At the start of any business journey with Wessex Fleet, after the initial fleet audit has taken place and we have created a bespoke fleet policy, we will agree on start dates for the contracts and will deliver your new fleet vehicles to you.
What Type of Vehicles Can Be Provided?
Wessex Fleet can provide your business with a great list of different vehicle types, including:
- Electric and hybrid vehicles
- Fridge vehicles
- Catering trucks
Get in contact with our expert team to see what we can do for your company.
What Finance Options are Available?
There are also a range of financial options you can consider when looking for your next fleet vehicles.
Business Contract Hire Lease
One type of leasing agreement, you can rent a vehicle for a set period for a fixed monthly cost. There is no option to purchase the vehicle at the end of the contract, and there will be a set mileage amount that you should avoid exceeding. At the end of the period, the vehicle(s) will be handed back.
Another option is a finance lease, with the main difference being that there are a range of different options at the end of the agreement. You can return the vehicle, sell it on behalf of the funder, or enter a second lease paying a peppercorn rental.
Finance leases involve a proportion of the vehicle being charged back over a fixed period of time, through monthly payments.
The vehicle will remain the property of the lease funder, though it will show as an asset on your balance sheet.
Wessex Fleet can also offer a bespoke funding package that is exclusively available to our corporate customers.
We review the market and data to provide you with the best price on a lease contract that is specifically tailored to your company’s specific needs.
It works similarly to long-term hire, with contracts ranging from 20 days to 48 months.
This is where you can pay a deposit followed by a fixed monthly price for a set period of time, which is based on the value of the vehicle.
At the end of the contract, you’ll have the option to purchase the vehicle for a pre-agreed balloon payment or return it to the funder.
It may be the case that the best choice for your business is to make an outright purchase, and Wessex Fleet can secure major discounts for customers.
We work with a network of trusted dealers to get the best price possible, so we can offer you a quote for any make, model and specification.
What Happens at the End of the Contract?
When the fleet management contract is coming to an end, you’ll need to decide what you want to do next.
There may be occasions where the funder might need you to contact them directly, but Wessex Fleet will always be your first port of call and can provide you with the contact details you’d need to talk to the funder.
The options that you’ll have at the end of a fleet lease period are usually:
1. Extending the current agreement
Sometimes a funder will offer you the option to formally extend the lease agreement, which is usually for an extra six or 12 months.
If you only require a vehicle for a short time past the contract end date then you may also be able to go into an informal extension but they can request the car be returned at any time with this.
For more information, we've got this article on understanding lease extensions
that you might be interested in.
2. Purchasing the vehicle
You may also be provided with the option of buying the vehicle outright, though not all funders offer this, and some may only allow sale to a third party not associated with the business. We can help clarify whether this will be a possibility for you, just get in contact with our Customer Services Team and they will be able to request the information from your lease funder.
3. Take out a new lease
A solid option for your business might be to look for a deal on a new vehicle, replacing the initial vehicle with a newer or different model. If you think that this is something that can benefit your fleet, we can help you choose the ideal car or van for your company’s needs.
4. Return the vehicle
The final option you’ll be presented with is to return the business lease vehicle. Wessex Fleet will get in touch with you around six months before the lease is due to end to discuss the potential options and what you would like to do.
If you decide to return the vehicle with no replacement, then we could ask you to contact us closer to the end date to arrange a collection.
To arrange the collection on an agreed date, we will require the following information:
- The vehicle’s registration
- The current mileage
- Preferred collection date
- The collection addresses
- The contact’s name, contact number and email address
To organise this safe collection you'll need to contact our Customer Services Team at email@example.com or 01722 322 888.
As well as the collection of the vehicle, the funder will also arrange for the vehicle to be inspected. After the inspection, the driver will then be asked to read through the report and add any additional comments they may have at the time.
The vehicle’s mileage will also be noted down and if it’s over the contractual amount then you may be charged for any excess miles.