Vehicle leasing has soared in popularity over the last few years in the US and whilst it is really taking off here in the UK, not many are aware of what leasing actually is, what the benefits are, and who it is suitable for. At Yes Lease we like to share as much information as possible about leasing and car financing to help people make informed decisions. Today’s post highlights 5 common misconceptions people may have about leasing, whether due to lack of awareness or misunderstanding.
Myth #1 Lease contracts are loaded with hidden costs
Any agreement that involves a document full of jargon and figures can be daunting, even to the more experienced. To avoid confusion and being overwhelmed, we recommend that you do your research on auto leasing, thoroughly review the quotes you’ve been given, and enquire about anything unclear to you.
If you have received a quote from us and need any clarification at all, please feel free to get in touch with the Yes Lease team by emailing us, calling us on 01782 254444, or through Facebook and Twitter.
Myth #2 Leasing companies cannot be trusted
A car is a big investment, so it is good to be cautious when making your decision. Ensure that you are dealing with a reputable company by choosing businesses registered with the BVRLA, the professional trade body for vehicle leasing and rental companies. Members of the BVRLA have to pass regular quality assurance inspections and adhere to a strict code of conduct.
Yes Lease BVRLA membership #2018
Yes Lease is a registered member of the BVRLA, and our leasing programmes are authorised and regulated by the Financial Conduct Authority (FCA). Furthermore we are a VAT registered business and are committed to compliance with the Data Protection Act 1998.
Myth #3 Essentials like road tax and maintenance are not included
Not all contracts are the same. Some leasing companies are able to offer better deals if they have established partner networks. For example, Yes Lease can include options like road tax, maintenance, servicing and tyres in some lease contracts.
Why is it important to consider these options? It is the driver’s legal obligation to ensure that their vehicle is fully covered for any applicable road tax, or a ‘Road Fund Licence’. What’s more, including essentials in monthly payments allows you to budget for motoring costs.
Myth #4 The cheapest deal is the best
Whilst it is tempting to opt for a deal with the lowest monthly repayments, we recommend considering the overall contract. It could be worth paying a little more for a much better deal. What’s included in your maintenance package? What is the mileage policy? Some drivers are unaware of the details of their contract, which can lead to charges they weren’t expecting. Therefore it makes good financial sense to clarify your contract with the leasing company before you commit.
Myth #5 The car you’re leasing may not be new
Most leasing offers are for brand new cars, although some finance companies may process contracts for cars up to 12 months old. All the vehicles that Yes Lease supplies are guaranteed to be brand new – take a look at our latest deals.
We hope this blog post has been useful to you. If you have a question about leasing, please post it in the comment box below. Or connect with us on social media on the Yes Lease Facebook Page and on Twitter.