End of your Contract Hire agreement.
As your Contract Hire agreement reaches its term, you need to think about what you'd like to do at the end. We've detailed your options below, and if you have further questions, please contact your Sales Administrator. Contact your branch.
Decide what you would like to do at the end of your contract.
Your dedicated Sales Administrator will contact you to discuss your plans for the end of your Contract Hire agreement. You will have three main options available to you:
1. Hand your vehicle back.
If you would like to hand your vehicle back, your Sales Administrator will arrange the collection with the funder at a time convenient for you. Make sure you're ready for collection.
Note that you may be charged for unfair wear and tear, and/or any damage or missing service history (if applicable). See our Fair Wear and Tear guide here. Excess mileage charges (if applicable) will also be charged.
Your Sales Consultant may also contact you to discuss ordering a replacement vehicle if this is how you would like to proceed.
2. Extend your Contract Hire agreement.
If you would like to keep your current vehicle on a Contract Hire arrangement, your Account Manager will arrange for the contract to be extended with the funder.
There are normally two types of extension arrangements available to you:
Formal Extension - You will be in a formal agreement with the funder to keep the vehicle for a set time after the prior contract end date. Typically, this is for a minimum of 6 months and is likely to alter the monthly rentals.
Informal Extension - You will be charged monthly for the vehicle until you arrange for it to be collected. Your rentals may change during this period. There is normally a maximum amount of time you can keep the vehicle on an Informal Extension, which varies depending on the funder. After this point, the funder will ask you to have the vehicle collected, or may in some circumstances ask you to enter into a Formal Extension.
Note that on an information extension, you are not bound by a contract and thus the funder is within their rights to recall the vehicle at any time. For example, if you miss payments, this may prompt them to recall the vehicle. A recall is otherwise an unlikely event.
You may find an extension beneficial if you have another vehicle on order and delivery is expected to occur after the end of your current agreement.
3. Purchase your vehicle.
If you would like to purchase your vehicle, your Sales Administrator will contact the funder to arrange for a purchase figure.
Once agreed, you will be issued with the relevant paperwork to be signed. After this, the vehicle will belong to you. The DVLA will be notified of the keeper change by the funder.
For more information about what happens at the end of your contract, please visit our End of Contract page or click the links below.