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If you cannot find the vehicle or model you are interested in please call or contact us anytime and we will supply you with as many alternatives as you would like.


Below are some of the terms you may come across in a car leasing contract

3 + 23

The number of initial payments payable as a deposit (3) followed by the number of regular payments to be made (23).

Balloon Payment

The final payment of a car leasing agreement that reflects the expected value of the vehicle. A balloon payment should result in lower monthly repayments but in some instances the balloon payment may be greater than the car's value.

Business User

To qualify for 100% VAT recovery on vehicles, the car must be shown to be intended for business use only and not for private use - including travelling to and from the user's home.

Company Car

A car available to employees to be used as a private vehicle and not for the transportation of goods; is available for private use to an employee earning £8,500 or more per year, and is made available to a company director.

Contract Hire

A financing package for VAT registered companies to minimise risks of vehicle utilisation by reducing outlay and maximising the control of costs. Protects companies from the costs of depreciation and disposal for an agreed contract period and level of mileage

Contract Purchase

A financing option that allows the purchase of a vehicle on a Conditional Sale agreement. Useful for the more expensive type of vehicles where tax relief restrictions make contract hire less competitive.


The initial payment required before receiving the vehicle. The more deposit you choose to pay, the cheaper monthly payments will be.


The reduction in value of a vehicle caused by age, mileage and condition.

Excess Mileage

When leasing a car for a fixed period the customer is effectively paying for the depreciation of the vehicle - based in part on an anticipated level of mileage. If the agreed maximum mileage level is exceeded, the car is worth less and hence an additional charge is required to compensate the finance company for this additional reduction in the car's value.


Guaranteed Minimum Future Value - this is similar to a balloon payment with the exception that the amount has been guaranteed by a third party. This eliminates the disposal risk should the leasee wish to return the car.

Personal Contract Hire/PCH

A personal agreement for the use of a car with ownership remaining with the finance company.

Personal Contract Purchase/PCP

For private individuals who want a cost effective way to finance a car over a fixed period of time. At the end of the contract the customer can pay the agreed end purchase fee and gain ownership on the car, return the vehicle or sell it and retain any surplus beyond the end purchase fee.


Pence per mile.


Road fund licence.

Residual Value

The amount for which the car can be sold at the end of the contract (including VAT).


Service, maintenance and repair.

Maintenance Option

The element within the agreement which covers servicing, repairs and tyre replacement.


Whole life cost - this is the total cost, including depreciation, servicing, fuel etc., incurred in running a vehicle for a defined period of time.