Admin/Doc Fee
This is a processing fee which is typically due before your contract starts.
Balloon Payment
An amount that is offset to the end of agreement. This is pre-determined by the finance company based on vehicle, length of contract and anticipated mileage.
Contract Hire
A term that is often used and refers to BCH (business contract hire) or PCH (personal contract hire)
Early Termination.
If the situation arises that you no longer need the van before the agreement ends the leasing company is able to charge a fee to end the agreement early. This is typically 50% of any outstanding payments that are owed.
Fuel type
We now have 3 main types of fuel! Petrol, Diesel and Electric.
Gross Train Weight
The maximum allowed weight of the van and trailer being towed.
Gross Vehicle Weight
The maximum allowed weight of the van which also includes Fuel, Driver, Passengers and any load being carried.
Initial payment
This will be the initial payment based on what you decided to put in advance of your monthly rentals.
Lead Times
The amount of time from placing your order to its expected delivery to you.
Lessee
The person is paying for the vehicle.
Lessor
The company who is providing the vehicle
Maintenance Package.
There is an option available to include a maintenance package within your monthly payments. This will typically cover the cost of any servicing the vehicle requires which can also include tyres.
Mileage
The annual mileage allowance that is pre-agreed at the beginning of the contract.
MPG
Miles per gallon is how many miles your vehicle will do on gallon of fuel. Typically, all manufacturers will use MPG when highlighting performance
Pence per mile excess
The pence per mile if you go over your contract mileage (this will be stated on your quote and your agreement)
Payload
The maximum goods weight that the vehicle can transport.
Relief Vehicle.
If this option is selected the leasing company will provide a vehicle for you to use if yours is off the road.
Rental
The monthly payment/rental for use of the vehicle during the agreement.
Side Loading Doors
Sliding doors that enable the user to access the vehicle from the side rather than just the back.
Towing Limit
The maximum weight of a braked trailer that you van can pull.
VAT
VAT (or Value Added Tax) is the amount of tax you will typically pay on the majority of items purchased. This is currently 20%