Hi I have a van which I've had for 2 years and it's on a 5 year contract with you. Can I upgrade my van early? How much would it cost?
Our expert Richard answered...
Hello, Thank you for getting in touch. We can always look at ending the agreement early, however, there may be a charge depending on the type of agreement you have. If you have a contract hire then there will be an early termination fee which will be 50% of the remaining rentals. If you have a finance lease, you will need to sell the vehicle to a third party and the sale value will determine if there is an additional cost to cover. As an example, if you are paying £300 + VAT a month with 12 months left and an end payment of £6000 + VAT you will owe a total of £9600 + VAT. You will then need to sell the vehicle for as much as you can to try and settle this payment. I hope that helps and if there is anything else we can help you with then please let us know. Kind regards, Richard Wells.