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This option, but not the obligation, to acquire the car after a period equivalent to a contract hire is therefore packaged as either an option (in law) to purchase the car (a call option) at a 'set' price, or a right to sell the car (a 'put' option) at a set price after ownership is fully achieved from the final ‘balloon’ payment.
The vehicle rental and leasing industry supports over 465,000 jobs, adds £7.6bn in tax revenues and contributes £49bn to the UK economy each year. [2] It seeks to look after the interests of, and sets standards for operational quality for, both the contract hire and leasing sectors and the daily hire sectors.
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A livery cab (North America), private hire (UK and Australasia), or minicab (London) is a car with a driver available for hire only on a pre-booked basis. These cabs are contrasted with public-hire taxicabs or hackney carriages, hailed or street taxis, licensed to ply streets and for hailing throughout communities.
In 1969, it acquired Controlled Cost Motoring, established Lombard Contract Hire in 1983 and acquired Fleetdrive in 1988. Autolease was established in 1959 by Britax, which also owned Bristol Street Motors. [4] Through mergers, a company called Lex Vehicle Leasing emerged. By 2005, it was owned by Aviva as part of their RAC plc company.
Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay.
Pre-2012 logo of DVLA. The vehicle register held by DVLA is used in many ways. For example, by the DVLA itself to identify untaxed vehicles, and by outside agencies to identify keepers of cars entering central London who have not paid the congestion charge, or who exceed speed limits on a road that has speed cameras by matching the cars to their keepers utilising the DVLA database.
English contract law is the body of law that regulates legally binding agreements in England and Wales.With its roots in the lex mercatoria and the activism of the judiciary during the Industrial Revolution, it shares a heritage with countries across the Commonwealth (such as Australia, Canada, India [1]), from membership in the European Union, continuing membership in Unidroit, and to a ...