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Product Key Facts

Personal Contract Hire

PCH is a fixed term and mileage-based agreement and it is important that your agreement reflects your predicted annual mileage.

PCH is a contract hire agreement suitable for renting selected vehicles. The vehicle will not belong to you at any point in the agreement and so you cannot sell the vehicle. With PCH you will pay an agreed number of fixed monthly rentals plus VAT at the prevailing rate for the specific period of hire you have chosen. At the end of the agreement the vehicle must be returned to your Finance House.

Benefits of PCH
•Fixed monthly rental payments
•Choice of period of hire from 2 - 5 years and a total mileage up to 150.000 miles (maximum 50,000) per annum • For peace of mind motoring optional maintenance plans are available for an additional fixed monthly fee
• Road Fund Licence is included for the duration of the agreement, though charges may apply reflecting future increases
•The vehicle is simply returned at the end of agreement.

PCH may not be suitable for you in certain circumstances. For example:
•If you wish to own or buy the vehicle
•If you might need to change your vehicle early (early settlement will incur charges)
•If you would like to shorten your period of hire by pre-paying
•If you do not know what your predicted mileage will be
•If you plan to export the vehicle or use abroad for extended periods

Taking care of the vehicle
• You must ensure the vehicle is comprehensively insured at all times
•You must have the vehicle serviced and maintained in accordance with the manufacturer’s requirements
•At the end of the agreement we will assess the vehicle condition based on the standards set down in the BVRLA fair wear and tear guide refurbishment charges may apply
•If you exceed the total mileage charges will apply, please refer to your quotation

Cost of credit
Details of the cost of your credit agreement including the number and amount of the rentals you must pay are shown on the hire agreement you sign. As you are renting this vehicle, rather than buying it, regulations do not require declaration of any interest involved in the rental calculation and no Annual Percentage Rate (APR) is required.

Your agreement terms
If your anticipated mileage changes significantly during the agreement you will have the option to either increase or reduce it. Any such change will be at the sole discretion of the Finance House and we reserve the right to charge an administration fee for this service. Please note your monthly payment will be affected by any such change.

Cancellation
Dependent on where you sign your Agreement you may have cancellation rights, if these apply to you they will be clearly detailed on your Pre-Contract Agreement.

Early Settlement
There is no automatic right within the agreement for you to settle your agreement early, however we will not normally refuse on payment of appropriate compensation. Please contact LV Cars Limited T/A LV Contracts to obtain a quotation should you wish to do this.

Failure to make rentals
You need to be sure that you can afford the rentals for the duration of the agreement. If you don't make your rentals on time or if the lender has to administer unpaid charges such as penalty notices you may incur additional costs. You will also be liable for any costs incurred by us for recovering any arrears, repossessing the vehicle or for the cost of legal action. We are required to report to a credit reference agency. Missing rentals, or making late rentals, can therefore affect your credit rating, which may make it harder for you to obtain finance in the future.

Further information
If you would like any further information regarding your finance product or any aspects of your finance agreement you can contact LV Cars Limited T/A LV Contracts.

Business Contract Hire

Business contract hire is a popular long-term vehicle rental agreement suitable for sole traders, partnerships and limited companies. It’s a particularly popular option for VAT registered companies, as they can claim back 50% of the VAT for the supply of the vehicle. Please speak to LV Cars Limited T/A LV Contracts if you have any queries about whether this product is suitable for you.

How could it work for your business?
If your company leases a vehicle on a contract hire basis, you will pay to rent the vehicle in monthly instalments for a contract of 24 or 48 months, for example. Once the contract is up, the vehicle is returned to the leasing provider, leaving them to worry about depreciation values and disposal of the car or van.

Contract hire means your company can concentrate on its core activities, while avoiding the financial risk and administrative burden of owning your vehicle or fleet.

Is my company eligible?
Business contract hire is available to financially eligible sole traders, partnerships and limited companies.

The key features of business contract hire
•Lending provider remains the owner of the vehicle, meaning the vehicle appears ‘off the balance sheet’ of your company
•Fixed monthly rentals cover the rental of the vehicle, plus any maintenance options if chosen
•The monthly rentals are calculated by taking the following into consideration:
- The cost of the vehicle
- The contract period
- Anticipated residual value of the vehicle (how much the vehicle is likely to be worth at the end of the contract)
- Mileage allowance (as chosen by you before the start of your contract)
- Any additional options, such as a maintenance contract
- Vehicle tax is provided for the full term of the contract

The key benefits of contract hire for business
•Low initial rental
•Fixed rentals for the whole package, making budget planning easier
•Flexible terms to meet your company’s requirements, with variable contract duration and mileage terms•Contract hire removes depreciating assets from your company’s balance sheet, and the associated risks of owning vehicles, such as depreciation and disposing of the vehicle
•Maintenance of vehicles can be included in the monthly fees, spreading the cost
•Flexible invoice arrangements help to considerably reduce administration
•If yours is a VAT registered company, you can claim back 50% of the VAT on the finance element

Considerations for contract hire for business
•Early termination can be expensive
•If you have exceeded your agreed mileage, an excess mileage charge will be payable, worked out on a 'pence per mile' basis as set at the start of your contract
•You must return the vehicle in a well maintained condition. Any damage over and above that stated in the Fair Wear and Tear Guide will be subject to additional charges
•Vehicle must be insured with full comprehensive cover
•You will never own the vehicle as there is no option to buy it

What happens at the end of the contract?
At the end of the contract, the vehicle is returned to the leasing provider, meaning you are then free to hire another vehicle or vehicles, without any financial obligation.If you have exceeded your agreed mileage, an excess mileage charge will be payable, worked out on a ‘pence per mile’ basis as set at the start of your contract.
When returning your vehicle, it will also be assessed according to the BVRLA Fair Wear and Tear guidelines. Any damage that falls outside of these guidelines may be subject to end-of-lease penalty charges.

Further information
If you would like any further information regarding your finance product or any aspects of your finance agreement you can contact LV Cars Limited T/A LV Contracts.

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