What is the initial rental on car leasing & contract hire
The payment profile (number of rentals and when they fall due) on a three-year contract hire leasing agreement will usually have an initial rental of three months rental in advance, followed by 35 subsequent payments i.e. 38 equal payments in total.
Many other companies expect a much higher initial rental than this and may want six rentals in advance or even more. It is best to find out the initial rental and then the number of subsequent payments that follow.
For example, let's say the initial rental is £2,000 and then 35 payments of £300 thereafter.
£2,000 + 35 x £300 = £12,500 total rentals payable.
On an initial rental of three rentals in advance the numbers are as follows.
£900 + 35 x £300 = £11,400 - a difference of £1,100 over the three years.
Charging a high initial rental is a way of making the monthly rental look lower than it actually is and is why you will see monthly rentals of £199, £299, £399, etc. The payment profile has been structured to make you look at the ongoing monthly rental but not to focus on the initial rental.
We have shown a sample of car leasing rentals below on Alfa Romeo, Ford, Hyundai and Volkswagen with all initial rentals at three in advance.
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