Here we have another post to our popular Leasing Myths series and today we're going to tackle the myth that a leasing contract is set in stone and can not be changed whatsoever once it's started. Here we're going to explain some of the potential origins of this myth and of course reasons why it's a myth in our eyes as we debunk it. Let's begin!
First of all, let's discuss what kind of change a customer is likely wanting to do and if they can make this change.
Circumstances can change where a person may need to drive more or less than they may have done when they took out a lease car originally. Reasons for this could be a new job, relocation of a workplace or moving house. Whatever the reason, you have no realized that your contracted mileage does not match what you need and you are overpaying/underpaying.
All of our finance companies can accommodate the changing of your mileage and may adjust the monthly cost to match what the mileage is now likely to be at the end of the contract. What this means is that the finance company aren't interested in how much you drive in a month but how much you will have driven during the lifetime of the contract.
An example is, you were doing 8,000 miles a year and it is a 3 contract (24,000) to now doing 12,000 on a 3 year contract (36,000). Different finance companies will have different rules so make sure to ask the finance company as soon as you realise you need to change.
When you sign up for a lease agreement it will be either 2, 3 or 4 years on the contract. However, depending on the finance company and other factors an option of extending your lease may be negotiated. We would advise to call the finance company as soon as possible if this is your desire as it's at the finance company's discretion.
As usual, please contact your finance company to confirm this.
To change the person who will be driving the car all you need to do is make sure that they are insured fully comprehensively. If there is an accident then the insurance can help cover the account holders obligations towards repairs etc.
If you're a personal car leasing user then, unfortunately, you can't change the account holder, it will always have to be the person who signed for it. However, if you are a business user then you can transfer the ownership of a lease vehicle to another business provided that they have been trading for at least 3 months and have 3 months of accounts.
As usual, please contact your finance company to confirm this.
If you're going to be handing your car back soon or are considering whether you should extend - why not check up on our latest deals to consider whether you should swap to a new lease entirely?