Car Leasing Specialist - Ultracar.co.uk

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How does leasing work?

Following the results of a recent poll, we have deemed it important to explain the basics of how leasing works.

This doucment, should help you decide if leasing is for you or not.. How does leasing work?

The golden question, and probably the most asked question to our team. Lets start at the beginning

Generally speaking, leasing (a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation.) is a way of getting the full use of a vehicle (in this case) without actually having ownership of the vehicle.

The process, in the most part consists of the following.

1. Search for the vehicle you require, using either vehicle specifics or contract specifics

Vehicle Specifics Could Be:

Make
Model
Number of doors
Engine Size
Fuel Type
Country of origin

Contract Specifics Could Be:

Monthly cost
Total cost of ownership
Term of contract
Flexibility of contract

2. Once you have decided on the vehicle and package, you then proceed to a finance proposal.

A finance proposal is a collection of your personal details, including bank details (and sometimes copies of identification) which would then be submitted to one or more finance underwriters. The status of the proposal and affordability could affect the descision made or the cost of the contract.

3. Once you get a positive descision from the underwriter, you place a vehicle order.

At this point, you are committed to a contract, cancelling a vehicle which has been ordered, could result in a cancellation fee. The vehicle order is processed and your chosen vehicle is ordered.

4. Finance Documents

At this stage, finance documentation is exchanged. We will sent you origional copies of the finance agreement for return. Detailled instructions ar included with each package to show you how to complete the documents. It is important to note that in 99% of cases, the vehicle delivery can be sped up by the speedy return of these doucments.

5. Delivery Of Your New Vehicle

Once all the documentation is in place, we will then have the vehicle delivered to your house or place of work. This can sometimes be frustrating as you will be excited about your new vehicle. Rest assured we have an experience team who are financially targetted on getting the vehicle to you in the shortest possible timeframe.

6. Use The Vehicle

The fun bit, the vehicle is yours to use for the duration of the contract. The contract will have certain limitations on it, such as the mileage per annum and the number of days per year it can be used outside of the UK. These are normally specified at the start of the contract.

If you have a maintenance agreement, when the vehicle needs routine maintenance (tyres, servicing) you drop it off the the nearest dealership and the cost is covered in your contract.

7. End Of The Contract

Before the end of the contract, we will contact you to let you know your options. In some cases you can choose to keep the vehicle for the same rental, a nominal fee, or a one-off payment. If you decide you want another vehicle, we can start the whole process over again - usually with a discount as an existing customer.

I hope this article is useful to you, and covers all of the points you need to understand. If you found this article informative, please rate the article at the top of the page. If you think this article should contain information that it doesn't - please do not hesitate to contact us and I will update the article accordingly.

Thanks for reading.

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