A lease (often referred to as Contract Hire) is essentially a long-term rental agreement, offering the exclusive use of a car for a set period at a fixed monthly price.
As an individual leasing offers the opportunity to control your costs (servicing, maintenance and tyres can be included), you can obtain a brand new vehicle every 2, 3 or 4 years, no hassle with part exchanges / trade ins, and lower monthly rentals than other financing methods.
As a business, this is the most cost efficient method of funding the vehicles as it takes advantage of the tax and vat regulations to reduce the whole life running cost of your vehicles and is supported by the buying power of the finance company, to assist in reducing the cost even further.
The greatest cost of running any new car is depreciation, and many new cars will lose more than half their initial value after the first three years of ownership. Leasing allows you to avoid this.
Leasing a car lets you avoid any unexpected costs by offering a fixed monthly payment for the term of the lease, with usually a low excess mileage charge should you go over in mileage for the whole term.
Unlike dealer finance or bank loans your only concern the is monthly cost of the vehicle, rather than the full capital value and depreciation as the leasing company / funder will have had support from the manufacturer at the start of the agreement, and will have calculated the residual value at the end.
Rather than pay a large deposit you simply pay a small initial amount, usually equivalent to three, six, or nine monthly payments, at the start of the lease.
Then, at the end of the lease period (usually two, three, or four years), you simply hand the car back. The job of selling the car and picking up the tab for depreciation is the responsibility of the lease company / funder.
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Cathedral Motor Company Limited or Ltd T/A Arbury Leasing is Authorised and Regulated by the Financial Conduct Authority (FCA) for Consumer Credit activities and is an appointed representative of TRACS, a trading division of FISC Limited, which is authorised and regulated by the Financial Conduct Authority for General Insurance. (689358). We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase we may receive a payment from the lender if you enter into an agreement with them.
Registered in England & Wales with company number : 03910203 | Data Protection No : Z4703608 | VAT No : 905060264
Registered Office : Cathedral Motor Company Ltd,16 The Courtyard, Buntsford Drive, Bromsgrove, Worcestershire, B60 3DJ
Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.
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