Handing back your lease car can trigger some mixed emotions, are you sad to say goodbye? Or, are you relieved to see the back of it so you can get the next ‘new thing’? Either way, what happens at the end of a car lease can warrant some questions. And rightly so.
It’s important no matter what your next steps are that you’re aware of what happens when a lease car is returned.
So we’re going to discuss exactly what happens at the end of a lease, and what is expected of you.
Before your car can be collected there are going to be a few things that you need to do make sure the car can be properly inspected upon return. This can vary depending on who you’re leasing with, but here are what we expect from our customers:
At the end of a lease, the car is expected to be dropped off or arranged for pickup. Upon arrival, the lease car will then be examined for any damage that exceeds the standard wear and tear.
Of course, no leasing company expects your car to be in perfect running condition after three years, there’s bound to be the odd scratch and scuff. But this shouldn’t be confused with damage from road accidents or negligence.
If everything is in working order you will simply hand back the keys and all the documents, and walk away. It really is that simple.
The complications start to happen if your car has strayed from ‘the path’, incurring possible additional charges. As mentioned above, we and no other leasing company would expect your car to be handed back in brand-new condition.
However, there are certain situations in which you would be expected to pay additional charges. These include:
It’s expected that if you were to have caused damage to your lease car you would be expected to pay for it, as it’s not your vehicle, you’re only renting. You are responsible for keeping the car in near-pristine condition during your lease period, and as such anything less than is up to you to fix.
It’s worth checking your BVRLA Fair Wear & Tear guidelines to see what comes under general wear and tear and what would come under damage. It’s best to get the damage repaired before the lease (if there is any).
If you have been in an accident/caused damage to the car you should contact both your insurance company and the leasing company immediately. If the car has been subject to any insurance claims or damage, your leasing company needs to be made aware.
Each of our leases gives the option to choose from different annual mileage limitations, including 8,000, 12,000 and 16,000. While this may not seem like a big deal, it’s important you choose the option that is right for you – as if you exceed this you will incur additional costs.
This varies quite drastically from company to company but can range anywhere from 4p to 70p per extra mile exceeded. This can start to rack up quite quickly. As if you were to exceed your limits by 1,000 each year that would rack up to an additional 3,000 miles which would equate to between £120 and £2,100.
The short answer is yes, you can hand your car back early. The long answer is it will cost you dramatically more, for less value when you leave your contract early.
As standard with all leases if you want to leave your contract early you have to pay 50% of your remaining costs. For example, if you’re paying £200 a month and you have a year left you would be liable to pay £1,200. Which instead, of course, it may be cheaper just to run the car till the end of its lease.
The deposit at the start of your contract is put towards the overall costs of leasing the car, meaning the larger the deposit the less your monthly payments.
Fortunately, at Wheels4Sure the initial deposit is apart of your 3-year leasing period. This means that there are only 35 payments instead of 36 as the deposit counts towards your total costs.
The car will need to be collected or dropped off (whatever has been previously discussed) at the end of its lease. It’s worth making a note at the start of your lease documenting the start date and subsequently, the end date based on your lease period.
All of our leases are three-year contracts, however, we do provide a small number of pre-registered cars for two-year contracts. So you know that your collection date is either two or three years from the day you drive your car off the court.
It’s important to know when your cars lease is up, and if not, check! If you happen to forget and keep the car after its collection date you will be handed a late fee.
Most leasing companies get in contact nearer the time and will arrange this with you, but do not take that for granted.
When your lease ends and you have handed back your car, you’re eligible to start another contract with an entirely new car of your choice. Whether you’re looking for a Vauxhall, Renault, or Fiat we have just the car for you to choose from at affordable rates.
All with the added benefit of catering for people with bad credit, providing a second chance to secure finance and improve your credit score.
Check out our latest car leasing deals to see what we have on offer.