Our secondary funding options including Contract Purchase & Finance Lease
As part of Toomey Leasing Group’s flexible tailored funding solutions we also offer the following secondary funding options:
Our maintenance-inclusive Contract Purchase facility has all the attributes of Contract Hire, as outlined above, with the notable exception that the vehicle will appear on your balance sheet as an asset of your company.
Only the service element of the monthly payment is liable to VAT, making this facility attractive to companies that are zero rated for VAT purposes.
At the end of the agreement, ownership will be passed to you on payment of the final ‘balloon’ payment. An ‘Option to Purchase’ amendment can be included whereby we will agree to purchase the vehicle for the final ‘balloon’ figure thus relieving you of the responsibility of disposal of the vehicle.
Our Finance Lease is a fully amortised ‘on balance sheet’ facility where the risk or reward on disposal lies with you, the lessee.
Monthly rentals can be wholly or partially offset against Corporation Tax for cars depending on their CO2 banding. Less than 160g/km allows for 100% recovery (130g/km from April 2013), whilst more than that carries a 15% leasing disallowance resulting in recovery of 85% of the finance rental. Van rentals continue to be fully recoverable.
We can provide a Fleet Management package with all our leases.