The idea of swapping your car for a newer one or different one altogether when part way into (or during) an existing lease agreement is common misconception that some customers have about the product.
Can I swap a contract hire vehicle during a lease?
The idea of swapping your car for a newer one or different one altogether when part way into (or during) an existing lease agreement is common misconception that some customers have about a leasing product… There is no inherent right to change your contract or vehicle during the operation of the contract.
Why can’t I change my lease car when I want to?
When you set up a contract, this is fixed around a term, a mileage and a car. If your circumstances change, you cannot simply amend the vehicle. Much of this is confused with a dealership’s approach to PCP, in that they sometimes contact a customer during a contract with a view to buying their existing vehicle and putting them into a new one at no (or very little) cost to the customer. While hire and flexi-lease products may allow you to do this (again, after paying a premium in your monthly rentals), long-term contract hire is not about swapping and changing vehicles. This is very much a product for customers who are relatively certain on all aspects.
If you are unsure, either go for a 24 month contract or consider a different finance product.
Will I be charged for everything at the end of a lease?
Some customers ask about “hidden T&Cs” which come into play at the end of the contract when the vehicle is inspected and collected. To confirm, there is no mechanism in place to catch-out customers at the end of the contract. As our industry has evolved in-line with the requirements of the FCA, our industry regulator, standards in all aspects of the transaction have improved. To assist customers returning a lease car, the BVRLA (our ombudsman) have produced a clear guide on vehicle return standards. This is something which both the finance company and the customer share jointly in order to reduce the amount of contention and difficulty at the contract end. Again, customers do need to be organised and at least 6 months’ before the contract ends they should be reviewing the condition of the vehicle, ensuring all the services have been adhered to, the tyres are road legal (2mm and above) and making sure everything supplied with the car (keys, mats, SD cards) are correct and present.
If you are concerned, either speak with your credit broker or go to a bodyshop/paintshop which specialises in lease returns.
Every finance company has a robust complaints system; if you are unhappy about any bills for your vehicle, you need to raise this with them.
For more information on leasing a car, check out our help and advice pages or be sure to read reviews and new lease car info in our blog. You can also contact a member of our helpful lease team who can happily talk through some leasing options suited to your purpose.
