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Contract purchase
An economical option for buying your vehicle
How contract purchase works
Our relationship with leading manufacturers and our industry experience enables us to use our buying power to get you a competitive price on brand new vehicles. You’ll pay a fixed monthly amount based on the vehicle’s value and will be given the option to purchase at the end of your contract via a one-off, pre-agreed ‘balloon’ payment.
Benefits
- Flexible contract lengths from 24 to 60 months
- Fixed monthly finance payments
- Optional pre-agreed end-of-contract ‘balloon’ payment
- An efficient form of funding for VAT-restricted organisations and any business running commercial vehicles
- Optional maintenance package
- CO2-linked capital allowances
- Pooled mileage available
- Replacement vehicle option because of theft, accident, repair or mechanical failure
Eligibility
- Businesses must have been trading for a minimum of two years
- Available only to cars, vans, flatbed trucks up to 3.5 tonnes and 4x4/SUV requirements.
- We are unable to assist with HGVs, agriculture machinery, motorbikes, camper vans, couriers, driving schools, chauffeurs, or hire and reward
- Maximum mileages are based on vehicle model and type of fuel
- Subject to status, application and necessary credit acceptance
- Maximum quotable contract mileages: Cars - Petrol 120,000 miles, Diesel 150,000 miles. LCVs - Petrol 150,000 miles, Diesel 180,000 miles
Contract information
- Contract purchase provides the option to purchase the vehicle at the end of the contract at a fixed ‘balloon payment’ or hand it back to Lex Autolease
- Excess mileage charges and return conditions apply if the vehicle is returned. Vehicle should be returned in good condition to avoid further charges – see our Fair Wear and Tear Policy.
- Excess mileage charges apply if the contracted mileage is exceeded
- Can include management services such as, maintenance, breakdown assistance and replacement vehicles; the charge for these is dependent upon vehicle mileage and contract duration and is priced into the monthly rental
- VAT is not charged on the finance repayment or final balloon payment
- VAT is charged on the service element (e.g. maintenance)
Need more information on contract purchase?
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