Should I take a Maintained Finance agreement for my next vehicle?

01 November 2019
[ 6 min read ]

When you take out a personal contract hire (PCH) or a business contract hire (BCH) agreement, you have the option to add on a maintenance package.  Maintenance can be added to your vehicle leasing agreement for a fixed additional monthly cost, to cover servicing, tyres replacement and other repair costs. This is referred to as a "funder maintained" agreement.

If you chose not to take that maintenance package on your agreement then it is referred to as a "customer maintained" agreement.

The benefit of taking on a maintenance package is to give you complete peace of mind for any unexpected vehicle repair costs you may not have accounted for, all these costs will therefore be covered under a funder maintained agreement.

 

What does the maintenance pack include?

A maintenance pack, besides being an optional extra, can be added to any vehicle leasing contract to cover anything which needs repairing or being replaced during the course of your lease.

This includes tyres, brakes, exhausts, wipers, etc. However, maintenance packs do not cover any repairs or replacements which are a result of accidental damage.

Please refer to the BVRLA Fair Wear and Tear guide that explains what is considered as an acceptable level of usage at the end of your lease period.

You also get breakdown cover included as standard when taking a maintenance package. This means that you'll never be left stranded in the event of a breakdown and will be entitled to receive roadside repairs when possible. Read our article on What is a Maintenance Agreement? for more details.

In addition to breakdown and repairs, a maintained agreement also includes servicing and MOTs. In order to keep your vehicle within the manufacturers’ warranty, it needs to be serviced at regular intervals – this can be after a set period of time (every year for example), or after reaching a certain miles threshold – if you take out a lease for 36 months or more you will legally need to get the vehicle put through an MOT test too.

 

How much does maintenance cost?

There is no set figure for the cost of maintenance, it will differ depending on the vehicle and the type of contract you request.

Naturally, it is more expensive over higher mileages – as this puts more wear and tear on the tyres and other components – and over longer-term agreements – as it will incur in more costs towards to servicing and maintenance.

You can find out how much maintenance will add to any vehicle on our website by simply selecting the "Yes, please add vehicle maintenance..." button in the vehicle details page. The price should then update to the respective figure, alternatively, simply click back the "No, do not add vehicle maintenance..." and the price visible will reflect the price without the maintenance cost.

 

How does the maintained agreement work?

When you receive the documentation from us at the start of your agreement – the welcome pack – you will be provided with the contact number you need to ring in order to book any servicing, maintenance or repairs that are required under your agreement. You are then allocated a slot at a funder-approved dealership and you simply need to take the vehicle in at the agreed time. You must use an approved dealership by your finance provider so it is critical to call them first.

 

Should I take on a maintained agreement?

At Commercial Vehicle Contracts, we present to you the most suitable agreement. We will never recommend a product which isn’t right for your needs and the ultimate decision is always yours.

Our advisors will provide you with a quote that includes maintenance and another one without maintenance. This will allow you to make an informed decision. The final choice is completely up to you as some drivers like having complete peace of mind from day one, which a maintained agreement provides.

If you chose not to take a funder maintained agreement with your vehicle then you must remember that you are in charge of maintaining the vehicle yourself and pay for any costs of repair – unexpected or not – and even tyre punctures or tyre replacements. Some other customers chose to put a little bit extra away every month to help towards the cost of repairs if an unexpected problem with their vehicle occurs.

 

If you are undecided on whether or not to take a maintained agreement, please contact us and we will be more than happy to help you to make an informed choice on your next van or car lease.

 



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