Car Leasing Contract Ending
Your Car Leasing Options
When you take out personal contract hire PCH or business contract hire BCH you make your monthly payments throughout the length of your lease deal. Once your car leasing deal ends you can simply hand back your vehicle or you can continue leasing for a monthly fee.
Read on to understand your options.
Option 1 – Replace Existing Car with a Similar Nearly New One
This can either be with the same make and model or perhaps you fancy a complete change. If your financial circumstances have changed and you are able to afford more you could find yourself upgrading to a bigger car or with a better specification.
It is also worth noting that with CVS Ltd we like to reward our customers, so if you have made your regular payments without delay we will allow you to simply swap into your new vehicle without the need of putting down an initial payment.
You can take the opportunity to tailor your lease deal for instance you can increase your annual mileage or change your monthly lease payments.
Option 2 – Extend the Existing Vehicle Lease
As one of our valued customers we like to work with you to make the ending of your contract as painless as possible. In some cases our customers like to extend their leasing contract giving them more time to decide what they are going to do next, what car to choose and to take a look at their finances to see what they can afford. By extending the leasing agreement you can decide on your next move without any pressure.
a) You can extend your leasing agreement by 1 year, and we will give you a 10% discount on the price.
b) If you you need to keep your car for a small amount of time we also offer a month to month extension on your leasing agreement.
Please note that if at the end of your leasing agreement you would like CVS Ltd to write you a credit reference, we will, and at no charge.
End of Lease FAQs
It is your responsibility to return the vehicle to the offices of Compass Vehicle Services at your own expense between Monday and Friday, 9am to 5pm.
Yes do please return the vehicle clean. This helps us appraise the vehicle accurately for any damage or wear and tear, and reduces the likelihood of disputes later.
We are happy to renew your motor vehicle within the last couple of months of your contract and will not charge you for any unpaid payments due. (Unlike any other lenders we know.)
Please return everything that was provided with your vehicle. This includes all keys, the service book, satellite navigation discs or SD cards, fixtures and fittings (e.g. headrests, parcel shelf etc.), and locking wheel nut keys. We may charge for any items that are missing when the vehicle is collected.
It is important that when you return your vehicle it has at least 5 days remaining on the MOT.
We will invoice you for the outstanding mileage at the rate agreed within your contract. Contact us as soon as you know that you are going to exceed the mileage, and we may be able to include the cost within your monthly payment.
Please contact us at least six weeks before you are due to return the vehicle. We will advise you about removing the plate from your car. It is important to remove this before returning the car, as it may not possible to have the registration returned to you.
Request a copy of the BVRLA industry ‘fair wear and tear standard’ from CVS. If you find that your vehicle has damage that falls outside the guidelines of this policy, you should have this damage repaired prior to collection. Otherwise CVS will have the damage repaired and invoice the costs incurred to you the customer.