Introduction
to Non-Status Leasing for Poor Credit Finance
Non-Status
Poor Credit Car and Van Lease
As more and more lending decisions are made by computers, people and businesses are being expressed as risk factors, rather than individuals. Therefore, it’s hardly surprising that we sometimes find ourselves having difficulties obtaining finance we know we can afford.
Today, because of the systemized underwriting policies of inflexible banks and institutions, increasing numbers of people find themselves falling outside conventional lending criteria. As a result, the “non-conforming” sector has grown to become one of the largest and most complex areas of the UK lending market today.
You may think you are alone in experiencing difficulties arranging vehicle finance… but don’t worry – nothing could be further from the truth.
In fact, there are thousands of individuals and companies in need of non-conforming vehicle funding.
And that is why we are here to help.
The reasons why funding applications are declined elsewhere are as numerous and varied as the circumstances themselves. Everyone has individual circumstances, so we provide flexible lending solutions for each customer.
From sole traders to applicants who’ve experienced credit problems in the past; from new start-ups to established businesses with unusual vehicle or finance requirements, we fit the funding to the applicant and the vehicle they require – not the other way around.
Below you will find a selection of our best offers for non-status finance.
So long as you can afford the repayments then we can almost always offer you finance. 99% success rate.
Physical Used Vehicles – Ready to Go!
· ALL RATES ARE BASED ON 15000 MILES PER ANNUM NON MAINTENANCE
· OFFERS ARE SUBJECT TO A £200 DOC FEE AND A NATIONWIDE DELILVERY CHARGE OF £125+VAT
· FOR AN ALTERNATIVE TERM & MILEAGE QUOTE PLEASE PHONE US ON 01189 420030
Many people buy their cars, either hire purchase or with cash. But there's also the option to lease a vehicle. This happens more with companies and businesses that offer company cars to employees. But car leasing is an attractive option for private individuals, since it requires no deposit - however, you will be asked to pay a fee generally equal to the first three months' rental.
Types Of Car & Van Lease
An operating lease, or contract hire, means that the car is hired for a fixed period (normall between 24-60 months), and a fixed rental is paid, based on the anticipated mileage to be used. It can come with or without a maintenance agreement. At the end of the lease the vehicle is returned to the finance company, which re-sells it. As much as 100% of the cost of rental can be offset against taxable profits and up to 100% of VAT on the leased car can be reclaimed, depending on the situation.
Under a finance lease, the leasee takes responsibility for selling the vehicle at the end of the lease period to settle a pre-agreed residual payment. A payment equivalent to the estimated future value is payable at the end of the contract. At the end of the contract period, the vehicle is sold and if the sale amount exceeds the residual payment, the lessee keeps the difference.
There's also lease purchase, under which the lessee owns the vehicle after all payments, including the option to purchase payment at the end, are made. Lease purchase is a cheaper monthly alternative to hire purchase, the traditional method of financing, and is written on a hire purchase agreement with the protections afforded by the Consumer Credit Act. A personal lease has a residual payment incorporated into the lease. If the lessee pays it, he owns the vehicle. Alternatively, it can simply be returned to the finance company.
Your Lease Responsibilities
When you lease a car, you're entering into a contract. That gives you certain responsibilities to take care of the lease car and return it in a certain condition - as with any contract you should read the small print. Different lease companies set different conditions, so sit down with your contract and read through it carefully.
You'll also need to have your car serviced at regular intervals at a franchised dealer or approved servicing agent, usually every 10,000 miles, or as specified by the manufacturer or leasing company. Unless you have a maintenance agreement on your lease, you'll need to arrange and pay for this yourself.
You'll be responsible for obtaining insurance on the car, and (depending on the type of lease) keeping up the road fund tax
Returning the Lease Car
You need to be very aware that the car must be returned in good condition, with an allowance for fair wear and tear. The finance company will have the vehicle inspected, and you'll be assessed a charge for excess wear and tear as shown under the guidelines of the BVRLA - British Vehicle Rental and Leasing Association. Charges are most often assessed for:
rips, stains, burns and tears on seats.
damaged or scratched paintwork.
bodywork chips and dents.
damaged wheels and trims.
About five weeks prior to returning the car; you should begin your preparations, fixing any damage, including cracked windscreens. Gather together all the keys and documentation that came with the car. If you've fitted any non-standard equipment (which should only be done with permission) it should be removed before returning the car.
Lease Problems
If there's damage or any other problem with your car which is due to a manufacturing or design fault, then this issue is between you and the dealership, and it's your responsibility to deal with any issue before you return the car to the lease company, and ideally at the point when you notice the fault. Manufacturing and design faults can include such things as corrosion and tarnishing of exterior trim and fittings, paint or coatings peeling or falling off.
In the event of a problem between you and the leasing company that can't be resolved, you can contact the BVRLA (if the company is a member) and fill out a complaint form on their web site. They'll write to both parties to resolve the complaint. If that doesn't work, they'll forward the relevant details to a conciliation committee. You'll hear a decision within 30 working days. Using their conciliation service doesn't preclude your right to take separate action
