Can you please explain a little more about the end of term finance lease in which I would have to sell the van to a third party. How would I get around this if I wanted to keep it ?
Our expert Richard answered...
Hello, thank you for getting in touch. At the end of the finance lease agreement you will act as a sales agent on behalf of the finance company, as you mentioned this means you would have to sell the vehicle at the end of the term and then pay the finance company the final rental. We would happily part exchange the vehicle in for you if you wish, or you could sell the vehicle privately. At the end of a finance lease agreement you are not allowed to take ownership. Due to the benefits you get from leasing the vehicle you are not then allowed to then own the vehicle. If you are looking to take ownership at the end of the term I would recommend you look into a contract purchase agreement which gives you an option to own the vehicle at the end of the agreement. If you have any other questions please get in touch. Kind regards, Richard Wells.