End of contract

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End of contract

What are your options?

End of Contract Options are the choices available to you when your vehicle contract hire agreement comes to an end.

The option available to you will depend on the type of contract you have whether you have one of the Personal Car Leasing Contracts or one of the Business Car Leasing Contracts. To ensure you avoid any additional charges at the end of your contract your vehicle must conform to the Fair Wear and Tear Policy as laid out in your contract.

Contract Hire

Your End of Contract Options with Personal Contract Hire and Business Contract Hire are:-

  • Hand the car back with no further payment or commitment
  • Extend your contract for a period of 6 or 12 months

If you are interested in purchasing the vehicle request a purchase price. This price is usually non-negotiable as the vehicle will have been underwritten by the leasing company.

Contract Purchase

End of Contract Options with Personal Contract Purchase and Business Contract Purchase are:-

  • Hand the car back with no further payment or commitment
  • Extend your contract for a period of 6 or 12 months

Pay the balloon payment and own the vehicle this is the figure you were given at the start of your contract which must be paid at termination if you want to own the vehicle.

End of Lease Options — more information

Extending Lease Contracts

One of your options is to extend your lease contract, this could be for many reasons

  • You may not be able to sign up for a new 2 or 3 year lease
  • You may not want to pay a further initial payment for a new lease
  • You have not decided what vehicle to have next
  • You may have ordered a vehicle which will take a few months to arrive
Option to Purchase

Part of the contract agreement is the option to purchase the vehicle. This could be the option you choose because :-

  • You have had the car from new.
  • You can pass the car on to someone in your family.
  • The final balloon payment could be less than what you could sell it for.
  • It could last for many more years, if it is in very good condition and has low mileage.

Early Termination

All Contract Hire agreements are of a fixed term and legally binding, so early termination could be costly.

This means that if you try to terminate a contract early, you are likely to have to pay a settlement figure. The figure varies according to how much time remains of the lease, and also between leasing companies, who each have their own policies regarding early termination.

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