Lease Purchase is a finance plan available to both personal and business customers, but not for hire and reward purposes.*
How does Lease Purchase work?
Before your agreement can begin you have four simple decisions to make:
1. What vehicle would you like?
Visit your local retailer or explore our range of vehicles online.
2. How much would you like to pay as a deposit?
There is no minimum deposit but the smallest amount you can finance is £1,500. You can even trade in your current vehicle as a deposit.
3. How many miles will you drive each year?
This must be between 10,000 – 60,000.
4. What contract term best suits you?
Choose a term between 18 and 49 months.
Once you have made these decisions, we will then calculate a monthly repayment amount and the final balloon payment.
Lease Purchase Product Information Guide
What happens once your agreement has started?
· You pay back your monthly repayments over the period you agreed at the start of your agreement.
· To keep enjoying your vehicle, you need to keep up to date with your monthly repayments. Failure to do so can impact your credit rating and result with the vehicle being repossessed. If you are experiencing any money struggles, please contact us as soon as possible on: 0800 912 3558 so we can discuss what options may be available.
· If you want to end your agreement early, you can request a settlement quote. How far into your agreement you are will affect the amount left to pay.
When your agreement comes to an end, you have three options:
1. You can pay a one-off option to purchase fee of £10 as well as the final balloon payment and become the proud owner.
2. You can trade your old vehicle in for a new one. Your old vehicle is sold back to the dealer and is used to pay off your optional final balloon payment. If the vehicle is worth less than final balloon payment, you must cover the shortfall. Any money left over can be used as a deposit on your new vehicle (subject to application and approval).
3. If you would like to keep the vehicle, without settling the optional final balloon payment, you may be able to refinance the outstanding amount. Just ask your Retailer for more information.
The benefits of Lease Purchase
If Lease Purchase is the right product for you, you now need to find the perfect vehicle!
At Volkswagen Financial Services we work with all the brands of the Volkswagen Group, so you can be sure to find the right vehicle from the range of brands below:
Terms and Conditions:
*i.e. taxis, driving school, body-shop usage, long term sub-let agreements (> 1 month) or replacement vehicle insurance claim business.
^This is subject to status. An offer of financne depends on certain conditions. Available to 18s and over in the UK only. Terms and conditions apply. Volkswagen Financial Services.