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, Silverstone has put together some helpful tips and hints on how to prepare your vehicle for collection.
You will have been advised about six months 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:
And for Personal leasing agreements there are two options:
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.
Depending on the finance provider, Silverstone may be able to arrange collection of your existing vehicle on your behalf, provided your lease agreement was originally arranged with us.
If you are renewing your lease with Silverstone, where possible we will also try and arrange collection of your existing vehicle on the same day as delivery of your new vehicle to make the transition as smooth as possible.
Please ensure we have at least 7-10 working days' notice to book your collection. We can arrange collection up to 30 days ahead of your required date. If your preferred collection date is more than 30 days ahead, please contact us closer to your renewal date. Please note that a settlement fee may apply if the collection date requested falls before your final monthly direct debit.
To allow us to book collection of your vehicle, we require the following information:
Collection times are usually Monday to Friday, 9am to 2pm (AM slot) or 1pm to 5:30pm (PM slot). We are unable to schedule collections for bank holidays or weekends. We can collect from any mainland UK address and the vehicle must be handed back with full service history and valid MOT (if either are due before the collection date).
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).
Next, move on to the inside of the vehicle to check for any odours, 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. It is also a good idea to get someone else - a friend or colleague - to look over the vehicle with you too to make sure you don’t miss anything.
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:
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.
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 behavior 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)
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.
Have another question about returning your lease vehicle? Contact us for more information and advice.