Octane Vehicle Leasing

End Of Lease Guide Octane Vehicle Leasing

Posted in On 30/03/2022
End Of Lease Guide Octane Vehicle Leasing

End Of Contract Guide

We know that the end of your lease comes around fast. That is why we have put together a guide to help you out towards the end of your contract. We want the process to be as smooth as possible, whether you are renewing with us or not. We want all our customers to receive the best possible service from the start of the contract through to collection day.

Every lease agreement is subject to the British Vehicle Rental and Leasing Associations Fair Wear and Tear Guide – Ask your representative for a copy of this if you haven’t already received one.

The below is not an exhaustive list but a guide of the basic things to be vigilant for towards the end of your agreement.

What To Look Out For

  • Chips of 3mm or less
  • Dents of 15mm or less in diameter
  • Scratches up to 25mm in length (where the primer or bare metal is showing)
  • Ripped, stained, or burns on seats
  • Any alloy damage present
  • Missing accessories such as spare keys or the locking wheel nut
  • Tyre conditions such as damaged sidewalls and tread depth

The BVRLA’s guide goes into more detail than this, ask our representative for a definitive guide who will be able to assist you.

Alongside the BVRLA’s guide, each individual finance company has its own set of what is acceptable when returning a lease car. Ask your representative for this if you are unsure.

End of Contract Process

When leasing from Octane Vehicle Leasing, our renewals department will be in touch to discuss your options towards the end of your lease. This is automatically triggered around 9 months before your car is due to be returned due to the current market – Usually, it would be roughly 6 months prior.

36 Weeks (due to extended lead times)

  • Our renewals department will be in touch to find out what you plan to do after your current vehicle goes back.
  • If you are renewing, we will start to look at the marketplace to find a suitable deal for your renewal.
  • With extended lead times taking up to 9 months, we will look at getting your next vehicle on order.

15 Weeks

  • Read the BVRLA Fair Wear and Tear Guide as well as the specific guide to your finance lender.
  • Our team will be in touch to get a rough estimate of your annual mileage to alert you of any potential excess mileage charges if you are over your contracted amount.

10-12 Weeks

  • Make sure your car is suitably clean – This includes the interior and exterior.
  • Locate the spare key and locking wheel nut.
  • Inspect mirrors, windows, and lights for any damage such as chips or cracks.
  • Check tyres for sidewall damage and tread depth – Ensure they are roadworthy (including any spares).
  • Check for any damage such as dents, scratches, or chips. Be sure to view all the panels including kneeling down for a view of the bumper condition. If you are unsure, take a ruler to any damage and assess if it fits within the guide.
  • Ensure all equipment such as the infotainment display is operating as it should.
  • Make sure all accessories are present including the spare wheel and parcel shelf.
  • Arrange the BVRLA to conduct their appraisal.

9-5 Weeks

  • Arrange for any non-fair wear and tear damage to be repaired in a timely manner.
  • Ensure all documentation is up to date including MOT and service history books.
  • Check all items such as satellite navigation SD cards are present and user manuals are back in the correct location.

 Day Of Return

  • Make your final inspections and ensure the car is cleaned of any rubbish and odours.
  • Gather all your personal items. Be sure to check down any gaps in case anything has slipped into them.
  • Make sure your vehicle is at the address of collection.

When a representative comes to collect your vehicle, they will do a full evaluation of your vehicle to their specification. If there is any damage that falls outside of the finance company's guide, you may be liable for these charges.

If your car has exceeded its contract mileage, you will be billed for this as per your contracted pence per mile allowance. You can ask your representative before you enter into an agreement.

Whilst we aim for this to be as accurate as possible, the BVRLA may change their guide at any moment and without notice. It is up to the lessee to ensure the vehicle is road-legal throughout the contract and any penalties subjected are up to the inspection company and not the broker.

If you have any questions about any charges, our team will be more than happy to assist you in any way we can. Get in touch with a representative if you are unsure about anything.

Early Termination

If you wish to end your contract hire agreement early, you can apply for an early termination. This is when a customer wishes to hand the leased vehicle back before the end of the contract. Early termination is at the discretion of each individual finance company and may be subject to an early termination fee which is set directly with the funder.

The fee is set by each individual finance company and is subject to their terms and conditions. The fee is usually a percentage of the outstanding rentals and typically varies depending on how long is left of the contract.

If you are terminating your agreement, it is important to note that the finance company may work on a pro-rata basis when it comes to the number of miles you have driven and you may be subject to any excess mileage charges up to that point.

There is a certain criteria for personal contract hire agreements that usually means a contract cannot be terminated unless £1,500 inc vat of rentals have been paid. If you are unsure of the criteria your contract comes under, get in touch with our team who will be able to help point you in the right direction to find this information out.

The process of ending an agreement early may take a few weeks so please bear this in mind when deciding to terminate.