You decide on the car you want and negotiate your best price with your broker (or get a pre-arranged price or special lease deal). The broker will calculate your monthly payment based on the negotiated price and other non-negotiable factors, such as finance rate, that are provided by the lease company. You may lower your monthly payment by making a larger first payment if you choose. Your payment will also be subject to VAT.
At the time you sign your car lease contract, you will be required to pay your first month's payment, as well as any VAT.
Some leases may require an up-front security deposit that goes towards your first payment if the vehicle has to be ordered.
Signing a car lease contract means that you agree to make regular monthly payments, maintain your vehicle, keep appropriate car insurance, pay any and take good care of the vehicspeeding or parking fines. Further, you agree that you'll keep the car for a specified number of months — typically 24, 36, or 48 months — and you're expected to keep the car to the end of the contract term.
Just to be clear, when you lease a car you are responsible for all maintenance, service, insurance, just as if you owned the car. unless you take a car lease including these optional items. Remember, leasing is not just hiring.
At the end of a lease you're expected to return your vehicle to the car leasing company with no more than normal wear and tear. You'll have to pay for any damage or extra mileage over and above your contract-specified limits.
This is regulated by our industries BVRLA
You may have an option to purchase your vehicle at lease-end for usually a price between trade and retail, if you choose.
Otherwise, you can simply return the vehicle to the leasing company and walk away.
Making the best decision about what to do with your vehicle at lease-end — returning it to the leasing company, buying it, or extending your lease — requires that you look at each option carefully and evaluate.
For anyone thinking about leasing a car, it's very important to understand what leasing is — and what it is not — and how it works and if you have any questions no matter how small just give us a call.