CONTRACT HIRE FOR BUSINESS FLEETS EXPLAINED
WHAT IS CONTRACT HIRE FOR BUSINESS FLEETS?
Genesis Finance Business Contract Hire provides hassle-free and cost-effective access for Limited Companies (LTDs) and Limited Liability Partnerships (LLPs) to brand new Genesis vehicles over a period of 18 to 48 months.
All agreements include road fund licence, full manufacturer's warranty and the manufacturer's comprehensive breakdown cover.
WHAT ARE THE BENEFITS OF CONTRACT HIRE FOR BUSINESS FLEETS?
Reduced Financial and Administrative Burden
Business Contract Hire – also known simply as ‘Contract Hire’ – is a comprehensive and cost-effective fleet management product designed to minimise the financial and administrative burden on your organisation. Genesis Finance Business Contract Hire will handle the funding and administration of buying, selling and even maintaining your fleet (vehicle maintenance can be included in your monthly rental as an option), which can be billed on an itemised monthly invoice under our Master Hire Agreement.
- Significantly reduced financial and administrative burden with fixed monthly billing including optional maintenance.
- Master Hire Agreement with monthly itemised invoice.
- Mileage pooling available
Minimised Cashflow Impact
With Genesis Finance, there are no contract administration fees or hidden costs and your business pays a fixed monthly fee allowing for minimised cashflow impact and controlled budgeting as your company will not be faced with financing an outright purchase or be exposed to the residual value risk of the vehicles.
- No contract administration fees or hidden costs.
- No exposure to residual value risk of vehicles.
- Minimised cashflow impact and freed up capital versus purchasing outright.
- Additional credit line for your business.
VAT reclamation available to VAT registered companies
VAT registered companies are able to reclaim 50% of the VAT on the finance rental where employee private use is permitted, or 100% if the vehicle is solely for business use. 100% of the VAT on the optional maintenance rental can be reclaimed.
Tailored Contract Hire parameters for each vehicle
To suit the need of drivers in your business, each vehicle can be tailored by initial rental amount, term, mileage and the inclusion or exclusion of a maintenance agreement. To facilitate even greater flexibility under the Master Hire Agreement, you can select vehicles to form a ‘Mileage Pool’ which can enable excess mileage charges for returned vehicles to be offset by under mileage off-hires (subject to terms of the agreement). Formal and informal contract extensions are also available upon request.
Straightforward end of contract process
At the end of your agreement period, you are not responsible for the disposal of the vehicle. You will be contacted to book a collection appointment where you simply return the car without further cost, providing it has not exceeded the agreed mileage and the condition is reflective of its age and mileage. You will be emailed a digital version of the inspection report. There is no option to own the car at the end of the contact.
DOWNLOAD OUR BCH FLEET PRODUCT GUIDE
Our product guides are downloadable as a PDF via the link below.
FREQUENTLY ASKED QUESTIONS
Business Contract Hire is only available for corporate entities, e.g. limited companies, PLCs or limited partnerships.
Fixed priced servicing and maintenance options are available with most contracts for an additional cost. These are charged as part of your monthly rentals.
Insurance is not included in BCH, fully comprehensive insurance will need to be arranged separately.
When applying for finance you will be required to supply certain personal information, as well as to confirm your identity.
You will need to provide a full UK driving licence. We may also ask you for further proof of your address dated within three months of the submission of your application. An acceptable proof of address includes a bank or credit card statement, utility or council tax bills, or mortgage statements.
VAT registered companies are able to reclaim 50% of the VAT on the finance rental where employee private use is permitted, or 100% if the vehicle is solely for business use.
| Account Management Fees | Empty |
|---|---|
| Copy statement of account | £12.00 |
| Change of payment due date* | £25.00 |
| Change of vehicle registration plate | £30.00 |
| Collection of vehicle upon voluntary termination of agreement | £70.00 |
| Transfer of agreement fee** | £150.00 |
| Arrears Management Fees | Empty |
|---|---|
| Monthly arrears fee*** | £35.00 |
| Internal collection agent visit | £50.00 |
| External collection agent visit | £250.00 |
* One change of payment due date is allowable free of charge any time during the agreement.
** Only applicable for agreements not regulated by the Consumer Credit Act, i.e. transfers from one limited company to another limited company.
*** When your payment is made late and for every subsequent month that your agreement remains in arrears, limited to 3 in any single defaulting period. The charges detailed within this document are correct as at 30th July 2014. Genesis Finance reserves the right to amend these fees at any time.
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