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Finance Documents and Direct Debits Explained

Finance Documents

When hiring a lease car, a signed finance document will be required. This is a document regulated and specified as required by the Consumer Credit Act of 1974, and is legally binding. 

The purpose of the agreement is simple, giving information on the identity of the customer, the lease company, and the vehicle being leased. For the lease car finance agreement, you’ll need to state some simple information:

Your name

Your address

Your bank details - for direct debit

The make and model of the car being leased

The duration of the lease agreement

The advance payment and monthly rental price

The mileage charge on the vehicle (if necessary)

The lease car finance agreement will contain all the terms and conditions of your lease, so it’s important to read this thoroughly before signing. Again, make sure there are two sets of the agreement; one for the leasing company, and one for personal reference. 

Direct Debits

In order to pay your monthly lease car payments, you’ll need to fill out a direct debit document. This means stating your full bank details, so an easy payment can be made monthly. The amount to be paid monthly isn’t normally stated on the direct debit agreement, as this means any changes in VAT or lease rates can be accommodated for without the need for a new agreement to be signed.