Frequently Asked Questions
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. 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.
