Your business uses the vehicle while paying a rental rather than a repayment. The monthly rental is determined by the initial cost of the vehicle (excluding VAT), the period of the finance lease and the residual value (the estimated future value of the vehicle at the end of the finance lease period once depreciation is taken into account), plus interest.
Although you never take ownership, at the end of the finance lease contract a payment equivalent to the residual value is payable. Usually this means that the vehicle is sold and a proportion of the proceeds of the sale are returned to the lessee.
Most finance lease companies will offer a number of payment options to suit your cash flow. You can lower the monthly rental with a balloon payment at the end of the contract, or you can pay the entire cost in monthly rentals (normally referred to as a fully amortised Finance Lease), in which case you may be able to extend the finance lease with a secondary rental (sometimes called a peppercorn rental).
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A big thank you to the CarLease247 team. Leasing the Tesla proved to be a bit more of a challenge than other cars as the services offered by Tesla to make the ownership experience a good one have to be managed through the whole process. CarLease247 really helped here.
Just wanted to say thanks for all the hard work that you have put into getting us exactly the car that we wanted. Keeping us informed over a bank holiday was a special touch!
Thank you to the folks at carlease247 for helping me navigate the process of leasing my new car. The process does involve quite a few different businesses (dealer, finance company etc) but Ross made sure I was looked after along the way!!
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