The Best Car Finance Blog In The World

 I know I feel like I’m banging my head against a brick wall when I explain to customers that they should never simply look for the lowest rate when it comes to leasing a car. Of course when you buy something for cash you will maybe look for the cheapest price. The car you pay cash for at a car supermarket will be the same as a car that you pay cash for at a main dealer (unless it’s a sub spec black market car). The car will Read more �

One leasing company has finally taken the initiative and decided to make inspections of vehicles at the end of a lease a little more comfortable for the drivers by arranging for a joint inspection in order to alleviate refurbishment costs. A joint inspection is carried out by a qualified and independent vehicle inspector along with the driver. Will it improve the situation? We will see. If you have had a nightmare experience why not share it with me? We can only address the problem if we know how bad it is. By Graham Hill

As companies look at various ways to raise money, as we slowly emerge from recession, some are now looking at their company cars as a possible way to raise funds for expansion. For those that don’t want to approach their bank to increase their borrowings this could be a good alternative. The scheme, known as sale and leaseback, is an arrangement between a leasing company and the customer whereby the leasing Read more �

When Kelvin MacKenzie, the ex editor of the Sun newspaper, received an end of lease charge of £1,867.48 he was shocked and immediately tore into Mercedes Benz Finance through the columns of the Sun. In the same column he said, referring to the charge from the lender and following details of the charges, “as per the agreement (my fault I didn’t read it).” He didn’t read the agreement but he’s lambasting the lender Read more �

Leasing fell dramatically across Europe during 2009 according to Leaseurope, the trade association representing the European leasing and vehicle rental industries. New lease business was down by 28.4% last year compared to 2008, this represented the greatest fall since they started keeping records in 1994. My own view is that much of this was the result of manufacturers diverting money into scrappage whilst Read more �

According to reports by trade valuation guides, Glass’s Guide and CAP, the setting of residual values will become more difficult this year due to future uncertainties. Last year values increased as a result of the scrappage scheme, which removed cars from the system, fewer new cars were registered and more lease cars had their leases extended forcing up used car values in the middle of a recession because supply fell Read more �

Manheim, the large auction house and end of lease vehicle inspectors have identified over £12 million of end of lease damage charges over 90,000 inspections during 2009. 38% of the vehicles that were assessed had damage in excess of the British Vehicle Rental and Leasing Association fair wear and tear guidelines resulting in an average charge of £350 per vehicle, up by 14% on 2008. Some of this was blamed on Read more �

Hindsight is great isn’t it? We can identify exactly where we went wrong and occasionally where we went right! When the recession started to bite, many businesses and individuals, who were leasing their cars and due to change, decided to extend their leases. Not such a bad thing if the lease was only 2 years in the first place but many of those that extended from 3 years to 4 years have maybe regretted that decision. And Read more �

Companies and consumers are experiencing the long term results of choosing lessors who set out to capture the gullible by offering low contract hire and PCP rates 2 and 3 years ago. As used car prices continue to drop after a period of sustained increase throughout 2009 lessors who cut their margins finely look to recover losses by overcharging clients for refurbishment work at the end of the contracts with Read more �

There are many stories bouncing around regarding end of lease charges from excess mileage charges that treble per mile if you exceed 10% overrun, eg. the excess charge per mile is set at 4 pence per mile if you exceed 3,000 miles on a 30,000 mile contract, thereafter increasing to 12 pence per mile, through to the leasing companies charging for re-repair of body repairs that they consider to be sub-standard even Read more �