Do you have a question about leasing? We've covered off some of the most common questions for you.
Leasing or Contract Hire (PCH is Personal Contract Hire, BCH is Business Contract Hire) can be a simple way to drive your brand new car in exchange for fixed monthly payments. It is effectively a long term rental - simply agree the contract length, mileage allowance, and initial payment, and the car can be delivered to your door! You won’t own the car, and at the end of the agreement you simply return it to the leasing company.
The initial payment will usually be taken by direct debit around 10-14 days after your vehicle is delivered to you.
If you're outside the first or last six months of your contract, you can make changes to your contract mileage during the course of your lease agreement.
Either speak to your leasing consultant or drop us an email on leasey.admin@carwow.co.uk with your vehicle registration, the current mileage and the mileage you'd like to change it to.
Before your term ends, you’ll be contacted by the leasing company to arrange a day to return the car. Its mileage and condition will be checked to make sure you haven’t covered too many miles and that it hasn’t been damaged beyond fair wear and tear. Providing you return the car in an undamaged condition and you haven’t exceeded the agreed mileage you shouldn’t be liable for any surprise charges. Please check the terms and conditions of your lease for full details.
Most lease contracts have an ‘excess mileage charge’ if you are over the agreed mileage at the end of the contract. This is normally a ‘pence per mile’ charge which will be stated in the contract hire agreement up-front. Be sure to check this before signing.
The initial payment is the first month’s payment which is higher than usual and calculated as either 3, 6, or 9 times the regular monthly amount. Similar to a deposit, it’s the part of the hire contract that you pay up-front. It is usually payable shortly after delivery and is non-refundable. After this initial payment in month 1, you pay the regular monthly payment for the remainder of the contract.
This is the average annual mileage limit for your hire contract. You shouldn’t exceed the total mileage for the contract length otherwise it’s likely you’ll need to pay excess mileage charges.
Personal Contract Hire (PCH) is for private buyers and prices include VAT, whereas Business (BCH) prices exclude VAT and are only available to companies.
Leasing or Contract Hire (PCH is Personal Contract Hire, BCH is Business Contract Hire) can be a simple way to drive your brand new car in exchange for fixed monthly payments. It is effectively a long term rental - simply agree the contract length, mileage allowance, and initial payment, and the car can be delivered to your door! You won’t own the car, and at the end of the agreement you simply return it to the leasing company.
The initial payment will usually be taken by direct debit around 10-14 days after your vehicle is delivered to you.
Not directly, but you can sell your current car and settle any finance before using any spare funds towards the initial payment of a lease deal. Just remember to wait until you have received a confirmed delivery date for your new car before selling.
Why not sell your car with 莲花直播, more information can be found on our SELL MY CAR page.
If you choose to lease a new car, it’ll be covered by the same manufacturer warranty as if you’d bought the car outright. As a result, if any non-consumable parts fail (excluding brakes or tyres, for example) you’ll be able to get them fixed at a local dealership without paying a penny. Most new car warranties last at least three years, so, if your lease agreement is three years or shorter, your car will be covered for the entirety of your lease. This will depend on the length of the warranty offered by the manufacturer of each vehicle, so will be worth checking before you sign a lease agreement.
As you'll be leasing your car or van, the funder will be the owner of the vehicle and you will be the registered keeper. This means that although you won't actually own the vehicle at any point, you will still need to insure it and pay things like parking charges, speeding fines, etc. You'll also need to cover any damages that sit outside of the fair wear and tear policy.
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As one of the UK's leading experts, we've answered some of the questions you might already have.