End Of Agreement Process
A step by step end of agreement guide
Step 1
At the end of the agreement, you will need to decide whether:
- You would like to exercise your Buyback Option and sell (return) the car back to CBS replacing it with another scheme vehicle; or
- Retain your current scheme vehicle by settling your credit agreement loan balance in full.
If you decide to order another vehicle, you should liaise with PoolFleet to ensure that a replacement is ordered in good time.
An updated choice list will be available on the scheme website and you will need to complete the Vehicle Order Form as per the original ordering process.
Note: The Credit Sale Agreement is for a period of 6 months and Guaranteed Residual Value mileage of 10,000 miles. If you are likely to travel 10,000 miles before the end of the 6-month term, you should ensure that any replacement vehicles are ordered with PoolFleet before reaching this mileage. Your credit agreement can be terminated early to accommodate the delivery of your new car.
Step 2
You must arrange for rectification work to be carried out on the returning vehicle to bring it in line with the acceptable return condition standards. This must be done before presenting the vehicle for inspection and before taking delivery of your new scheme vehicle (if you have chosen to order another).
You will be asked to sign to confirm the condition and final mileage reading. Any costs due will be deducted from your net pay on your next pay date and may include charges for excess mileage, damage or missing items.
Step 3
Assuming you choose to replace your vehicle, an updated choice list will be available on the scheme website and you will need to complete the Vehicle Order Form as per the original ordering process.
Please refer to Step 1 of the Quote, Order & Delivery page for further instructions.
Step 4
If you choose to retain your vehicle, you must contact Car Benefit Car Schemes Customer Experience Team Helpdesk on 0161 826 0000 to request a settlement quote. This will be provided to you by email and once you have settled the balance of the loan the V5 will be transferred to your name.
Step 5
Scheme repayments are taken in arrears so the final repayment for your outgoing vehicle will be taken in the month that the agreement is suspended. If you are taking a new scheme vehicle, the first repayment will be deducted from net pay in the following month.
When returning your vehicle, you should be sure that you have complied with the following End of Agreement checklist, which is available to print and download: