Novated Lease - Novated Leases in The United Kingdom

Novated Leases in The United Kingdom

In the UK, a novated lease refers to a car lease which has been novated (transferred) to a third party with the consent of the lessor, the original lessee and the prospective lessee. The transfer of liability for the lease, between two legal entities, is normally covered by tripartite contract.

Swapping car leases is a relatively new phenomenon in the UK (and a number of online services are starting to appear), although the market for novating leases is well established in the USA.

Read more about this topic:  Novated Lease

Famous quotes containing the words united and/or kingdom:

    When Mr. Apollinax visited the United States
    His laughter tinkled among the teacups.
    I thought of Fragilion, that shy figure among the birch-trees,
    And of Priapus in the shrubbery
    Gaping at the lady in the swing.
    —T.S. (Thomas Stearns)

    There exists a black kingdom which the eyes of man avoid because its landscape fails signally to flatter them. This darkness, which he imagines he can dispense with in describing the light, is error with its unknown characteristics.... Error is certainty’s constant companion. Error is the corollary of evidence. And anything said about truth may equally well be said about error: the delusion will be no greater.
    Louis Aragon (1897–1982)