If you find yourself in the unenviable position of having lost your job then it's possible you will find that you are no longer able to keep up the repayments on your lease vehicle. It can be incredibly stressful if you do find yourself in this situation and it's easy for panic to take over. In this article we talk about some of the options that are open to you if you do find yourself in financial difficulty.
Getting your new car through finance is a hugely popular way of doing it and has become increasingly popular over the past few years. Generally, financing your car is very simple, and at OSV, we try and make the process as smooth as possible for you. However, sometimes you can run into problems. While it happens rarely, it does happen, and we think it’s important that you are aware of these problems before you make a decision. So in this article, we are going to look at the most common problems with financing your car, and how to solve them.
The largest part of the lease payment is covering depreciation of the vehicle during the course of your lease. This can be calculated by dividing the total cost of the vehicle by the expected value of the vehicle at the end of your lease term. Then comes the interest payment. This is where the lease company makes their profit. You will be charged interest on the cost of the vehicle plus the expected value of the vehicle at the end of your lease.
If you find yourself asking 'Is car leasing a rip-off?' then read on! It's highly unlikely that car leasing is a rip-off considering leasing accounted for 29% of all new car purchases in the UK in 2015. If it was a rip-off I'm certain that there wouldn't be such a huge number of people choosing lease finance options to drive a new vehicle. Do you still need convincing? This article has all the information you need.
OSV Limited is an Appointed Representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows OSV Limited to act as a credit broker, not as a lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance distribution activities only.
OSV Ltd a Registered Company in England and Wales No: 04533176 and whose registered office is D1 Yeoman Gate, Yeoman Way, Worthing, West Sussex BN13 3QZ.
VAT Reg No: 946 3911 02 ICO: Z1606144
Finance is subject to status.