You also have the option to renew your current lease, when it requires the approval of the financial company and there is no guarantee. If you`re interested, it`s always worth talking to your account manager at Rivervale, and we`ll do our best to help. One of the advantages of entering into a contract is that you usually delivered the new car on the same day that your old car is recovered, which prevents you from having time to not have a car. A wear and tear charge may be charged after your rental car if the condition of the car exceeds the BVRLA guidelines and the mileage limit agreed at the beginning of the contract may be charged to you. Try to keep the car in the best possible condition and avoid making more miles than the agreed limit. As with any type of financial contract, there is a penalty for early termination of your lease. This penalty – also known as early termination fees – depends on a number of factors and varies from a funder to a funder. Some financial service providers charge a 50% fee for unpaid rent and potential arrears for contract and personal rentals, while others charge fees on a case-by-case basis taking into account the length of the contract and mileage allowance as well as all unpaid rents. When you reach the end of your contract, you must return the car on which you will most likely want to enter into a new lease as soon as possible. Since most factory-built cars take about 12 weeks to deliver, we advise you to look for new offers about 3 months before the end of the contract – this should give you time to find the car you are looking for and arrange all the necessary paperwork to prepare everything when your car arrives. At the end of your rental agreement, return the car to the dealership and they will check it to make sure it is in an acceptable condition. For every mile driven by the vehicle beyond the agreed annual mileage or the maximum number of kilometres, you must pay the financial company the excessive mileage charge specified in your lease.

Click here to read our guide to excess mileage. The type of rental base you own affects what happens at the end of your lease. There are three main types of car rental, depending on the type of car financing agreement you have chosen: at the end of the agreement, the financial company picks up the car from you. As stated in our auto-leasing guide, ownership of the car is still owned by the financial company and there is no standard option to buy the car at the end, so the financial company simply recovers its own vehicle from you. The procedure for arreasing the pickup must be detailed in your rental agreement.