How to Prepare for an Expiring Van Lease

December 5th, 2023

Knowing what to do when your van lease is coming to an end is important. In this guide, we’ll talk you through how to find out when your van lease is expiring, the options available for different lease types, and how to renew an expired van lease.

How to check your van lease

You will have agreed to a certain lease length at the beginning of your contract. You can find out how long your lease is by checking your signed quote, or calling your leasing company.

If you have taken out a 5 year contract, you will be able to see this noted on your agreement. The payment breakdown will show the initial payment, followed by the number of months you will pay the quoted rental. So, 3+59 denotes the initial payment (3x quoted monthly cost), followed by 59 months of lease payments.

Your leasing paperwork will also tell you which van lease type you chose. This is important as each lease type offers different options at the end of your lease.

What to do when your van lease is expiring

An expired van lease will require you to take different action depending on the lease type you chose when signing. In simple terms, the options are as follows:

Contract Hire: The vehicle is returned to the finance company at the end of the agreement.

Hire Purchase: You can take full ownership at the end of the agreement.

Finance Lease: Move into a secondary rental period, keep the vehicle, part exchange for a new vehicle, sell the vehicle, or re-finance the final rental payment.

You will be notified by your leasing company when you’re nearing the end of your van lease. If in doubt, our leasing experts are always on hand to talk you through your end of lease options, so you can make the best decision for your business.

How to renew and explore new leasing options

If you would like to renew your expired van lease, you will need to work with a leasing agent to create a new deal. Renewing your van lease is easy, and oftentimes you are able to use the equity from your last lease to pay towards your new van lease.

Make sure you choose a van lease that suits you and your business. Each leasing type offers different end of lease options, so, make sure you know all the ins and outs before you sign!

Expired van lease: Your Options

Hire Purchase van leases offer you full ownership at the end of your agreement. This means you are free to sell on (and receive 100% of the profits) or retain use of the vehicle/vehicles for as long as you need. Full ownership also means that you are responsible for the disposal of the vehicles when they are no longer in use.

When you reach the end of a Contract Hire agreement the vehicle is returned to the Funder. This agreement acts like a long-term rental in that your leasing company will help arrange collection of your vehicle at the end of the contact. Just make sure you don’t exceed your mileage, as Contract Hire agreements are subject to excess mileage and excess damage charges. Meaning your vehicle may be worth less than expected at the end of the contact.

Finance Lease agreements are the most flexible when it comes to the end of your van lease. Here you can choose ownership, to sell the van (and receive 97.5% of the proceeds), extend the lease, or trade in and take out a new business van lease on the latest model.

Can Global Vans Help?

At Global Vans, we have over 2 decades of experience in van leasing. So, if you’re unsure what to do with your expired van lease or your contract is coming to an end – get in touch! We can walk you though your options and even help you renew your lease. Meaning you’ll be able upgrade your vehicle, for the best price on the market!

For more info on expired van leases, check out our FAQs