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UK Vehicle Leasing from Leasesave couldn't be easier. We are a leading UK vehicle leasing provider based in Nottinghamshire serving the UK Vehicle Leasing Market from the East Midlands. For further information call 0875 067 6667 or navigate this site for a comprehensive insight, why not request an online new vehicle leasing quotation today?
UK Vehicle Leasing couldn't be easier. New or used vehicles for a fixed monthly rental cost from Leasesave offering vehicle leasing from a special range. Terms flexible enough to meet the needs of every business or private user. Contract Hire enables companies to release cash normally tied up to outright purchase vehicles, and allows low initial payments followed by fixed all-inclusive monthly rentals for service, maintenance and repairs if required. The low regular payments attributed to Contract Hire are partly due to lenders being able to reclaim the VAT on the purchase price of a vehicle, thus allowing savings to be passed on to you by way of reduced monthly rentals.
Fleet & Business sales acount for 50% - 60% of the all new car market, Contract Hire has a market share of almost 45 - 50% of this market and is still rising. Contract Hire companies calculate monthly rental costs based on the original capital costs, current interest rates, future residual value's and optional equipment which is then recalculated based on the contract hire agreement required by the client such as; pre-determined period of the contract (e.g. 2yrs / 3yrs), pre-determined mileage to be covered (e.g. 10,000 / 20,000 p.a) and additional services you require such as; Service Maintenance & Repairs (SMR), Replacement Vehicle, Fleet Management etc...
At the end of the contract hire agreement the vehicle is returned to the leasing provider with no further obligation on the users behalf (subject to terms and conditions of the contract). You need to pay attention to any additional costs such as; excess mileage charges, this may be charged if you exceed the pre-determined mileage set at the start of the contract hire agreement (e.g. 10,000 / 20,000 p.a). Also, if there is any unfair wear and tear (not including accident damage) this may also be a cost, some of the best companies offer an excess of £150 or so, no charge fee but others will charge for most repairs required to bring the vehicle up to the BVRLA standards (British Vehicle & Rental Leasing Association).
Consider the benefits of Contract Hire
• Low initial payment
• Flexible rental pattern
• Fixed monthly costs which can include maintenance
• More capital available for your core business
• Off-balance sheet borrowing
• No depreciation risk
• No disposal problems
• VAT on rentals reclaimable (subject to use only 50% if private use)
• 100% VAT on Maintenance
• Administration & Management transferred to provider
Finance Lease
Finance Lease is a vat free method of financing a vehicle, usually for VAT registered businesses and companies. The monthly rental is determined by the cost of the vehicle, the period and the estimated future value of the vehicle, which is based on the proposed annual mileage. A payment equivalent to the estimated future value is payable at the end of the contract.
At the end of the contract period, the vehicle is sold and the proceeds returned to the Lessee. Maintenance packages are often available, if required.
Contract Purchase
Contract Purchase provides the same operational benefits of Contract Hire, with the main difference being that the vehicle is on the balance sheet.
In the same way as in Contract Hire, the terms for contract purchase are based on pre-arranged contract length and age and mileage on return, which in turn will establish the residual value or balloon payment and offers the ability to defer this value until the end of the agreement. Again as with Contract Hire you have a low initial payments and an attractive monthly rental with the option of a maintenance package. Contract Purchase is available for both new and used cars (up to four years old). At the end of the agreement you have two main options.
1. Pay the Balloon Payment in full and take ownership
2. Return the vehicle back to the provider with nothing else to pay
Your monthly payments are allowable against tax. You are also allowed to reclaim 100% VAT on the maintenance element.
Benefits of Contract Purchase
• Low initial deposit
• Fixed monthly payments
• Writing down allowance
• Interest charges can be offset against tax
• No risk on residual value
• Optional final payment
• No restriction on make or model
• Alternative credit line
Lease Purchase
Lease Purchase is an ideal alternative to bank borrowing for businesses that are not VAT registered and who want eventual ownership of their vehicles. This is simply a funding scheme that also favours businesses that prefer minimum payments to assist with cash flow and offers part of the capital cost being deferred until the end of the agreement and has the obvious effect of reducing the monthly payments.
By paying the final balloon payment you complete the agreement and the vehicle is yours to keep.
Benefits of Lease Purchase
• Eventual ownership
• Low initial deposit
• The car can be written down in your books
• All interest paid can be off-set against tax
• No VAT on payments
• Option to take early settlement
• No restriction on mileage
Personal Leasing
Personal Contract Hire (PCH) as it is known, is a contract hire agreement for the personal user. It works in exactly the same way as business contract hire for companies and the payments will be inclusive of VAT.
Contract leasing means the personal user will not take the risk or reward at the end of the contract, the vehicle is simply returned to the contract leasing company for disposal.
Initial payments are generally low, and with a good personal credit rating you can be offered an equivalent to three monthly payments in advance as a down payment, which reduces the capital cost of the vehicle thus lowering the monthly cost. Each payment is based on the length of the agreement and the annual expected mileage. Excess mileage will be charged if this mileage is exceeded - usually only a few pence per mile (see your contract details).
Maintenance packages can be included in these agreements, which include the road fund licence for the full period of the contract and at the end of the agreement you simply return the contract leasing vehicle.
Benefits of Personal Contract Hire
• Low initial payments
• Fixed Monthly rentals
• Maintenance and road tax can be included
• No depreciation to worry about
• No disposal issues
• Loan car if yours is off the road
• Flexible terms
Personal Contract Purchase
PCP as it is now known is a contract leasing vehicle agreement for private individuals. Agreements are for a fixed term and set agreed mileage for a monthly fee, with the option to buy the vehicle at the end of the agreement if you wish. At the end of the contract, there is an optional balloon payment which you can pay to buy the vehicle outright, or you can choose to return the vehicle with nothing further to pay.
Monthly charges are governed by the initial cost of the vehicle, the total mileage covered, the period of the agreement and with an estimated value of the vehicle at the end of the contract. In addition, features from basic servicing to total vehicle management packages can be included if required. PCP is the main alternative to hire purchase.
Understanding the Terminology
Payment profiles - 1 + 35 (spread payments), 3 + 21 (terminal pause payments)
This is the number of initial payments payable followed by the number of payments to be made. The payment profile has many variables from spread payment to terminal pause payments which allow a two (2) month lapse at the end of the agreement before the vehicle is either returned or accquired.
Application Fee / Option Fee
A fee, often levied by finance company for setting up the agreement or for providing options within the agreement.
APR
Annual Percentage Rate - The true rate of interest you would pay including fees or options on the total finance agreement.
Balloon Payment
The final payment of a finance agreement or a deferred value which is payable at the end of the agreement (usually optional).
Depreciation
The reduction in value of a vehicle caused by age, mileage and condition.
GAP Insurance
Insurance covering losses and offers protection against the vehicle being writen-off with insufficient value to clear the outstanding finance agreement or settlement due to the loss.
GMFV
Guaranteed Minimum Future Value
MRP
Manufacturers Recommended Price Residual Value. The value of the vehicle at the end of the agreement, normally estimated at the beginning of any agreement.
P11D Value
The retail value of the vehicle when new including any costs of extras, but excluding Road Fund Licence (RFL) and First Registration Fee (FRF).
PPM
Pence per mile, generally used when an additional charge is made for mileage over a contracted mileage.
RFL
Road FundLicence (RFL)
SMR
Service, Maintenance and Repair costs.
Service Inspection
Usually offered by manufacturers to cover routine serving costs, but does not include tyres or sundry items.
With Maintenance
A optional element within a contract leasing vehicle agreement which covers (SMR) servicing, maintenance and repairs including tyre replacement, breakdown cover, roadside assistance.
WLC
Whole Life Cost - The total cost, including monthly or acquistion payments, depreciation, servicing and fuel incurred in the use of the vehicle during a defined period of time.
BIK & CO2 Charge
A charge of 15%+ will be applied to all MRP price, where the CO2 emissions do exceed 145g/km in 2005/2006 for all company car users.Some reductions are available for lower CO2 or alternative fuel vehicles. CO2 is the major greenhouse gas and the Government proposes to base this BIK tax on the value of grams of CO2 emitted per kilometre.Benefit in Kind (BIK) Scale Charges
The current policy for 2005/2006 is 15% tax charge for emitting less than 145 grams of CO2 per kilometre, will increase by 1% for each five grams per kilometre up to a maximum of 35% for emissions in excess of 240g/km. Note that the given CO2 emissions figure of a car should be rounded down to the nearest 5 grams per kilometre. For example, if in 2005/2006 your car's emissions were 173g/km, your tax would be 21% rising to 22% in 2006/2007.
Free Fuel
Those drivers who receive free fuel will now pay BIK tax based on a standard £14400. The BIK rate is equal to the same rate as their company car C02 e.g. 173g/km equals 21% 2005/06 rising to 22% in 2006/2007.
Glossary of terms
Disclaimer
General
The terms of this disclaimer (hereinafter referred to as "Disclaimer") apply to this web site www.lease-save.co.uk and it's owners Leasesave Vehicle Leasing Limited. Foxhall Lodge, Foxhall Road, Nottingham. NG7 6LH
Please read this Disclaimer carefully.
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Use of this Web Site
The information provided on or via this web site should not be used as a substitute for any form of advice. Decisions based on this information are for your own account and risk.
Although Leasesave Vehicle Leasing attempt to provide accurate, complete and up-to-date information, which has been obtained from sources that are considered reliable, Leasesave Vehicle Leasing makes no warranties or representations, express or implied, as to whether information provided on or via this web site is accurate, complete or up-to-date.
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Exclusion of Liability
Neither Leasesave Vehicle Leasing nor any of its agents or subcontractors shall be liable to the maximum extent permitted by law for any direct, indirect, special, incidental, consequential, punitive, or exemplary damages, including lost profits (even if Leasesave Vehicle Leasing is advised of the possibility thereof) arising in any way from, including but not limited to, (i) any defects, viruses and any other malfunctions caused to any equipment and other software in connection with access or use of this web site, (ii) the information provided on or via this web site, (iii) the interception, modification or misuse of information transmitted to Leasesave Vehicle Leasing or transmitted to you, (iv) the functioning or non-availability of this web site, (v) the misuse of this web site, (vi) the loss of data, (vii) downloading or use of any software made available by this web site, or (viii) claims of third parties in connection with the use of this web site.
The exclusion of liability is also made for the benefit of directors and employees of Leasesave Vehicle Leasing Limited.
Applicable Law
This web site and its Disclaimer shall be governed by and construed in accordance with the laws of England. All disputes arising out of or in connection with this Disclaimer shall be submitted to the exclusive jurisdiction of the courts of England.
In the event of a discrepancy or difference in interpretation between various language versions of this Disclaimer, the English language version shall prevail.
Amendments
Leasesave Vehicle Leasing reserves the right to change the information provided on or via this web site, including the terms of this Disclaimer, at any time and without notice. It is recommended that you review the information provided on or via this web site, including the terms of this Disclaimer, periodically for changes.
Privacy Statement
This web site is administered by Leasesave Vehicle Leasing Limited.
When you visit this web site Leasesave Vehicle Leasing may collect personal data about you, either directly (where you are asked to provide the data) or indirectly. Leasesave Vehicle Leasing will, however, only use these personal data in accordance with the purposes set forth in this Privacy Statement and is committed to safeguarding the personal information collected. This statement sets out the purposes of Leasesave Vehicle Leasing data processing in respect of this web site, the use of cookies and how to effect your rights in respect of your personal data.
Purposes of Processing
Leasesave Vehicle Leasing collects and processes information about customers and visitors to its web site to conduct its business, to inform and make available products and services that may be of interest to you and for the development of web statistics. The information you provide will be used to contact you when necessary, e.g. to notify you about functionality changes to the web site and to offer services that you may find helpful (provided you have not opted out to receive such services).
Sensitive Data
Leasesave Vehicle Leasing does not seek to collect sensitive personal data (such as data revealing political opinions, religious beliefs, health or other matters) through this site. If Leasesave Vehicle Leasing does seek to collect such data, your prior consent hereto will be asked. Please note that, by providing Leasesave Vehicle Leasing with unsolicited sensitive personal data you consent to our using those data as described above.
Cookies
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Third Party Sites
Please note that this Privacy Statement does not extend to third party sites linked to this web site.
How to Effect Your Rights; How to Contact Leasesave Vehicle Leasing
If you do not wish to receive any marketing messages from Leasesave Vehicle Leasing Ltd, you can contact us via Marketing Department, Leasesave Vehicle Leasing Limited, Foxhall Lodge, Foxhall Road, Nottingham. NG7 6LH Tel: 0845 067 6667 or email: Marketing. If you have any questions about this Privacy Statement, our data processing activities or your dealings with this web site, you can contact us via Marketing Department
Amendments
Leasesave Vehicle Leasing reserves the right to modify (sections of) this Privacy Statement at any time. Please check this statement from time to time for any changes.
