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FAQ's about Leasing in Sri Lanka

What is leasing?
Leasing is a generic term for funding a vehicle. It is basically an arrangement where you fund a car or van for a specified period by paying a fixed monthly installment to the leasing company.
Leasing is often termed in various ways in Sri Lanka such as Business Contract Hire, Personal Contract Hire, Contract Purchase, Personal Contract Purchase, Finance Leasing, Hire purchase and operating leasing. All of these terms describe the various forms of a lease and all have differing benefits.

Is the leasing only suitable for corporate customers?
There are certain advantages for businesses to take a vehicle on a lease but private customers can also take advantage of the potential savings available. The only difference is that a personal applicant will be unable to reclaim any of the VAT and sometimes business customers might get a special interest rates.

Do we need to pay for road tax and servicing?
If you take a Finance Lease, then you will have to cover the cost of such expenses.

How will Insurance work on a leased vehicle?
You are acting as the owner so you would have to insure it under a Fully Comprehensive Policy. You shouldn’t therefore have any problems with insurance companies in Sri Lanka.

What are the other costs associated with vehicle leasing?
One of the major benefits of leasing is that your costs are predetermined for the term of the leasing contract. There might be penalty fees levied by your leasing company if you don’t pay on time.

Is there a limit to the miles in Sri Lanka?
Currently in Sri Lanka, there is no mileage limit on the leasing agreements. However, Things can change over time and visit regularly to get the latest news.

Will I be taken in to custody by police if I don’t make substantial payments?
All leasing companies in Sri Lanka employ staff in their vehicle repossession department. Their job is to repossess your vehicle if you have not made substantial lease payments in the past. Police will not intervene unless there is a crime involved.

What should I do if I think that I’ m unable to make a payment?
If you’re unable to make a one off payment on the date agreed, the best course of action you can take is to keep your leasing company informed about the situation. It is unlikely that your leasing company will repossess your vehicle in such circumatances.

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