Frequently asked questions about leasing and contract hire.
If you have a question, chances are the answer can be found here. If you're still unsure, please contact us and we'll do our best to help. If this answers everything you need to know, why not check out our special offers to find your perfect deal?
Why SRK Leasing?
We’re an independent broker with relationships with the UK’s top funders and our aim is to get you the best deal. Whilst we do have customers all over the UK, our focus has been looking after local businesses to whom we can give that extra bit of personal face to face service. So, if you’re in the Milton Keynes area we’ll be delighted to visit you to discuss your requirements. And unlike most of our competitors we’ll look to take you current owned vehicle in part exchange.
- Q: What are the minimum and maximum contract lengths?
- Q: What is the minimum and maximum mileage allowance?
- Q: Are the vehicles brand new?
- Q: Do you supply any used vehicles?
- Q: Will my vehicle have a warranty and what does that cover?
- Q: What does is the difference between a customer-maintained quote and includes maintenance quote?
- Q: What is a Diesel Particulate Filter and what is Ad-Blue?
- Q: Will you take my current vehicle in part exchange?
- Q: What are the eligibility requirements?
- Q: What happens when I make an application for finance?
- Q: What will I need to supply with my application?
- Q: How long will it take to get a decision?
- Q: How secure is your application process?
- Q: Do you require a deposit or payment in advance?
- Q: How are the monthly payments made?
- Q: When and how will I receive the finance agreement?
- Q: How quickly will I receive my car after ordering?
- Q: Can my local dealer supply the vehicle?
- Q: What happens if I decide to cancel after ordering?
- Q: Will you deliver the vehicle?
- Q: Who may accept delivery of the vehicle?
- Q: Who is responsible for the servicing and maintenance of the vehicle?
- Q: What does a full maintenance contract include?
- Q: Who owns the vehicle?
- Q: Who is responsible for insuring the vehicle?
- Q: What happens if I want to return the vehicle before the end of my agreement?
- Q: What happens at the end of the contract?
- Q: What happens about collection of the vehicle at the end of the agreement?
- Q: Are there any other costs or charges?
- Q: What happens if I want to keep the car for longer?
- Q: Do you have a Code of Conduct?
- Q: Do you have a complaint handling procedure?
Q: What type of finance do you offer?
We offer finance products for both business users and private individuals. These include both hire and purchase agreements. Please click through to the KeyFacts for each finance type
It’s really important that you understand how the agreement works and your responsibilities so if finance is new to you, please let us know so that we can talk this through with you and answer any questions.
Q: What are the minimum and maximum contract lengths?
Our contract terms are normally for a minimum of 24 months or a maximum of 60 months, although we may occasionally be able to offer shorter term deals.
Q: What is the minimum and maximum mileage allowance?
The minimum mileage allowance can be as low as 5,000 miles per annum going up to a maximum of 50,000, but it is dependent on the funder.
Q: Are the vehicles brand new?
Most of the vehicles that we supply are brand new and will be registered just prior to delivery to you. However, sometimes we and/or our funders are offered a special price to take a batch of vehicles which need to be registered by a certain time. In these instances, a vehicle may be registered prior to receiving your application. We call this ‘pre-registered’. The vehicle won’t have been used by anyone and will come to you with delivery mileage only but you need to be aware that the manufacturer’s warranty may expire prior to the end of the agreement and you will need to have the vehicle MOT’d when it is 3 years old. We always recommend taking a service, maintenance and tyres package which will cover the cost of replacing items due to fair wear and tear and also the MOT.
Q: Do you supply any used vehicles?
Due to the exceptional level of discount we receive on new vehicles it is not normally cost effective to supply used vehicles, although occasionally if we are offered an exceptional batch of quality vehicles, we may put together a bespoke offer.
Q: Will my vehicle have a warranty and what does that cover?
All vehicles are supplied from new with a Manufacturer’s warranty covering manufacturing faults or defects to mechanical parts and paintwork. The warranty will also usually roadside assistance and recovery in the event of a breakdown. The period of the warranty and breakdown cover varies from manufacturer to manufacturer so you should check this before entering into an agreement.
Q: What does is the difference between a customer-maintained quote and includes maintenance quote?
Under the terms of the finance agreement, you will be required to service and maintain the vehicle in accordance with the manufacturer’s recommendations and ensure that it is always road worthy. If you have chosen a customer-maintained contract, then you do this at your own expense. With a maintained contract, the cost of this is included. Having an agreement with maintenance enables not only easy budgeting but is usually less expensive than pay as you go due to the buying power of the finance company who are able to negotiate discounted parts and labour. Please speak to us for more information.
Q: What is a Diesel Particulate Filter and what is Ad-Blue?
For information on Diesel Particulate Filters and Ad-Blue, please see our Diesel Vehicle Factsheet.
Q: Will you take my current vehicle in part exchange?
We do not take vehicles in part exchange although we may be able to put you in touch with a local dealer who could give you a price for your current vehicle.
Q: What are the eligibility requirements?
Private individuals must be over 18 years of age, have been a resident in the UK for a minimum of 3 years and must be on the electoral role at their current address. Companies applying for Business Contract Hire or other types of finance must have at least 1 UK based director or proprietor. There may be other criteria according to the specific offer you choose as we use a number of different funders to achieve the best price.
Q: What happens when I make an application for finance?
We will submit the application details to one of our funders. They will perform a credit search on you and/or your organisation and on any guarantors, you offer to support the application. This is to verify your identity and to assess your suitability for and affordability of finance. The search will leave a footprint on your credit file. If you are a director of a limited company or a trustee and/or an authorised signatory finance companies are required to verify your identity too and they will perform an identity check only through the credit reference agency.
Finance is subject to status and a credit search will be undertaken to assess your suitability and your affordability of servicing a credit agreement. You should not enter in to a financial commitment if you consider that you may not be able to adhere to the terms of an agreement either now or in the future. Failure to maintain payments on time will be recorded on your credit file which could affect your ability to borrow in the future and may result in the vehicle being repossesed
Q: What will I need to supply with my application?
To comply with ‘Know Your Customer’ and to help to prevent fraud we will need additional information to be supplied with your application. For private individuals, sole traders and partners in a small partnership we will require proof of your identity by way of driving licence and proof of your address by way of a utility bill or bank statement. The finance company may also require copies of bank statements and wage slips to assess your affordability of the vehicle. For businesses we may require you to supply your latest accounts and we will require proof of identity for the finance agreement signatory and sometimes also proof of home address. For personal guarantors we will need proof of identity and proof of address.
Q: How long will it take to get a decision?
Usually the finance company will inform us of their decision within 4 hours. However, this may be affected by the volume of applications and if they require additional information from you.
Q: How secure is your application process?
We take the processing of your data very seriously which is why all data is encrypted from our server to the client machine using an SSL certificate to ensure that it is not put at risk. All data is then encrypted into our database, which is accessed by ourselves through the password protected section of the site.
Q: Do you require a deposit or payment in advance?
Sometimes a dealer will ask for a deposit to order the vehicle. This is very rare and is usually a) if the vehicle is of an unusual specification or colour or b) to secure a build slot of a vehicle which is yet to be released. We will notify you of this prior to you placing an order. The deposit will be payable directly to the dealer. We charge an administration fee at the point of issuing the finance agreement which is payable to us before delivery of the vehicle. The initial payment or initial rental required by the finance company and detailed in your agreement is payable directly to the finance company. This is usually taken by direct debit immediately after delivery of the vehicle.
Q: How are the monthly payments made?
Monthly payments are taken by direct debit and must be from a bank account that matches the name of the individual or organisation on the agreement.
Q: When and how will I receive the finance agreement?
Following acceptance of your application by the finance company they will issue the agreement for you to sign. Most of the finance companies will send this to you by email for e-signature, whilst others will send to you by post. The signed agreement together with any additional information that the finance company may have requested as a condition of the finance acceptance will need to be in place with them prior to delivery of the vehicle. Please note that personal contracts have a cooling off period which starts when the agreement is signed and returned, and this must expire prior to delivery of the vehicle.
Q: How quickly will I receive my car after ordering?
This will depend on whether you have chosen a vehicle which is in stock or whether the vehicle is being built to your exact specification. If you have chosen a stock vehicle the delivery will be arranged with you as soon as we have received the signed documentation, payment of the administration fee and after the expiry of the cooling off period (for personal customers). If the vehicle is a factory order, we will only be able to give you an estimated delivery date based on the lead time given to us by the supplier and/or manufacturer. We will not be able to confirm a delivery date until a vehicle is physically in stock with the supplier. Please note that factory lead times can change, sometimes significantly but we will keep you updated.
Q: Can my local dealer supply the vehicle?
We prefer to use our network of preferred suppliers as we have agreed standards of service and an excellent pricing structure. However, if you would prefer for us to supply through your local dealer this is sometimes possible subject to them meeting our required terms.
Q: What happens if I decide to cancel after ordering?
Once you have signed an order for a specific vehicle and we have placed your order with our supplier we will charge a cancellation fee of £600 (£500 + VAT) if you change your mind. The supplier may also make a charge for any loss that they incur. You may have the right to cancel the finance on the vehicle that you order. However, your rights to cancel may not extend to the cancellation of your order for the vehicle.
Q: Will you deliver the vehicle?
We will deliver your vehicle anywhere on the UK mainland during our normal hours of business, Monday to Friday 9am to 5.30pm. Other delivery timeslots may be arranged if necessary but will be subject to availability. Most deliveries are driven, although if you specifically request it, we may be able to arrange a transporter in some circumstances although this may incur an additional cost.
Q: Who may accept delivery of the vehicle?
The person who is named on the agreement or the person signing the agreement on behalf of a company should accept delivery of the vehicle. Sometimes, it is possible to elect another person to take delivery and this will be subject to receiving your written authority and proof of identity of the receiving party. It is always best to accept delivery yourself as the person taking delivery will be required to inspect the vehicle to ensure that it is as ordered with all options present, that it is in good condition and to sign for the vehicle. We cannot be held responsible for any issues found with the vehicle after delivery.
Q: Who is responsible for the servicing and maintenance of the vehicle?
If you have chosen a customer-maintained contract, then you will be required to service and maintain the vehicle in accordance with manufacturer's guidelines at your own expense and all servicing and repairs should normally be carried out by a main franchised service centre. Many people like to include take a fully maintained contract where this is included. Having an agreement with maintenance enables not only easy budgeting but is usually less expensive than pay as you go due to the buying power of the finance company who are able to negotiate discounted parts and labour.
See the information in the next question or speak to us.
Q: What does a full maintenance contract include?
A contract which includes full maintenance will cover the cost of all routine servicing, repairs and maintenance which are not covered by the manufacturer’s warranty and replacement tyres subject to fair wear and tear. Most maintenance packages will also include roadside assistance and recovery. When your vehicle requires a service or repair you simply contact the maintenance provider who will arrange for the work to be carried out by an approved local supplier. Please refer to your maintenance contract which details what is included and excluded in this package. Relief vehicles can also be included in the maintenance costs which is particularly beneficial for commercial vehicle leasing where a vehicle needs to be fit for the purposes of the business.
Q: Who owns the vehicle?
Vehicles which are the subject of hire agreements such as Contract Hire, Operating Lease, Finance Lease, Personal Contract Hire and Personal Operating Lease are owned by the finance company. Vehicles which are the subject of purchase agreements such as Contract Purchase and Personal Contract Purchase are owned by the finance company until all of the payments under the terms of the agreement have been made.
Q: Who is responsible for insuring the vehicle?
The individual or organisation named on the agreement is responsible for arranging fully comprehensive insurance on the vehicle for the entire duration of the contract.
Q: What happens if I want to return the vehicle before the end of my agreement?
If you want to end your agreement early, it will depend on the type of agreement that you have and with which funder this is with to work out the financial implications. If you think that you may need to end the agreement early, please contact us for advice. In addition to any early termination charge levied by a funder you may also be liable for further costs. See ‘Are there any other costs or charges?’.
Q: What happens at the end of the contract?
Depending on the type of contract you have chosen the vehicle will either be returned to the funder or you will make any final payments to retain ownership or dispose of the vehicle. Vehicles are expected to be returned in a reasonable condition as stated in the BVRLA Fair Wear & Tear guidelines, a hard copy of which can be forwarded to you upon request from your Account Manager or Customer Service team. Commercial vehicle leasing has its own set of fair wear and tear standards so please request the appropriate document.
Q: What happens about collection of the vehicle at the end of the agreement?
We will usually, on your behalf, arrange collection of the vehicle from an address specified by you anywhere in the UK mainland. Some funders will require you to contact them directly to arrange this. Collection is made on the arrange date between usually between 9am and 5pm. Most funders within their Terms and Conditions reserve the right to ask you to deliver the vehicle back to them although it is highly unusual for them to enforce this.
Q: Are there any other costs or charges?
It is a condition of the agreement that you must insure the vehicle comprehensively, maintain it in accordance with the Manufacturer’s recommendations, always repair any damage and keep the vehicle in a good and road worthy condition. In addition to your monthly payment or monthly rental, you may incur additional costs if you fail to settle any fines or fees including parking fines, clamping charges or congestion charges as these may be passed to the finance company who will recharge you and levy an administration fee. You may incur charges if you decide to terminate the agreement prior to the contracted end date. Early termination charges vary between contract type and funder so please speak to us if you are considering this. At the end of a contract (including early termination) you may be liable for additional costs if you exceed your contracted mileage (please refer to your agreement), any re-conditioning costs if the vehicle is not returned in a condition which they consider is suitable for its age and mileage, if the vehicle has not been correctly maintained or if any items which were with the vehicle at the time of delivery are missing, for example locking wheelnut, all keys. Please note that modifications cannot be made to the vehicle.
Q: What happens if I want to keep the car for longer?
This is dependent on the type of contract that you have and is usually only available to business users.
Q: Do you have a Code of Conduct?
As members of the British Vehicle Rental & Leasing Association (BVRLA) we adhere to the Leasing Broker Members Code of Conduct. The Code is the embodiment of what both we and the BVRLA stand for - quality, integrity and value for money. We are committed to these principles and will honour them by our actions which reinforces the message of 'use only a BVRLA Leasing Broker Member' - only then can you be assured of proper standards of quality, service and value.
Q: Do you have a complaint handling procedure?
Although we strive to provide a problem-free service, we appreciate that sometimes things do go wrong. If you have cause for complaint, we do have a Complaints Procedure. Details of this may be found on our website under www.plancarleasing.co.uk/complaints-procedure