Contract end options

Towards the end of your vehicle contract, one of our team will contact you to discuss your options at the end of your lease term.

The option is usually available (depending on funder) to extend your lease with the finance company and in many instances, payments are often lower than your original contract!*

If you would like to find out how much it would cost, we ask you for your current mileage, your chosen fixed extension period (i.e. 6 / 12 months), and your anticipated new total end mileage at the end of this new contract term.

Why extend your car lease?

With a Formal Extension:

1) Road Tax is included in the monthly cost

2) There is no large initial rental

3) No new credit checks are required**

4) Extending your lease will give you time to plan your replacement vehicle without the worry of lead times leaving you without wheels

5) In many instances, your payments will be lower than they already are!*

An administration fee of £150 + VAT applied for six-month extensions and the fee is £195 + VAT for 12-month extensions.

This fee covers our costs to process the deal for you (much like your initial broker fee, only lower) and is taken by card when we receive your instruction.

I would like to extend my car lease – what now?

If you would like to discuss extending your car lease, call one of our friendly team on 01902 353393 or get in touch with your dedicated account executive today!

Important Things to Consider if Extending your Car Lease

You will need to continue servicing and maintaining your lease vehicle in line with manufacturer guidelines. This is the case for both informal and formal extensions.

As with all contract hire agreements, you will need to ensure that the vehicle is serviced and maintained in accordance with manufacturer guidelines. You will also need to MOT your vehicle if the extended term is more than three years.

It is also worth bearing in mind that you may wish to explore extended warranty options if yours has expired and also check regarding breakdown cover.

In addition, if you would like to return the car before the end of your agreed contract extension period, early termination fees may apply.

Extending your lease informally

Some clients opt for an Informal Extension. This is a rolling contract and can be a good short-term solution if you have a new car on order.

However, it is worth noting that the funder can ask that the vehicle be returned at any time if you do not choose to extend it formally – it is not usually advised as being an ideal solution for clients who would be left without a vehicle if their Informally Extended car was to be taken away with little notice. As with Formal Extensions, your rental may change.

* Finance companies are not obliged to offer contract extensions nor are they obliged to offer a lower monthly payment going forward. The figure will be calculated by the funder based on the information the client has provided according to their calculations.

** If a client has had difficulties paying during the original contract term or has become insolvent during this time, the finance provider is unlikely to offer an extension option)