What is vehicle leasing?

Vehicle leasing is the leasing of a motor vehicle for a fixed period of time at an agreed mileage which the customer advises they require per annum. Rentals are fixed for the duration of the contract. Contract lengths can be anything from a minimum of 2 years to a maximum of 5 years.

Is Leasing just for businesses?

The answer to this is no, an individual can take a Personal Contract Hire lease often referred to as PCH.

What is the criteria to lease a vehicle?

To apply for PCH applicants must be over 18, have been resident in the UK for at least 3 years, be on the electoral register at the address they are residing and hold a full driving licence.  Business applicants usually have to be trading for a minimum period of 2 years however some of our funders do consider with additional information companies that have been trading for less.  Business Contract Hire requires a UK based director and full personal details are required at application.

Is a credit search undertaken at quote stage?

Absolutely not.  A quote is purely that and a credit search is only completed when an application form is returned.  You would then be advising you wish to proceed and consenting to a credit search being completed.

Is credit approval based on credit score?

Our funders look at a number of factors when considering a credit application.  One of these is a credit score which should be good to excellent but also taken into consideration are customers current commitments and their ability to meet the monthly payments.

What is the minimum and maximum mileage?

This is dependant on the funder.  Some funders offer as little as 5k per annum, others maybe higher.  Maximum mileage is generally 50k per annum.

What information is required when making an application?

As standard a completed application form would be required, for personal applications a copy of driving licence and utility bill dated within the last 90 days is required as a minimum.  The funder may require additional information such as 3 months personal bank statements or payslips. For business applications Directors’ details are required and you may be required to supply 3 months business bank statements and full accounts or management accounts to include balance sheets and profit and loss. 

What happens when I submit an application and how long will it take?

We will submit your application to the relevant funder on your behalf where the credit search is completed.  Decisions are usually received within 48 hours but on occasion it can take longer dependant on volume of applications or the requirement for additional information from the customer.

Is your online application secure?

All of the data is encrypted from our server to the client machine to ensure that your data is secure and not at risk.  Our database is password protected.

What is an initial rental?

An initial rental is an advanced payment and usually the funder would require this to be a minimum equivalent to 3 monthly rentals but can be 6,9 or even 12.  This payment forms part of the contract and is non-refundable.  The bigger the initial rental the lower the remaining payments are. Some funders do accept as little as 1 initial rental.

When is the initial rental payable and when will the monthly payments be taken?

The initial rental is usually taken by direct debit from the account relating to the applicant 7-10 days after delivery.  There are some funders that may require this prior to delivery but you would be advised of this prior to contract stage. The monthly payments usually commence 1 month after the initial payment, this can differ dependant on funder.  Your broker contact will be able to advise on this.

Is maintenance included in my monthly rental and does it cover breakdown?

You will be offered maintenance and the product will be fully explained to you.  Maintenance cost covers service/maintenance and repair.  It also covers replacement tyres and the majority of funders have a no quibble tyre policy on cars.  No quibble means that if you are unfortunate enough to have a puncture that is not due to driver error this too is covered. You will benefit from manufacturer breakdown for some or all of your contract however if this has expired and you have a maintained contract you will have roadside assistance.

Who would I contact if I needed to arrange a repair/service or tyre repair or replacement?

Funders have a direct number to arrange any of the above and your broker contact will provide this for you.

Does the vehicle have a warranty?

All vehicles are covered by manufacturers warranty.  The length of the warranty varies dependant on manufacturer, your broker contact can advise on this. Warranty covers manufacturing faults or defects that occur during this period.  You will also have roadside assistance which may differ between manufacturers.

What if I don’t want to take maintenance?

If you decide that you don’t want maintenance as part of your contract you must maintain and service your vehicle in accordance with manufacturer guidelines.  Your contract will be referred to as customer maintained.  Failure to do this will result in charges at end of contract.

Do I need to complete any paperwork or provide any further documents?

The funder will issue contracts, these are either sent electronically or posted. You will have to provide proof of identity which will include driving licence and proof of address.  For business applications usually proof of identity for at least one director will be required.

How soon can I have my vehicle?

This is dependant on whether the vehicle is a stock vehicle or factory order.  If you are a PCH customer there is a cooling of period of 14 days once funder has approved signed contracts.  Your contact will advise of an estimated delivery date. Delivery dates are subject to change but your Broker contact will keep you fully advised.

What happens if I cancel the vehicle after ordering?

Once you have signed the customer order and the vehicle has been secured with the dealer if you decide to cancel you will be liable to cancellation fee equivalent to 3 months rentals.  You could also be liable for any costs incurred by the supplying dealer. This a

mount may be used against a future order if placed within a reasonable timeframe – usually 12 months.

Is the vehicle brand new?

Yes, the vehicle is brand new and will only have delivery mileage.

Where do I collect the vehicle from?

The vehicle is delivered to you.  It is usually driven and delivered to the address on the contract. 

Who owns the vehicle?

If your contract is either a business or personal lease the vehicle is owned by the funder.

Do you offer other finance options?

Yes, we can offer other options for you.  Please discuss with the advisor.

Who has to insure the vehicle?

The private individual or company leasing the vehicle must arrange fully comprehensive Insurance for the vehicle for the duration of the contract.

What happens if I have an accident or the vehicle is written off?

If you are involved in an accident you must inform your insurance company who will take care of this.  If the insurance company deem your vehicle a total loss you must inform us immediately. The funder will require written confirmation of this from the insurer before they provide a settlement figure for the contract.  Payments will continue until the insurer settles.  The settlement figure is not negotiable, and the funder will not enter into negotiations.

Can I end the agreement early?

You may be able to end the agreement early and will be charge an early termination fee.  The fee is dependant on how long the agreement has been running and is also subject to excess mileage.  There are some contract types that cannot be terminated early for clarity please call Platinum Funding on 0345 6122277 where your contact can advise.

Does my contract include Road Fund Licence?

If you take either Business Contract Hire or Personal Contract Hire your road fund licence is included for the duration of the contract and the funder will arrange this annually when due.  Paper tax discs are no longer a requirement.  Other finance products may only include 1st year road fund licence.  Your Broker contact will advise.

What happens at the end of contract?

This is dependent on the type of contract you have.  If is either a business or personal lease you would simply return to the funder and we will arrange the collection for you.  As long as the vehicle is not over contract mileage and there is no damage (outside of BVRLA fair wear and tear guidelines) there will be no further charges.  If you have taken another finance product you may be required to pay the final payment to take ownership.  A copy of BVRLA Fair Wear and Tear can be forwarded to you from your Broker contact.

Can I keep the vehicle for longer?

The funder may offer an extension for your vehicle usually either 6 or 12 months.  Current mileage would be required, and it is dependent on funder.

What is your complaints handling procedure?

In an ideal world we would love no complaints but know from time to time they do happen.  Our complaints procedure is available on request.

Can I lease a vehicle in Northern Ireland?

The answer is yes however delivery can only take place in mainland UK so the customer may have to arrange collection from UK port.  The vehicle would require re-registration to an Irish plate once in Northern Ireland.  Please speak with your Broker contact who will advise and assist with this process.

What if I am going over contract mileage?

You may be able to amend the mileage on your contract.  This usually cannot be done in either the first 12 months or the last 6 months.  Mileage can be adjusted either up or down and an amendment is usually calculated on current market rates.

Will I have support during my contract?

Yes you will have full support and if your Broker contact is not available any of the team will be able to assist.

We have tried to answer the most frequently asked questions however if you cannot find the answer to something please feel free to call the office on 03456122277