Contract Hire is the leasing of a vehicle for a fixed period of time at a fixed monthly rental. The choices of vehicle and contract terms are flexible to meet your individual needs and requirements.
The low cost attributed to contract hire is because the financial lender is able to reclaim the VAT on the new car and pass the savings onto the hirer in the form of low monthly rentals.
Benefits of Contract Hire
- Flexible rental pattern
- Fixed monthly costs which can include maintenance
- More capital available for your core business
- Off-balance sheet borrowing
- No depreciation risk
- No disposal problems
- VAT on rentals reclaimable if Maintenance included.
- No disposal problems
- Administration and Management transferred to provider
Contract Hire enables companies to release cash normally tied up in outright purchase and allows them to opt for a low deposit followed by fixed all-inclusive monthly rental.
Contract Hire has a market share of 40% and is still rising.
The leasing company calculates a residual value for a vehicle at a set age and mileage contract and charges the user a monthly fee to cover the depreciation over that period plus a funding charge along with add-on services such as maintenance and gap insurance.
At the end of the duration of the contract, the vehicle is sent back to the provider with no further obligation to either party, subject to terms and conditions.
For a quotation, help, or advice contact your local dealership and ask to speak to one of our Business Managers at your local Evans Halshaw dealership.
“Who regulates us?
PFIS Limited is authorised and regulated by the Financial Conduct Authority (FCA), 25 North Colonnade, Canary Wharf, London, E14 5HS. PFIS Limited’s Financial Services Register number is 312666.
You can check this on the Financial Services Register by visiting the FCA’s website http:www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768.
What to do if you have a complaint
If you wish to register a complaint regarding the sale of either a General Insurance policy or a Consumer Credit Agreement, please contact us either:
In writing to:
Customer Complaints Co-ordinator, Pendragon Finance & Insurance Services Ltd, Loxley House, 2 Oakwood Court, Little Oak Drive, Annesley, Nottingham, NG15 0DR.
Or by telephoning: 03333 239 255
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. For more information, you can follow the FOS online at financial-ombudsman.org.uk”