Migrated LeasePlan Contract Purchase

Question 1

What is a migrated LeasePlan Contract Purchase agreement?

ald · Accepted Answer

LeasePlan and ALD Automotive are merging their businesses. LeasePlan are now selling their broker introduced customers' vehicles and transferring the benefit of the underlying contracts to ALD. If you took out your CP contract with LeasePlan, but have now been transferred to ALD, we’ll have been in touch to advise you of this.

Contract Purchase is a flexible agreement suitable for VAT registered companies and businesses, giving you the option (subject to the terms of the agreement) to either buy the vehicle or return the vehicle to us.

Contract Purchase is suitable for sole traders, small partnerships (three partners or less), private limited companies, large partnerships (four partners or more), limited liability partnerships, public limited companies, charities (with some rare exceptions) and local authorities.

Question 2

Is my migrated LeasePlan Contract Purchase (CP) agreement covered by the Consumer Credit Act?

ald · Accepted Answer

If you’re a sole trader or small partnership (three partners or less) and your agreement’s total payments do not exceed £25,000, your agreement will be covered by the Consumer Credit Act - 1974 (CCA). You can [find out more about the CCA here.](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/consumer-credit-act/)

You can check your contract to see if it’s covered by the CCA. You can [request a copy of your contract here.](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/copy-of-contract/)

Question 3

Who is the owner of my migrated LeasePlan Contract Purchase (CP) vehicle?

ald · Accepted Answer

LeasePlan will remain the registered keeper for the duration of the agreement.

Question 4

Is Vehicle Excise Duty (VED) included in the monthly payments for my migrated LeasePlan Contract Purchase (CP) vehicle?

ald · Accepted Answer

VED is included in your monthly payments. We’ll only charge you if there’s any annual increase in your vehicle’s VED rate, and you’ll receive a recharge invoice for the amount due. The payment for any annual increases will be taken automatically by Direct Debit, providing you have an active Direct Debit in place.

Question 5

What options do I have at the end of my migrated LeasePlan Contract Purchase (CP) agreement?

ald · Accepted Answer

There are four possible options:

- Become the owner of the vehicle.
- Hand the vehicle back to us.
- Enter a 12-month extension - this option is only available if your contract is not regulated by the CCA, you can find more details on this in ‘Can I have a 12-month extension on my migrated LeasePlan Contract Purchase (CP) agreement?’.
- Part-exchange the vehicle for another vehicle.

Question 6

How do I become the owner of my migrated LeasePlan Contract Purchase (CP) vehicle?

ald · Accepted Answer

Your business will become the owner of the vehicle once they’ve paid all the required instalments (including the Final Instalment), the Option to Purchase fee and any other sums your business owes under their agreement. We’ll then transfer ownership of the vehicle and arrange for the log book (V5c) to be put into your business’s name.

The value of your business’s Option to Purchase fee and Final Instalment can be found in your business’s agreement.

You can [request a copy of your contract here. ](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/copy-of-contract/)

Question 7

How do I arrange to hand my migrated LeasePlan Contract Purchase (CP) vehicle back?

ald · Accepted Answer

If your business would prefer not to pay the Final Instalment and Option to Purchase fee, subject to your business complying with the terms of the agreement, you can arrange to return the vehicle to us instead.

You’ll need to contact us to arrange a suitable time for the vehicle to be collected:

- If your contract is not regulated by the CCA, you’ll need to arrange a collection with us before your end of contract date. Once this date has passed, this option may not be available.
- If your contract is regulated by the CCA, you’ll need to arrange a collection with us before your Final Instalment is due. Once this date has passed, this option may not be available.

You can find out more about the CCA, and whether your agreement is covered in ‘Is my migrated LeasePlan Contract Purchase (CP) agreement covered by the Consumer Credit Act?’.

If you decide to return the vehicle, your business will be liable for any damage and excess mileage charges in line with the terms of your business’s agreement.  You can [request a copy of your contract here.](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/copy-of-contract/)

Question 8

Can I have a 12-month extension on my migrated LeasePlan Contract Purchase (CP) agreement?

ald · Accepted Answer

If your company’s contract is not regulated by the CCA and you don’t return or purchase the vehicle by the end of contract date, you may have the option to enter a 12-month extension, also known as a ‘Sliding Scale’. You can find out more about the CCA in ‘Is my migrated LeasePlan Contract Purchase (CP) agreement covered by the Consumer Credit Act?’.

You’ll need to check your contract to see if this option is available to you. You can [request a copy of your business’s contract here.](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/copy-of-contract/)

If you enter a 12-month extension, you’ll no longer have the option of returning the vehicle to us and your company will continue to pay the existing monthly payments.

During this extension period you can purchase the vehicle at any time (please refer to your agreement for further details on this). Your Final Instalment will reduce each month, allowing your company to ultimately purchase the vehicle at 60% of the original Final Instalment amount at the end of the 12-month extension.

Your company will be able to purchase the vehicle at any time at a percentage of the optional final payment as seen below:

| Number of instalments paid |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| % of final instalment payable as terminal instalment |
| 96 | 95 | 92 | 86 | 85 | 81 | 78 | 75 | 71 | 68 | 64 | 60 |

Question 9

Can I amend my mileage allowance or extend the term of my migrated LeasePlan Contract Purchase (CP) agreement?

ald · Accepted Answer

There’s no option to extend your term or change your mileage allowance during the term of the agreement.

If your business’s contract is not regulated by the CCA, and you do not return or purchase the vehicle by the end of contract date, you’ll enter a 12-month extension. You can find out more about the 12-month extension in ‘Can I have a 12-month extension on my migrated LeasePlan Contract Purchase (CP) agreement?’.

Question 10

Does my migrated LeasePlan Contract Purchase (CP) agreement include any large final payments?

ald · Accepted Answer

CP agreements include a Final Instalment and an Option to Purchase fee. To become the owner of the vehicle, your business needs to make both final payments.. The value of your Final Instalment and Option to Purchase fee can be found in your business’s agreement. You can [request a copy of your contract here.](targetSelf:https://www.aldautomotive.co.uk/en-gb/faq/q/contract-queries/copy-of-contract/)

If your business would prefer not to pay the Final Instalment and Option to Purchase fee, you can request to return the vehicle to us. Please refer to ‘How do I arrange to hand my migrated LeasePlan Contract Purchase (CP) vehicle back?’ for further information.

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