"I want to terminate my car lease early..." "Can I trade my car lease in?" "Will someone take my payments over?" "Is it easy to trade my car lease?" "How can I find someone to adopt my lease?" "Why does my leasing company not allow novations?"

When we surveyed our customers, we found early termination clauses in contract hire agreements demanding upto 100% of outstanding rentals. Termination fees can amount to thousands of pounds on prestige, sports and performance car leasing contracts..

A Finance Director of an American owned company based in the UK paid £6,000 to a leasing company to terminate a contract hire agreement car early! This penalty charge more than wiped out all the 'savings' he had made by shopping around for the cheapest deal and that was across the whole vehicle fleet!

If he had bought slightly more expensive leases, from a reputable leasing companies offering 'lease transfer' as a solution he would have saved his company money in the long run.

Several leasing companies prohibit transfers of the agreement to a third party. This approach seems at odds with their published mission statements and values. At worst it damages their brand; at best it alienates their customers often at a time when they are under financial pressure. Flexibility, especially in this day and age is a highly visible way of defining business relationships. Flexible leasing solutions can help to reduce sensitivity to price, thereby stabilising margins and building customer loyalty in the long term.

Some leasing companies are now showing signs that they understand the need to treat their customers fairly. All business people know, that finding and winning new customers in a mature market is an expensive process - losing them is all too easy, yet it can be simple to make customers feel valued and add value.

If leasing companies want to enhance their reputation for being great to deal with, the moment of truth is when a customer has a problem with an unsuitable lease.

Customers always have a choice; dealer based finance, manufacturer derived contract hire or independent leasing suppliers for their fleet leasing requirements. Interestingly, our research shows it is the independent leasing companies that are well ahead of the game when it comes to allowing and supporting the lease novation or transfer process.

It's worth selecting a supplier carefully when you buy a new car lease. Check if the leasing company has a lease transfer process in place. Ask for a written copy and any charges. If they are unwilling to do this, you have to question the deal on the table, is it really that attractive; especially if you're considering committing to a lease over 2, 3 or 4 years.

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