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Operating Lease

How Operating Lease Works

Working in a very similar fashion to Contract Hire and offered by a select few funders, at the start of your agreement you pay an advance rental upfront. Your monthly rentals are based on the difference between the initial value of the vehicle and its projected residual value at the end of your agreement. Therefore, only a proportion of the vehicle’s value is repaid, which avoids a large initial expense and keeps monthly payments lower.

Features include:
•Available to Personal users only.
 • No need for a large initial deposit.
• Pay an advance rental upfront.
• Fixed regular monthly rentals (that include VAT) means you can easily budget.
• Rentals are based on your annual mileage agreed at the start of your agreement and only on a proportion of the vehicle’s value, keeping your monthly payments lower.
• Rentals are allowable against taxable profits (proportionally).
• VAT is reclaimable depending on usage (proportionally).

Points to note:
•Road Fund Licence may only be provided for the initial year within the term and you as the user will be required to fund any remaining RFL for your agreement term.
•The V5 is held by the customer
•No option to buy at the end of the agreement
•If you request to extend or terminate the agreement, options will need to be discussed with the funder.

At the end of your agreement

 Simply return your vehicle with nothing more to pay, subject to it being in line with our Vehicles Return Standards as vehicle condition, excess mileage and other charges may be payable.

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