What Happens at the End of My Car Lease - Guide for Customers | BVRLA Member Leasing Company
Silverstone Leasing

What happens at the end of my lease?

handing over keys

As your car lease ends, there are a few things you need to be aware of to ensure a smooth transition. Our leasing company is committed to providing you with all the information you need to make informed decisions about your lease agreement. As a member of the British Vehicle Rental and Leasing Association (BVRLA), we adhere to industry standards and best practices to ensure a transparent and fair lease experience for all our customers.

So, what happens at the end of your car lease? First and foremost, you need to understand the terms of your lease agreement. This includes the lease duration, mileage restrictions, and wear and tear guidelines. Typically, leases last 2-4 years, with a set number of miles allowed annually. If you have exceeded your mileage limit, you may face additional fees at the end of your lease. Similarly, you may be charged for repairs if there is any damage to the car beyond normal wear and tear.

Once you know the terms of your lease, it's time to start thinking about your options. One option is to return the car to the leasing company. In this case, you must schedule a vehicle inspection to assess any damage or excess wear and tear. If there are any issues, you will be responsible for paying for repairs. If the car is in good condition, you can return it and move on to your next vehicle.

Another option is to buy the car at the end of the lease. This may be a good option if you have grown attached to the vehicle or want to keep it. The price of the car will be determined by the residual value stated in your lease agreement, which is the vehicle's estimated value at the end of the lease.
You may also have the option to finance the car purchase through the leasing company or your bank.

Finally, you may have the option to extend your lease agreement. This can be a good option if you are not ready to commit to buying the car or starting a new lease agreement. However, you will likely face additional fees and a higher monthly payment.

As a BVRLA member, we strive to make the end-of-lease process as transparent and straightforward as possible. We will work with you to ensure a smooth transition and help you understand your options. If you have any questions about the end of your car lease or want to discuss your options, please don't hesitate to contact us.

THE BVRLA

The BVRLA (British Vehicle Rental and Leasing Association) is a trade association in the UK that represents the interests of the vehicle rental and leasing industry. It was established in 1967, and its members include vehicle rental companies, leasing companies, fleet operators, and suppliers to the industry.

The BVRLA promotes reliable road transport and ensures high industry service standards, professionalism, and ethics. As a member of the BVRLA, companies must adhere to the association's codes of conduct and standards, which cover areas such as fair trading, transparency, and customer service.

The BVRLA also works with policymakers and other stakeholders to shape the industry's regulatory environment and promote sustainable transport solutions. The association provides its members with various services and support, including training, advice, and industry insights.

The BVRLA is essential in promoting best practices and standards within the UK vehicle rental and leasing industry. Its members are committed to providing high-quality and reliable services to customers.

What to check when handing a car back?

silverstone leasing bvrla

When returning a leased car, it's important to ensure that the vehicle meets the BVRLA Fair Wear and Tear standards. Here are some key things to check before handing the car back:

  1. Vehicle inspection: Most leasing companies will arrange a vehicle inspection before the end of the lease agreement. This inspection will check for any damage, excessive wear and tear, or missing equipment. Before the inspection, it's a good idea to thoroughly clean the car, inside and out, to make sure it looks its best.

  2. Mileage: Check the mileage on the car to ensure that you have not exceeded the agreed mileage limit. If you have gone over the limit, you will be charged for the excess mileage. If you know you have exceeded the limit, consider discussing options with the leasing company before returning the car.

  3. Service history: Make sure that the car has been serviced according to the manufacturer's schedule and that there are no outstanding maintenance issues. If the car requires any repairs or servicing, it's best to address these before returning the car to avoid any additional charges.

  4. Documentation: Make sure that you have all the necessary documentation, such as the lease agreement, service history, and any other paperwork related to the car. Double-check that you have removed any personal items from the car, including any custom modifications or equipment that you may have installed.

  5. Early termination fees: If you are ending the lease agreement early, be aware that there may be early termination fees. Make sure that you understand the terms of the agreement and any fees that may be charged.

By checking these key items before returning the car, you can ensure that you meet the requirements of the lease agreement and avoid any additional charges or fees.

Do you ever get money back at the end of a lease?

    It's possible to get money back at the end of a lease, but it's not guaranteed. If you have paid more than the car's depreciation and any other fees, you may receive a refund. However, if you have exceeded the mileage limit or caused excessive wear and tear, you may have to pay additional fees. It's best to check your lease agreement for details on end-of-lease charges.

Do you own the car at the end of a lease?

    No, you do not own the car at the end of a lease. When you lease a car, you are essentially renting it for a set period of time. At the end of the lease, you return the car to the leasing company. However, some leasing agreements may offer the option to buy the car at the end of the lease term.

Do I need to service my lease car before returning?

    Yes, it's a good idea to service your leased car before returning it. Most leasing companies require that the car has been serviced according to the manufacturer's schedule. If the car requires any repairs or maintenance, it's best to address these before returning the car to avoid additional fees.

What happens at the end of a contract hire agreement?

    At the end of a contract hire agreement, you return the car to the leasing company. The company will then inspect the car for any damage, excessive wear and tear, or missing equipment. If the car meets the terms of the agreement, the lease ends and you are free to lease a new car. If there are any end-of-lease charges, such as excess mileage or damage fees, these will be deducted from your deposit or billed to you separately.

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