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End of Contract

If you’re nearing the end of your current lease contract, chances are you’ll have lots of questions about returning your vehicle, from arranging collection to excess mileage and damage charges. To help you prepare, Intelligent Fleet Management Limited has put together some helpful tips and hints on how to prepare your vehicle for collection.

What happens at the end of the vehicle agreement?
You will have been advised about 8-10 weeks before the end of the lease that the contract end is approaching, with our renewals team taking the time to discuss your replacement options. Obviously, whether you decide to hand the vehicle back for a newer car, extend the contract, or purchase the vehicle from the finance company is up to you; but also dependent on the contract that was taken out at the start of the leasing term.

When it comes to Business leasing agreements, there are four options:

  • Contract hire - The car is returned to the finance company, leaving you free to lease a new car
  • Contract purchase - At the end of the contract, the company has the option to purchase, or to return the vehicle
  • Finance lease - The balloon payment must be paid and vehicle sold to a third party
  • Lease purchase - At the end of the contract, a final payment leaves the car with you and/or your business

Personal leasing agreements there are two options:

  • Personal contract hire - The car is returned to the finance company, leaving you free to lease a new car
  • Personal contract purchase - At the end of the contract, the you have the option to purchase or return the vehicle

If the car is going back to the finance provider, collection is dependent on the funder but generally, for contract hire, personal contract hire, contract purchase or personal contract purchase agreements, the finance company will usually collect the vehicle at the end of the contract unless you are purchasing the vehicle.

Arranging Collection of your Leased Vehicle

You will need to contact the finance provider direct to arrange collection of your current lease vehicle. We can help with any questions or contact numbers
If you are renewing your lease where possible make sure you have the delivery date confirmed for your new  vehicle before booking collection of your current lease vehicle
Please ensure we have at least 7-10 working days' notice to book your collection.

To book collection of your vehicle, you will require the following information:

  • Registration Number
  • Collection Address
  • Contact Name
  • Telephone Number
  • Mobile Number
  • Preferred Collection Date

Preparing Your Car for Collection

If you’re reaching the end of your lease contract, it is important that you take the time to prepare your vehicle properly for inspection. The British Vehicle Rental and Leasing Association (BVRLA) advise that you inspect the vehicle for damage 10-12 weeks before it is due to be returned to give yourself enough time to arrange for any necessary repairs to be carried out.

Start by checking the outside of vehicle, inspecting one panel at a time. Walk all the way around the vehicle and examine the roof, the bonnet, the doors and the body for significant damage including any scratches or dents.

Take a close look at the lamps, lenses, windows and mirrors to check for any chips, cracks and holes. Also check the wheels, trims and tyres for any damage, including the spare wheel (if applicable).

Check the inside of the vehicle to check for, tears, burns or stains in the upholstery. Make sure you inspect the dashboard and all other controls to ensure they are fully functional, including any audio equipment or accessories.

It is also advisable to clear any personal information from the vehicle, such as the Sat Nav or Bluetooth system, before collection. The Collection Agent will inspect your vehicle in clear light so you should do the same to avoid missing any faults.

What to Expect on Collection Day

On the day of collection, the Collection Agent will check over the vehicle and record its condition and mileage on a Vehicle Condition Form. You will be asked to check and sign this so please check that the information recorded is correct. A copy of the Vehicle Condition Form will also be left with you for your records.
The vehicle must be returned in a safe and roadworthy condition and must be a clean condition, ready for inspection. The appropriate documentation such as service history, spare keys and equipment must be surrendered on the day.
Please ensure that the following is handed over to the Collection Agent:

  • Stamped service book
  • Valid MOT certificate (if applicable)
  • Operation manual (if applicable)
  • Both vehicle keys, including any masters
  • Vehicle V5 Document (if applicable)

If your vehicle has a private registration plate (also known as a cherished plate), it is your responsibility to have it put onto retention prior to the vehicle collection. This process may take up to 6 weeks.

Damage Charges

When returning your vehicle to the finance company, it will be inspected for any damage that falls outside what is deemed ‘fair wear and tear’. Fair wear and tear is the damage that occurs to a car or van as a result of normal use throughout the period of its lease. It is not damage caused by an accident, negligent behaviour or poor treatment. You will be liable to pay for any excess damage that is found outside of fair wear and tear, in the form of lease-end penalty charges.

Some of the most common problems that result in customers having to pay lease-end penalty charges include:

  • Scratches over 25mm (relative to the vehicle’s age and mileage)
  • Scratches under 25mm (where the primer and bare metal is showing)
  • Accident damage and dents
  • Missing sets of keys
  • Missed services•Missing documentation
  • Windscreen chips•Wheel damage
  • Locking wheel nut missing

Excess Mileage

Excess mileage charges may occur at the end of a contract if the vehicle is returned with more than the contracted mileage. If you have exceeded your annual mileage allowance, you will be required to pay an extra amount calculated based on how many additional miles you have done, otherwise known as an excess mileage charge.

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