Making Changes to Your Vehicle Lease Mid-Term
Pendle Lease understand that lives are always changing, for good or for bad. Whether it be a change in financial situation or a major life event, some things may result in you needing to change the terms you pre-agreed when you took out your lease. With this guide we have set out to explain what we can and can't do mid-way through your lease agreement, and the impact this may have on you. The processes and impacts will vary depending on the type of lease you have, how far into it you are and what finance funder your lease was taken out with. But don't worry, a member of the Pendle Team will talk you through the whole thing!
Cancelling Your Order Before Delivery
First of all, it is important to understand your rights before you have taken delivery of your lease vehicle. All regulated customers (that is a personal customer, sole trader or partnership, not a business) has a 14 day cooling-off period. This is set out by law under your Consumer Rights. Should you cancel your order within 14 days of placing the order, you will not incur any cancellation charges and you can simply walk away. You do not need to provide a reason. Pendle Lease are unable to deliver your lease car or van until this period has expired; you do have the ability to waver your cooling-off period but you will incur cancellation charges in you then decide to cancel. All charges are detailed at quotation stage. Business users, i.e non-regulated customers, do not have the same rights.
If you decide to still cancel your order after this period has expired, cancellation charges may be incurred. Pendle Lease are very upfront and transparent with our customers; if we are able to avoid cancellation fees and there are no issues with cancelling, then the customer will not be charged any fees. The only time a customer will incur a charge is if Pendle are made aware of a cancellation fee. If you would like to cancel your order, speak to a member of our team and we will find out all the information for you prior to making a decision. That way you can make a fully informed decision. Pendle Lease do not charge any admin, doc or processing fees, so you do not have that to worry about.
Changing Your Mind/Wanting a New Vehicle Mid-Term
This is a very common question for us. When you take out a lease agreement it is for a pre-agreed number of years. The only way out of a lease for the above reasons is what is known as an Early Termination. This is very similar to what you receive when you want to upgrade your mobile phone early; essentially you have to pay up a percentage of the remaining contract. The amount you pay varies from finance funder. It ranges from 50-90% of the remaining rentals. You can request an Early Termination quotation at any time during your contract, and requesting one does not mean you are obliged to go ahead with it. To request a quotation for one, simply email a member of the Pendle Team with your vehicle registration and current mileage and quotation will be calculated for you by the finance funder. Your mileage is needed in case you have gone over the annual mileage allowance. There is no option available to simply swap your current lease vehicle for a new one and the monthly payments to continue.
Increasing or Decreasing Your Annual Mileage
To start with it is not possible to decrease your annual mileage on any lease agreement.
We understand that you may find yourself in a situation where you are doing, or anticipate to do, more miles than you originally thought when you took out your lease. It is extremely important to give us a call if and when you find yourself in this position. As detailed on your lease quotation and contract there are excess mileage charges if you go over the contracted amount. To avoid these simply give a member of the Pendle Team a call and they will be able to speak to the finance funder on your behalf to obtain a new quotation for the correct and accurate annual mileage. Naturally, a increase in miles will result in an increase in monthly payments and a new agreement will need to be signed. We are there to help you through it and the whole process is very smooth and easy to do. You are not able to make any changes to your annual mileage if your contract is less than 12 months old, and you must have at least 6 months remaining on your lease agreement.
Finding Yourself in Financial Difficulty
Unfortunately this can happen to us all for an endless lists of reasons. Should you find yourself in a position where you can no longer afford your lease vehicle, it is vitally important that you contact Pendle as soon as realise you are in this situation. Pendle Vehicle Contracts Limited are authorised and regulated by the Financial Conduct Authority, as are our finance funders, so there things in place to protect you, the customer.
Due to GDPR, this is a conversation that has to take place between the customer and the finance funder, but by contacting Pendle we will be able to assist and point you in the right direction. Ignoring the situation can result in things deteriorating and finding yourself in an even worse financial position.
For money advice and help, we advise seeking further advice from Citizens Advice.
If there are any other questions that you have, please feel free to contact us and we will be happy to help!