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Your business uses the vehicle while paying a rental rather than a repayment. The monthly rental is determined by the initial cost of the vehicle (excluding VAT), the period of the finance lease and the residual value (the estimated future value of the vehicle at the end of the finance lease period once depreciation is taken into account), plus interest.
Although you never take ownership, at the end of the finance lease contract a payment equivalent to the residual value is payable. Usually this means that the vehicle is sold and a proportion of the proceeds of the sale are returned to the lessee.
Most finance lease companies will offer a number of payment options to suit your cash flow. You can lower the monthly rental with a balloon payment at the end of the contract, or you can pay the entire cost in monthly rentals (normally referred to as a fully amortised Finance Lease), in which case you may be able to extend the finance lease with a secondary rental (sometimes called a peppercorn rental).
Adaptive Vehicle Solutions Ltd
3E Pentland Close
Cardiff Industrial Park
Company Reg No : 05301680 | Data Protection No : Z8982892 | VAT No : 854 4303 33 |
Adaptive Vehicle Solutions Ltd is authorised and regulated by the Financial Conduct Authority. Registered No : 627425.
Please note that failure to pay your monthly repayments could result in termination of your agreement, missing payments could have severe consequences and make obtaining credit in the future more difficult. Commission disclosure | Complaints procedure
Registered Office : AVS House 3E Pentland Close, Cardiff Business Park, Llanishen, Cardiff, CF14 5DJ
Copyright © 2017 Adaptive Vehicle Solutions Ltd, All rights reserved.
All pictures and/or photos and car descriptions on this site are for illustration and reference purposes only and are not necessarily the vehicle on offer. All offers are subject to change at any time and are subject to finance approval and vehicle availability. All prices correct at time of publication. E & OE.