We feel that it is very important that you understand exactly where your vehicle goes following your finance or lease agreement as it will certainly hep you understand the required state the vehicle needs to be upon it’s return. Most people believe that the vehicle gets repaired and then goes to auction! This is not 100% true…
Your vehicle will go to auction, however it is rarely repaired, so the faults in which were highlighted when returning your vehicle actually remain on the vehicle. Quite surprised?
When the leaser or a company of on their behalf your vehicle, they will do a quick inspection and give you a report of your damage. Your vehicle will then go straight to auction or go back to the finance house to have a more detailed inspection undertaken. The vehicle at NO point gets repaired, they charge you as the customer depending on condition of vehicle along with the how much damage is present. Your vehicle will be placed into what category, also known as a CAP indication. The CAP indication is a valuation term used across the leasing industry to decide the value of the vehicle if it was be sold in the 2nd hand market today. Depending on the condition the vehicle, it will then get returned to finance house, for a greater understanding please see the below categories
The CAP clean value, Ready to retail, Current MOT, Full Service History, All Documents, Spare keys and security codes available. This is for all compliant customers, we want all of our customers to return their vehicle in this state meaning no unnecessary charges, saving you thousands of pounds.
The CAP average value, this means the vehicle is in reasonable condition given the age and mileage, Current MOT, all documents available and applicable.
The CAP below average condition value, means that the vehicle is in poor and hard-worked condition that would be uneconomical to restore to an acceptable retail standard. This is somewhere, where you don’t want your vehicle to sit as you as the previous leaser will be punished heavily finically.
To save yourself time, stress and a lot of money, we believe that you should have an EndoF appraisal to specify what is chargeable and what isn’t so that they can’t catch you out if they try to charge you. You can also get your vehicle repaired at a lower rate from your local insurance approved body shop rather than having to huge manufacturer costs when presented at the main dealer.