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firstvehicleleasing.co.uk
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Definitions (49)
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balloon payment
A feature of Contract Purchases and Personal Contract Purchases, this is a final payment that is agreed at the start of the contract but not made until the end.
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delivery note
A document signed when the customer takes delivery of a vehicle. Its date normally signals the start of the agreement and monthly payments begin one calendar month later.
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advance rental
An initial payment of up to 50% of the total rental value. There is no upper payment limit on Personal Contract Purchases
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bik
For tax purposes, we supply a 'List Price' that includes:
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blocked vat
Limited companies and non-government customers can claim back 50% of the VAT on their finance rental and 100% of the VAT paid on their service agreement.
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cap current auction price
The leasing and rental industry's independent current market evaluation system that also forecasts Residual Values.
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capital cost
The On-the-Road Price excluding the Road Fund Licence costs.
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cca consumer credit act 1974
The legal protection for individuals, unincorporated companies and partnerships. Regulated Credit Agreements must have a cooling off period during which they can be cancelled.
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co2
Carbon Dioxide
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delivery costs
The charge a dealer makes for delivering a vehicle to his customer. It forms part of the On-the-Road price.
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