Types of contract amendments may include:
- Mileage extension (e.g. changing annual mileage from 10,000 to 12,000)
- Mileage reduction (e.g. reducing annual mileage from 10,000 to 8,000)
- Term extension (e.g. extending a lease agreement from 24 to 36 months)
- Adding breakdown cover (e.g. adding recovery to your contract for extra peace of mind)
Throughout this guide, we will be specifically looking at the process involved in amending the mileage (increasing or reducing your annual mileage allowance) on your lease contract.
Why would a Mileage Amendment be required?
There are many reasons why a customer may wish to amend the mileage on their lease contract. While we always advise that you choose a mileage allowance that reflects your driving habits at the start of your lease contract, major changes in your circumstances could impact your driving style. Potential scenarios may include:
- Moving home or job in such a way that means you are likely to exceed your agreed mileage
- Use of second car or company car means you’ve not used your lease vehicle as often as expected
It is important to note that any changes to your contract, including mileage amendments, are at the discretion of the finance company and are NOT available for every contract, therefore it is important to find out what your available options are before taking out your initial lease agreement.