1. Is leasing contract corresponds to the Islamic ethics?
Answer: In order to ensure
proper operations that correspond to Islamic ethics, UIS started
leasing program in 1994 and subjects its services
and products for verification by the Shariah Board which is the backbone for
the various departments within UIS. For more information please visit Shariah Board.
2. Is leasing more expensive than buying?
Answer: Leasing is as simple as traditional financing; however, it has several advantages. With traditional financing, you purchase an automobile, make a down payment and agree to pay for the vehicle and any applicable finance charges over the life of the finance contract. With leasing, you pay only portion of the vehicle's worth over the term of the lease, plus any lease charges. Leasing will enable you to drive a new automobile more often and without worrying about unpredictable resale values.
3. What should I do when my leasing ends?
Answer: As the end of your lease approaches, you have three great options:
- Return the vehicle and lease again. This is our most popular option. It allows you to return your current vehicle, after fulfilling your lease obligations, and if you qualify drive off in a new automobile. For many customers, this option is one of the deciding factors for leasing - no worries with trade-in values or hassles with selling a used vehicle.
- Purchase the vehicle - Your lease agreement includes a lease-end Purchase Option Price. This allows you the flexibility to purchase the vehicle at an amount determined at the beginning of your lease. The dealership will collect any applicable fees (registration, license, etc.) and taxes if you exercise this option.
- Return the vehicle - Another option is to return your vehicle and walk away, after you fulfill your lease end obligations.
4. Can I buy my leased car before termination date?
Answer: Your lease agreement may allow you to purchase your vehicle early. If your lease agreement allows you to purchase your vehicle before the lease termination date and you wish to exercise this option, please contact the original dealership for additional assistance. This transaction will need to be facilitated through the original dealership, and a voluntary early purchase option fee, together with tax, title, or license fees, may be applicable.
5. Will I be guaranteed on the amounts indicated on the Calculator?
Answer: The actual price and payment amount quoted on the Calculator is an approximation and is to be used as a financial guide only. The actual price and payment amount may vary due to many factors and does not include title and registration fees. Contact the Centres or Dealers for qualifications and complete details.
6. Where can I obtain information regarding any special incentives/finance plans?
Answer: Special incentives and finance plans depend upon the season and differ with the make and model of the vehicle. You're welcome to see your local dealership for specific details.
7. Do I need to have special Username and Password to access my accounts?
Answer: Yes. As a customer, you will be required to visit our nearest Centre to create your password for security purposes.
8. What is Residual Value?
Answer: The residual value is the amount you can buy the car for at the end of the lease, if you decide you want to purchase the car. Residual means the part that is left after some of it has been taken away.
9. What are the advantages of leasing?
Answers:
- Lower Monthly Payments
Because you only pay for the portion of the car or truck that you actually use, your monthly payments are 30%-60% lower than for a purchase loan for the same car and same term.
- More Car, More Often
Since your monthly payments are lower, you get more car for the same money and drive a new vehicle every two to four years, depending on the term length of your leases.
- Fewer Maintenance Headaches
Most people like to lease for a term that coincides with the length of the manufacturer's warranty coverage so that if something goes wrong with the car, the repairs are always covered.
- Lower Upfront Cash Outlay
Most leases require little or no down payment, which makes getting into a new car more affordable and frees up your cash for other things. However, you can choose to make a down payment, or trade in your old vehicle, to lower your monthly payment amount.
- No Used-Car Hassles
With leasing, the headaches of selling a used car are eliminated. When your lease ends, you simply turn it back to the leasing company and walk away, unless you decide to buy it or trade it.
10. What is Leasing?
Answer: Leasing is nothing more than a method of paying for the use of a car, truck, SUV, or van over a specified period of time. Sounds like renting, but don't get the two confused because they are very different. While you can rent a car for as little as a day, or even a few hours, leasing typically starts at 24 months and provides a different procedure for termination or vehicle swapping.
11. How can I update my password or account details?
Answer: Once you are inside your account page you will see an navigation option to update your detail or password.
12. Can I take vehicle outside the Kingdom during the leasing period?
Answer: Yes in GCC countries namely Egypt, Syria and Jordan but you would need to provide us a Guarantor.
13. What kind of repair is covered under insurance?
Answer: Full cover insurance in the kingdom as Third Party Insurance and Full Repairs.
14. In case of any kind of repair, do you provide me any other vehicle?
Answer: Only if we have exceeded the estimated time we communicated to you to repair the vehicle.
