The end of the agreement

End of Contract

At the end of the primary period of hire, the lessee will have paid for the anticipated depreciation of the vehicle and all the interest charged.

The vehicle is returned to the lessor and the lessee is not responsible for the sale of the vehicle.

If the vehicle has exceeded the agreed mileage then a pence per mile charge plus VAT will apply to each mile over the contracted amount.

If the vehicle has not been maintained or serviced according to the manufacturers recommendations, or if the condition is worse than `fair wear and tear`, the lessor will charge the lessee to compensate for the poor condition in accordance with the terms and conditions of the agreement.

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Early Settlement

A contract hire agreement can be settled at any point during the agreement. However, penalties for doing so are often high and will be detailed by the lessor in the agreement.

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Extensions

The lessor may allow the lessee to extend the length of the contract past the Primary Period of Hire, if requested by the lessee. There may be a change in the rental amounts for this additional period.

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