Pros and cons of leasing a car: can you trust your vehicle supplier?
We at OSV know how vital it is that you are able to trust the company you are leasing a car from. Of course, you want to be able to trust them, how do you know if they are working in your best interests if you don’t?
But, how do you know if a leasing company is trustworthy? Luckily, we have the answer to that question, and in this article, we will be discussing how you can tell if your vehicle supplier is reputable.
Considerations to make when leasing a car
Leasing isn’t for everyone, and there could be a chance that leasing isn’t actually the right option for you. Therefore, a trustworthy vehicle supplier should provide information on both the advantages and disadvantages of leasing so you can decide whether it’s the right option.
What kind of vehicle do you want?
A trustworthy leasing company should listen carefully to what you need in order to establish if leasing is genuinely right for you. If they try and push the more expensive option when you know it’s not right for your circumstances, they aren’t trustworthy and you should consider looking for a different supplier.
Consider the cost of leasing a vehicle
Whilst many are attracted to the initial price of a lease, there are other costs to consider before leasing, and a trustworthy company should go through these extra costs with you. Insurance can be higher on a lease car, and you have to get it serviced.
When you lease a car, prices can vary depending on your circumstances, therefore prices displayed on websites tend to have very limited parameters and this is something to take into consideration when you see a deal that works for you online. A trustworthy company should be completely transparent with the price.
How to find the best vehicle broker
There are loads of things to consider when choosing a vehicle broker, and it’s important that you know what to look out for in order to make the best decision. Here are some of the things you should be asking when determining whether a vehicle broker is right for you:
- How long have they been trading? The longer they have been trading the more knowledgeable they are likely to be.
- Are they regulated by the Financial Conduct Authority?
- Are they members of the BVRLA (British Vehicle Rental and Leasing Association)?
- Can they supply all makes and models?
- Have they taken the time to fully understand your requirements?
- Does your advisor have any official qualifications from the BVRLA or the SAF (Specialist Automotive Finance)?
- Where is their business located? If you’re unsure, have a look on Google Maps. For example, if you google our office you can see we’re on an office estate. If you google your chosen broker and it seems they’re working out of their garage, you can assume that they haven’t got the same level of support as an established brokerage.
Whilst many brokers look appealing due to their prices, it’s crucial to check that you are dealing with a professional, trustworthy company that is regulated by the FCA.
There are a few brokers that will work exclusively with a small selection of finance houses, and therefore you may not get the best prices or options for your circumstances. It’s always best to shop around a little bit before you commit to anything.
There will also be suppliers that have targets to sell a certain amount of specific cars which they will sell harder than others, so there’s a chance they may not be recommending the best car for you. However, you should never feel pressured into one make or model; choose a car that you think is best suited to your needs.
What if I want to cancel my car lease?
Should you want to cancel your car, there could be cancellation costs. A trustworthy supplier will detail any charges in the order form before signing. So read it carefully. If they don’t mention it or skirt around the issue when asked, find another supplier.
How long will it take to deliver your leased car?
Delivery times can vary, so when deciding on leasing and what car you are leasing make sure that your supplier fully understands your timeline and be sure to consider the implications of any possible delays. A trustworthy company will keep you informed of the status of your vehicle, if they can’t give you information about the delivery timeline before you sign, you should look for another supplier.
What happens when your lease agreement ends?
Before you sign anything, your leasing company should discuss if you want the option of purchasing your car at the end of your leasing agreement. Not every finance option allows for you to do this, so it’s important that your supplier explains every available option to you before you buy.
What happens when you return a leased car?
Before you receive your lease car, a trustworthy supplier should provide you with a guide like the BVRLA fair wear and tear guide, which provides you with everything you need to know about the industry fair wear and tear standard. By doing this, they help you avoid any extra cost at the end of your lease.
Above all else, price transparency is essential
A trustworthy company will be completely transparent about how much leasing will cost you. There may be additional fees for admin or delivery that you are not made aware of at the beginning of the process. Some companies will say there is no admin fee but instead, will charge you at a later date under a different label.
Your supplier should ensure that all costs are detailed in the paperwork and are made completely clear.
The reasons above are crucial when deciding whether you can trust a lease company. Trust is built through a genuine understanding of your requirements and complete transparency when it comes to price. With a reputable company, leasing a car can be painless.
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