Key Facts - Lease Purchase

Select Car Leasing is a trading style of Select Contracts (UK) Limited, and the firm is authorised and regulated by the Financial Conduct Authority FRN 670832. Select Car Leasing are a credit broker not a lender.

Thank you for considering a Lease Purchase. Please read this summary carefully. If you have any questions or need more information, please contact your Leasing Consultant.

• Your order will be communicated to one of our *finance providers and you will need to enter into a separate Finance Agreement with them to lease, hire, or otherwise finance the Vehicle from the relevant dealer supplying the Vehicle. *Details can be provided upon request

What is a Finance Lease?

A lease purchase is an agreement that combines elements of a traditional rental lease with the option to buy the property. Here’s a simple breakdown:

• Lease Term You rent the vehicle for a set period, usually 1-3 years, and pay monthly rental just like in a regular lease.
• Vehicle Ownership: The finance company owns the vehicle, but you get to use it. The Lessee shall not have any right, title, or interest in the vehicle.
• Option to Buy: You have the option (but not the obligation) to purchase the vehicle at a predetermined price during or at the end of the lease period.
• Option Fee: You typically pay an upfront fee for the option to buy, which is often non-refundable but is usually applied towards the purchase price if you decide to buy.
• Deposit If you The Lessee has paid a security deposit in addition to the arrangement fee. The security deposit shall be refundable upon the termination, subject to the terms and conditions Terms and Conditions - Select Car Leasing.
• Payments: You pay an initial rental amount, followed by monthly rentals followed by the option to purchase fee if you decide to purchase the vehicle.
• Use of vehicle The Lessee shall use the vehicle in a careful and proper manner and shall comply with all applicable laws, ordinances, and regulations in relation to the vehicle's use, operation, and maintenance.
• Default and Termination

                  o In the event of a default by the Lessee, including but not limited to non-payment of lease payments, the Finance provider shall have the right to terminate this Mandate and repossess the vehicle.

                  o The Lessee may terminate the agreement upon written notice to the Finance provider, subject to the payment of all outstanding lease payments and any other amounts due under this Mandate.

• Exporting the Vehicle: If you plan to export the vehicle or use it abroad for extended periods.
• Insurance: The Lessee shall maintain insurance coverage for the vehicle against loss, theft, damage, and liability, in an amount satisfactory to the Lessor. Proof of insurance shall be provided to the Lessor upon request.
• Maintenance: Follow the manufacturer’s service and maintenance requirements, preferably using a main franchised dealer, to maintain the vehicle’s warranty. The Lessee shall be responsible for all maintenance and repairs necessary to keep the vehicle in good working condition during the lease term.

Taking Care of the Vehicle

• Insurance: The Lessee shall maintain insurance coverage for the vehicle against loss, theft, damage, and liability, in an amount satisfactory to the Lessor. Proof of insurance shall be provided to the Lessor upon request.
• Maintenance: Follow the manufacturer’s service and maintenance requirements, preferably using a main franchised dealer, to maintain the vehicle’s warranty. The Lessee shall be responsible for all maintenance and repairs necessary to keep the vehicle in good working condition during the lease term.

For more information or to discuss whether a Finance Lease is right for you, please speak with your Leasing Consultant. You can also refer to our website Car Leasing Finance Options – Select Car Leasing.

This document serves as a summary. For comprehensive information, refer to the full terms and conditions of your agreement.