What Happens At The End Of A Lease Agreement?
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What Happens At The End Of A Lease Agreement?

What Happens At The End Of A Lease Agreement?
Posted in Insider News On By David Moffatt

Is your lease agreement due to end? Need to know what happens at the end of a lease agreement? See our FREE car and van lease guide for answers.......

One of the major concerns/questions our customers have is regarding handing their vehicle back at the end of the lease agreement.  I've no doubt most people will have been told a horror story at some point, where finance companies bill crazy amounts in excessive damage charges for a tiny stone chip! Hopefully this blog will go some way to setting the record straight and putting your mind at rest..... Firstly, those horror stories may well have been true.  But a very, very, very long time ago. All finance companies must now adhere to the BVRLA's "Fair Wear & Tear Guide".  The guide sets out what is and what is not an acceptable condition to return a lease vehicle.  This way everyone knows whats expected, so no nasty surprises! So, here's a few of my hints and tips and then I'll give a brief outlay of what is acceptable condition. Check Your Vehicle Before Inspection The finance company will give prior notice (normally a good few weeks) before they come to inspect the vehicle.  Use this time wisely.
  • Check the vehicle over yourself - if there are any problems you have the opportunity to fix these beforehand.
  • Be honest....why not ask a friend to give a second opinion (without the "rose tinted glasses")
  • Give your vehicle a good clean (inside and out) and let it dry completely.  This way dirt and smears won't be hiding any scratches or marks.
The Inspection Depending on the finance company, the process can happen in one of two ways. The inspection will take place and the vehicle is taken away there and then.  Or the vehicle is inspected and then collection is arranged for a later date. The inspectors are independent of the finance company and will typically take around 15 minutes to look over the vehicle.  It is normal practice for them to take photographs of the vehicle, especially if any damage is found.  Remember you are within your rights to dispute any damage.  If you choose to do this, make sure it is noted on the inspection form. What Is And Is Not Acceptable  Below is a brief guide to what is and is not acceptable upon returning the vehicle.  I've only listed "Body & Paint" and "Tyres" in this blog, but the full Fair Wear & Tear guide is included below: Body & Paint Acceptable:
  • Very minor body dents, which are not visible on a two-meter arc appraisal & with no paintwork damage.
  • Stone chips will be allowable on forward facing panels, which are consistent with the age & mileage.
  • Scratches that can be polished out
Not Acceptable:
  • Excessive chips that affect the vehicles appearance.
  • Chips on a panel/chips causing rusting.
  • Scratches deep enough to reach the bare metal.
  • Scratches affecting the vehicles appearance.
  • Previous body repairs & paint corrections easily visible.
  • Poor colour match, ripples, preparation marks, visible over spray, dirt in paint.
  • Dents on high profile panels such as bonnets, wheel arches etc.
  • Non-professional repairs.
Tyres Acceptable:
  • ‘E’ mark European Standard tyre.
  • Correct size & speed ratings.
  • Minimum 2mm tread depth across all treads, including spare wheel.
  • All vehicles must be returned with a spare wheel, space-saver spare wheel or a complete tyre inflation kit.
Not Acceptable:
  • Less than 2mm tread depth across all treads, including spare wheel.
  • Uneven wear.
  • Incorrect speed rating.
  • Remoulds or tyres without a European Standard ‘E’ mark.
  • Any bulge, gouge, crack, cut, plugged or torn sidewall.
Use Common Sense I think the key thing to remember is to use common sense.  Would you drive round in a car   with a huge dent in the side panel if you owned it?  Would you continue to drive a vehicle which needed the front tyres replacing? Hopefully the answer to these questions is no.  Treat your lease vehicle as you would if you owned it and there won't be any nasty surprises. If you have any questions regarding leasing please visit Stable Vehicle Contracts or call us on 0151 728 4711. To view the full Audi Finance terms and conditions of the Fair Wear & Tear guide, please click here. Please note, the above is a guide only.  Please contact the finance company you have an agreement with for full confirmation.