Most frequent questions about the end of the lease

What to expect as your contract comes to an end - and what to do next

What happens at the end of my lease ? 

NEV Leasing are in contact throughout your lease and again around six months before your current agreement comes to an end to prepare you for the end of the contract.

• Before the end of your contract you have some potential options depending on the funder, how long you've had the vehicle and its mileage 
  • Decide to return the vehicle as scheduled and begin a new lease on another vehicle [ doesn't have to be with the same funder ] 
  • Request an informal extension of your current agreement - this is at the funders discretion and usually one months notice 
  • Request a formal extension for another set period - usually minimum 6 months and with a re-calculated monthly rental
  • Simply let the contract end and the vehicle be collected by the finance company. 

Whichever route you take your vehicle will eventually come to the end of its contract - and when it does: 

• Your vehicle will be collected by the funder or finance company at the end of the contract - this is can be from your home or work address usually 
• Before the vehicle is removed it is inspected by the collection agent who will note the mileage, any damage and/or missing items before asking you to sign for the vehicle condition on collection. 
• On returning to the finance company the vehicle is inspected again in line with the BVRLA Fair Wear and Tear guide Click here for our end of contract guide
• You will be advised of any excess mileage or condition charges in advance of being asked for any payment - you will have an opportunity to query or negotiate the charges made. 

Will I be charged for damage when I return my lease car ? 

You'll only be charged for damage that falls outside the BVRLA's fair wear and tear standards - see the link above for more information: 

• Fair wear and tear includes small stone chips, small dents or light scratches 
• Chargeable damage includes - but not limited to - larger dents, bigger or deeper scratches, scuffed alloys, cracked windscreens, damage to interior like rips to seats or scuffs to trims etc, or missing items like keys or charging cables. 

For peace of mind request a pre-return inspection from NEV Leasing or speak to us for guidance 

Can I buy my lease car ? 

Generally personal contract or business contract hire vehicles cannot be purchased at the end of the lease by the hirer or a connected person to the hirer - in the case of business contract hire that is someone who has a financial interest in the business.

If potential ownership of your funded vehicle is a key consideration or potential outcome consider either a Personal or Business Contract Purchase or Hire Purchase funding package - both of which have potential ownership as a key feature.