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Contract Hire has become a much overused term, and therefore the true definition of the product has become somewhat lost over the years. Nowadays it has become common for vehicle manufacturers and independents alike to combine an operating lease with a fixed cost maintenance package and call it Contract Hire… it’s not!
The offering described above merely fixes the majority of the costs BUT leaves you to manage the dealership and manufacturer relationships, warranties, goodwill etc. as well as the legal and operational requirements, whilst still trying to run your business.
Faamco want you to be clear of its interpretation of Contract Hire, the services included in the rental figure quoted and whether it is the correct product for your business.
Faamco’s Contract Hire package is the most complete product in our range, in that it combines an Faamco Operating Lease with an Faamco Maintenance & Repair Agreement and Faamco’s exacting Faamco’s fleet Management. This truly allows you to outsource your vehicle acquisition, disposal, maintenance risk and vehicle management needs.
Of course, within every product, Faamco discusses with the customer which of the operational service options should be included in the rental based upon customer needs, so as to tailor the package and rental rate to meet the requirements.