Leasing a car privately? More clarity for consumers starting today!
1 October 2019 - 3 min Reading time
An estimated 15,000 Belgians have already chosen to privately lease a car. Starting today, they will receive clearer information from the leasing companies. The Professional Association of Credit (BVK) and Renta have developed a code of conduct for the entire financial sector. The result? It becomes easier to compare the offerings of different leasing companies.
Why a Code of conduct?
When engaging in private leasing, individuals rent a car for the long term and pay a fixed monthly fee for it.
Until now, there were no official rules when leasing a car for the long term. The Professional Association of Credit (BVK) and Renta wanted to change this. Therefore, they are now unveiling a comprehensive code of conduct for the entire sector. This code includes several basic rules for providers of private leasing.
One of these basic rules concerns the communication surrounding the fixed monthly fee you must pay to rent a car. Sometimes, the first month's payment is higher than the subsequent months. If this is the case, that amount must be communicated as clearly (in terms of size, color, etc.) as the fixed monthly fee.
Another basic rule focuses on the definition of the term "private lease." When you rent a car, you now know that the following items are included in the monthly rate as a minimum:
- Right to use the vehicle
- Third-party liability insurance
- Coverage for material damage
- Registration taxes
- Annual road tax
- Costs for repairs and maintenance of the vehicle
- Normal wear and tear of the tires
These and all other rules in the code of conduct provide consumers with more clarity. Thus, it becomes much easier to compare different leasing companies with each other.
The code of conduct published today applies to all members of BVK and other leasing companies affiliated with Renta.
