Contract purchase is a product aimed at business customers who wish to make fixed monthly payments towards eventual ownership of a vehicle, while retaining the option to return the vehicle when their contract finishes.
An alternative to contract hire and leasing, this product is ideal for companies who would like a high value vehicle and the option to purchase it at the end of their contract but do not want the associated depreciation risks.
With contract purchase a final payment is set in line with the expected value of the vehicle based on contract duration and your mileage requirements. Setting this final payment can lower monthly payments throughout the contract.
Key Features of the scheme include:
- The option to own the vehicle in the future
- The option to return the vehicle if you choose to
- A more cost effective alternative for non-VAT registered businesses or organisations that cannot recover VAT on leasing
- Choice of maintenance management products
Total Motion partners with companies such as: