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Nationwide Vehicle Contracts Ltd is an appointed representative of Lombard Vehicle Management, Network Vehicles, Renault Financial Services.
Contract Purchase is a finance agreement for companies who want to own their vehicles, but want to avoid the risk of depreciating assets. With a Contract Purchase agreement, the monthly finance payments are not subject to VAT. If an optional service package is taken, VAT is payable on the service costs.
The company hires a vehicle from a provider for a specified period and makes regular monthly payments to rent it. At the end of the contract, the company or driver can then purchase the car for a predetermined amount (also known as a balloon figure) so long as the terms of the agreement have been completed.
John Doe & Co has taken out a contract purchase agreement on a Citroen DS3. The contract is for 36 months and the annual mileage is 10,000. After the initial payment, John Doe & Co pays a monthly fee of £379.01 direct to the finance company. At the end of the contract, John Doe & Co can purchase the car for a predetermined amount of £5,700.50
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