How Does selectcarleasing.co.uk Work?

Selectcarleasing.co.uk operates as a credit broker specialising in car and van leasing, primarily through Personal Contract Hire (PCH) and Business Contract Hire (BCH) agreements. They do not directly provide the finance themselves but act as an intermediary connecting customers with a network of finance providers and vehicle manufacturers.

The Brokerage Model

1. Partnerships with Funders and Manufacturers: Select Car Leasing has established relationships with a wide array of major finance companies (funders) and vehicle manufacturers. These partnerships allow them to access a broad range of vehicles and secure competitive leasing rates. They leverage their volume and relationships to negotiate favourable terms that individual customers might not achieve directly.
2. Marketing and Deal Generation: Their website serves as a sophisticated storefront, showcasing thousands of lease deals. They continuously update these offers based on market demand, manufacturer incentives, and funder rates. They present these deals clearly, including initial payments, monthly costs, contract lengths, and mileage allowances.
3. Customer Inquiry and Selection: A customer browses the website and selects a vehicle and deal that matches their requirements. They then submit an online enquiry (or call directly). This enquiry signals their interest and provides Select Car Leasing with the initial details needed to proceed.

The Leasing Process (Step-by-Step)

1. Initial Contact and Consultation:

   • Once an enquiry is submitted, a dedicated leasing consultant from Select Car Leasing will contact the customer. This is a crucial step where the consultant clarifies the chosen deal, answers any questions, and confirms the customer’s specific needs (e.g., desired annual mileage, contract duration, any optional extras like maintenance).
   • They may also discuss alternative deals or vehicle options if the initial choice isn’t suitable or if better offers are available.

2. Credit Application:

   • Since leasing is a form of finance, customers must undergo a credit assessment. The consultant will guide the customer through submitting a credit application to one of Select Car Leasing’s affiliated finance companies (the funders).
   • This process involves providing personal and financial details, which the finance company uses to assess creditworthiness. Select Car Leasing does not conduct the credit check themselves but facilitates the application to their lending partners.
   • The website explicitly states: “you will need to be put through external credit approval with one of our affiliated finance companies.”
3. Finance Approval and Documentation:

   • If the credit application is approved by the finance company, Select Car Leasing will then prepare the necessary lease agreement documentation.
   • The customer reviews and signs these legal documents, which outline all the terms and conditions of the lease, including payments, mileage limits, fair wear and tear guidelines, and end-of-contract procedures.

4. Vehicle Order and Delivery:

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   • Upon receiving the signed finance documents and the initial payment, Select Car Leasing (or the funder/manufacturer they work with) places the order for the vehicle.
   • The vehicle is then prepared and delivered directly to the customer’s specified address in the UK. Delivery times can vary depending on whether the car is “in stock” or requires a “factory order.”

5. Ongoing Contract Management and End of Lease: Furniturevillage.co.uk Review

   • Throughout the lease term, the customer makes fixed monthly payments directly to the finance company.
   • Select Car Leasing remains a point of contact for customer queries, administrative support, or if the customer’s circumstances change (e.g., needing to adjust mileage or inquire about early termination).
   • Towards the end of the contract, Select Car Leasing will typically contact the customer to arrange the collection of the vehicle and discuss options for a new lease. The vehicle is inspected against the “Fair Wear & Tear Guidelines.”

Key Principles of Their Operation

• Broker, Not Lender: They facilitate, they don’t lend. This means their revenue comes from commissions from the finance companies and manufacturers, rather than direct interest charges to the customer.
• Fixed Monthly Payments: A core feature of their deals is the predictability of costs, aiding customers in budgeting.
• No Ownership: Under Personal Contract Hire (PCH), the customer never owns the vehicle; it’s a long-term rental.
• Comprehensive Support: They position themselves as a full-service provider, offering guidance, optional maintenance, and insurance packages.

In essence, Select Car Leasing works by streamlining the complex process of car leasing, using its industry relationships to offer competitive deals and provide a single point of contact for customers navigating what can otherwise be a fragmented market.