Early termination
Understanding what happens if you end your contract early
Circumstances sometimes change and you might need to return your vehicle before the end of its lease. We call this early termination.
Ending your contract early
There will be a charge when you end your contract early. It's approximately 50% of the outstanding rental payments.
If you end your contract early, you must return the car to us. You must arrange vehicle collection within the quote period or you’ll be charged additional fees. And you'll have to pay the rental charge for the whole month regardless of when you return the car.
If you decide to keep the vehicle, just continue paying the monthly rental for the length of the contract. The early termination quote will simply expire.
If you end your contract early with a personal or business contract hire agreement, you may be charged for excess mileage and damage. We’ll tell you about any additional charges after assessing your vehicle, and invoice you separately.
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When you lease a vehicle, you agree to a set mileage allowance over the lease term. If you drive more miles than this, you’ll pay an excess mileage fee. You’ll find the pence per mile cost in your agreement under 'Key Information'. It will also tell you if the amount is including or excluding VAT.
If you decide to end your vehicle contract early, we’ll lower your mileage limit. This change depends on how many months are left in your contract.
Your new mileage limit for the remaining time will be half of what it would have been had you not ended your agreement early. We’ll invoice you if your mileage is more than your new, pro-rated contract mileage.
Here’s an example to help explain:
About the lease
You choose a 3 year lease agreement.
And agree to 10,000 miles per year, for 3 years.
Total mileage is 30,000 miles over 3 years.
Ending the lease early
You choose to end your contract 12 months early.
We adjust your mileage for the last year to 5,000 miles.
Total mileage is 25,000 over your shortened contract.
Possible excess mileage
If you stay within 25,000 miles, there are no excess mileage charges.
If you exceed 25,000 miles over the length of your contract, you'll pay excess mileage charges.
If you have changed your contract at any point, this could change your excess mileage fee. But, this will be included in the calculations so you can make an informed decision.
Fair wear and tear, or damage?
There is a difference between wear and tear and damage.
Damage could happen because of an impact, failing to securely load items in transit, harsh treatment, negligence, or not servicing the vehicle as recommended.
Wear and tear will happen when using your vehicle normally, in line with its age and mileage.
Inspection
When the driver collects your vehicle, they’ll complete an initial inspection and note any damage. They’ll complete a full inspection of the vehicle at their premises against the BVRLA fair wear and tear guidelines.
The BVRLA has a Fair wear and tear guide, but any damage that isn’t fair wear and tear will be chargeable.
Your options
- Repair any damage yourself before we collect your vehicle.
- Use the our Damage Calculator. Complete a self-assessment to check for an indication of what you may be charged for any damage.
- Use the BVRLA fair wear and tear guidelines.
If you have damage to your vehicle that isn't fair wear and tear, we’ll invoice you.
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