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Finance Lease is a leasing option available to businesses. It is particularly popular with van drivers as there are no damage re-charges.
Finance Lease is a flexible option which allows payment of the entire cost over an agreed period or lower monthly payments with a final 'balloon' payment.
At the end of the contract, you will have to pay a balloon payment. Once the balloon payment has been made there are two options available:
A secondary rental (peppercorn rental) will be invoiced annually in advance. The peppercorn rental will be payable annually until you decide to sell the vehicle.
You sell the vehicle to a third party. Once sold, a copy of the sales invoice must be sent to the Finance Company together with 2% of the sales proceeds. You retain 98% of the sales proceeds.