Automobile Lease Terms & Conditions
Minimum term for a lease is 24 months with a maximum term of 60 months.
Use of Vehicle
If you are planning on obtaining a courier or a delivery vehicle, HFS will not allow you to lease the vehicle. Other vehicles that are not eligible are driving school vehicles or designed for use of transporting people. Leased vehicles may be garaged outside of Canada for a period not to exceed 30 days without HFS written consent.
If you relocate outside of Canada, you will be required to pay out the financial obligation.
Your Residual value or Guarantee Future Value (GFV) is determined on the vehicle usage of 24,000km per year. If you expect to drive more than 24,000km per year, the GFV must be reduced by 8 cents a kilometer for the anticipated excess kilometer to a maximum of 40,000 per year. If an insufficient excess kilometer adjustment is made at lease inception, you will be charged at a rate of 12 cents per km at lease termination for each kilometer over the original kilometer allowance.