How does van leasing work?
The amount you pay for this covers the devaluation of the van based on the mileage you have agreed to, taking into consideration the expected wear and tear that comes with day-to-day use of the vehicle.
The cost of the lease and terms agreed will be split into monthly instalments – your first payment will amount to a multiplication of this figure (1,3,6 or 9) followed by a set amount of payments to fulfil your term (a term can range between 2 – 5 years).
You may have seen lease terms referred to as 9+23 or 3+35 – the first figure is the initial payment and the latter is the remainder of the term that you've agreed to. For example, 9+23 would mean that you're paying a sum equivalent to nine months upfront, and you'll then continue paying the set monthly price for the remaining 23 months of the 24-month lease.
If you don’t want the hassle of keeping up with the vehicle maintenance, we can take care of this for you. The cost of servicing and maintenance will be included in your monthly lease fee. Depending on what package you include, this covers all routine servicing, maintenance and wear and tear items.
You won’t need to worry about making arrangements to collect or return the vehicle as this is arranged for you, but there will be no option for ownership.
During the lease term, you will be responsible for the servicing and maintenance of the van, and this can be done at an official dealership.
If the MOT is due before your lease ends, this falls within your responsibility.
Be aware that with a lease, the funder is the registered owner and you will be the registered keeper of the vehicle. This means that a V5 won’t be issued, and you won’t be responsible for taxing the vehicle.
When your lease comes to an end the van will be collected from you and assessed for any damage or excess mileage. If any damage falls outside acceptable wear and tear, this will be chargeable.
If any parking, speeding or offences are linked to the vehicle during your lease term they will be received by the funder and then passed onto you, and it will then be your responsibility to settle any fines or prosecutions.
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