End Of Agreement Process

Step 1

You will be contacted approximately 2 months before your contract is due to terminate and an up to date list of available vehicles and their repayments will be made available to you.

You will then need to decide:

• Whether you would like to replace your current scheme vehicle and order another.
• Whether you would like to exercise your Buyback Option and sell the car back to CBS (you will return the car to your employer)
• Whether to keep your current scheme vehicle by settling your loan in full

If you decide to order another vehicle, it is imperative that it is done in good time. You should ensure that your contract does not overrun as you may incur additional costs such as a charge for any miles travelled over and above the contract mileage.

Step 2

Assuming you plan to have another scheme vehicle, you will need to speak with your Scheme Co-ordinator and provide them with a copy of your driving licence and a recent payslip, enabling them to ensure that you are still eligible to participate in the scheme.

Step 3

Your Scheme Co-ordinator will complete a new Employee Eligibility Form with your chosen vehicle and any additional cost options and then produce your vehicle quotation online.

Step 4

Once you have accepted the quote, you will receive an electronic Credit Sale Agreement and Payroll Instruction Form that you will sign using the PIN Number sent to your mobile phone. (For sites not converted to electronic signatures, your agreement will be posted to your home address within three working days).

Upon receipt of your signed Credit Sale Agreement, Car Benefit Car Schemes will execute (counter-sign) the agreement and send a copy back to you.

Car Benefit Car Schemes will then order your vehicle via your Scheme Co-ordinator. Under the Consumer Credit Act (1974) you will have 14 days from the day after the date the agreement is made to withdraw.

Step 5

If you are not retaining your existing vehicle, you will be required to have rectification work carried out in order to bring the car in line with the acceptable return condition standards. This must be done before presenting the vehicle for inspection by your employer and before taking delivery of your new scheme vehicle (if you have chosen to order another).

Step 6

Your Scheme Co-ordinator will contact you once your new vehicle is available and will make arrangements for delivery/collection. This will always take place at either your employing site or the site from which the vehicle has been ordered. You will need to arrange fully comprehensive insurance cover to start from the date of delivery or collection.

When returning your existing vehicle, 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 or damaged/missing items.

Scheme repayments are taken in arrears so the final repayment for your outgoing vehicle will be taken in the month that you change your car, the first repayment for the new car will then 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. The checklist can be viewed by clicking this link.