provider.
Can I Extend My Contract?
If your lease is ending but you are still enjoying the vehicle, contact us to discuss extending the agreement further where applicable.