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The finance company will have their own policies to cover a loss on the vehicle but this does not cover your use of it. If there is vehicle damage it is recommended that you contact your vehicle insurance company to notify them. Even if you pay for the repair of any damage yourself it is important to be covered in case another party makes a claim against you. A crucial difference with a lease vehicle is that the leasing company will want any repairs to be carried out by a repair specialist approved by them, and a failure to do so may cause you significant problems.

If repairs are required it is recommended that you put your insurance company in touch with the leasing company so that they can communicate with each other. If you have a PCH then the registered keeper, and legal owner, of the car is the finance company responsible for providing the lease. In simple terms the finance house has purchased the car and is hiring it to you, so their name is the one that appears on all the important paperwork.

This is important, because when you arrange your car insurance it is crucial that you inform your provider that you are not the legal owner or registered keeper. Tthis may also have a negative effect on your premium, so be sure to shop around. Another factor to keep in mind is that any parking tickets or speeding fines that are generated may be sent to the registered keeper, and how this is then delt with depends on the individual company, so be sure to read the small print.

Some leasing companies will pay the fine as soon as it arrives and then invoice you, with an administration fee added on top. If the vehicle is declared as a total loss by your insurance company then you are liable for the value of the car at the time of it being written off. This is because the leasing company do not have insurance to cover the loss of the vehicle. While it is in your custody during the loan period you are required to insure the car, so a total loss means you are required to cover that loss. The payout from your insurance company will cover some or all of the total amount outstanding, but in the event that it is less this amount you will be liable for the difference.

In these circumstances GAP insurance would cover you for this difference, so it is something you may wish to consider before taking up a PCH lease. Unlike a PCP where there is the option to buy the vehicle at the end of the term, a PCH is strictly a lease, and so there is no option to buy. At the end of the term the vehicle is returned to the leasing company for resale, and therefore it has to meet the mileage and condition criteria that were given at the start of the agreement.

Failure to meet these criteria will mean paying additional penalties. It is possible to end a PCH early, but because of the way in which lease cars are funded it is not simply a case of returning the vehicle and walking away. If you are having financial difficulties and struggling to meet your monthly payments, your first course of action should be to contacting the leasing company and explain the situation. They may be able to assist you by re-arranging the terms of your agreement and lowering your monthly payment.

If this option is not available or you are determined to end the agreement early, what happens next depends on the leasing company and the terms of your agreement, but you will be liable for a proportion of the remaining monthly hire costs - anything from 50 per cent to per cent.

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This process is called early termination, and individual leasing companies will have different ways of calculating the early termination fee as well as determining your eligibility. The reason for this is because the vast majority of lease vehicles are purchased by the finance provider in order to provide the vehicle for your use, and your monthly payment is calculated on the calculated cost of the vehicle use and its depreciation during the hire period. Unless the vehicle can be sold at a price which clears the remaining finance and more, the leasing company will lose money on the deal - hence the result is usually a requirement for you to pay early termination fees.

The short answer is a simple no. Even if it happens to be the best car you have ever driven, no amount of begging or pleading will allow you to buy it. If you are super-keen you may be able to find out where the car will be re-sold, as the lease company is likely to have an established sell-on route for vehicles that come to the end of their lease period, but there are no guarantees this information will be available.

You pay a deposit and have a fixed monthly payment over the length of the agreement. However, at the end of the agreement, there are no options - the vehicle must be returned. You can still walk away completely or start a new agreement, but you cannot purchase the vehicle. It is a leased vehicle - you are not purchasing it.


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PCH gives you the ability to change your car frequently. Some providers offer agreements of 12 months or less, so you can swap into a different car on a regular basis if that appeals.

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Choosing PCH also takes away many of the hassles of car ownership, particularly if you take up an agreement that includes a maintenance package. That means you will not have to pay for servicing or road tax, which can also help if having a fixed monthly cost is important to you. As with a PCP, a PCH will come with restrictions over the mileage you can cover as well as a commitment to keep the vehicle within fair wear and tear guidelines. As this is a rental rather than a deal with the option to purchase, failure to abide by these restrictions will result in an additional cost to you.

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A PCH deal will also have a clause that requires you to pay an exit fee if you choose to end the agreement early, and it may also cost you more than a competitive Hire Purchase deal depending on your term. Like a loan or credit card application, a PCH requires a credit check. Because you don't own the car, any lease company will need to ensure that you can make the monthly payments over the term of the agreement.

Be wary of brokers or leasing companies that claim they can lease a car without a credit check - it's very likely they are not reputable. There are however, companies that will still lease you a car if you have a poor credit rating. Your other finance options.

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What kind of chemistry do you have with your car? Love it? Loathe it? What you pay What you pay.. Leasing a car - how does it work? All Car Leasing All Car Leasing is a Cheshire-based leasing broker with more than 20 years of experience within its team, and is a part of the Eurocar Group. Blue Chili Cars Blue Chili Cars is a UK-based broker in operation since , with a combined experience of over 20 years in the vehicle leasing and sales industry.

What are the pros and cons of leasing? Do I need my own insurance for a lease car? What happens if my PCH lease car is damaged in an accident? Who is the registered keeper of a lease car? What happens if my PCH lease car is written off? What happens at the end of a PCH Lease? Can you buy the car at the end of a PCH? Will I need a credit check to lease a car?

What is better for cost over a six-year period - leasing or buying? British Car Auctions , Europe's largest vehicle remarketing company. Motorpoint UK , an independent supplier of new and used cars. Warranty Direct , the UK's leading provider of direct consumer warranties specialising in used car and extended warranties. DSG Autos , an independent contract hire, car and van leasing and finance brokerage business. King Automatics , a provider of specialist diagnostics and advice in repairing and rebuilding all makes of automatic gearboxes.

HPI , a specialist in car vehicle checks. Recently Asked Questions Are there any small cars with sliding doors? What's the most comfortable riding car for rough roads and potholes? Is my sat nav legal to use in France? Is there a dash cam that will record who is keying my car? My car has keyless start but not keyless entry - should I be worried about theft? Sign up to the HonestJohn. Latest Reviews 4. Used Car Pricing Search on. The Latest MoT Reminder. Cheap Road Tax. Fuel Calculator Petrol or Diesel?

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