Hire purchase – the easy way to finance your company cars

Are you taking your car out of the country?

If your car has been financed under a finance agreement, you will need written permission from us to take the vehicle out of the country. Remember to order the document about two weeks before leaving for abroad. We also recommend contacting your insurance company well in advance to make sure that your car insurance covers travelling abroad.

When taking your vehicle to abroad or to Åland, you must bring with you the technical part of the registration certificate which you can order directly from Traficom’s e-Services or a vehicle inspection facility.

Permission to take a vehicle abroad can be granted for:

• Travelling in Europe (subject to the restrictions below)
• The duration of the trip (maximum 6 months)
• Permission to take a vehicle abroad is not granted for trips outside Europe.

You are entitled to get permission if:

• The monthly payments under your finance agreement are up to date
• You have valid motor liability insurance and comprehensive motor vehicle insurance policies
• Your insurance premium payments are up to date
• Your insurance covers damage to the vehicle for which permission is requested and damage to the vehicle of the other party involved in your destination.

At the moment, we don't grant export registration to Russia, Belarus or Ukraine.

If your destination is Moldova, Kosovo or Turkey, please contact our Customer Service. In addition, your insurance company must provide us with a written confirmation of the validity of your comprehensive motor vehicle insurance if your insurance policy or the theft insurance included in your comprehensive insurance is not automatically valid in these countries.

Finnish motor liability insurance policies are valid in Russia after it joined the Green Card system in 2009. However, with motor liability insurance, the payout is usually low in Russia despite the Green Card system, as compensation for damage is paid out in accordance with the local laws. In order to ensure sufficient insurance cover, we may also require taking out a voluntary motor liability insurance policy.

For further information about the Green Card needed for travelling abroad, the Nordic countries excluded, please contact your insurance company or visit Insurance Centre’s website at www.vakes.fi Green Card is an international certificate of valid motor liability insurance. You can order it for free from your insurance company.

Permission to take your vehicle abroad is subject to a fee set in our tariff. Please note that if such permission is ordered and needed within the same day, you will be charged a fee set in our tariff.

Sometimes you might need to trade in or sell your car early. Here you can find instructions on what to do in such a case.

Hire purchase finance is always tied to the vehicle under the agreement. As the borrower, your company is liable for any outstanding debt until it has been paid off in full. Your company’s debt can also be paid off by the new owner of the vehicle.

If you need to trade in your car, you can trade it for another as long as you pay off your hire purchase finance when concluding the deal.

You can also make an agreement with the car dealership in which case they will pay off the outstanding debt to us. The car dealership must provide us with copies of the deed of transfer and the deed of sale. Once we have both documents, we will send the registration certificate specifying the car’s ownership directly to the car dealership after receiving the final payment. You may also wish to use the difference between the trade-in price and your outstanding debt as the deposit for your new car.

Selling to a private buyer

You can sell your car to a third party as long as you pay off your hire purchase finance in full when concluding the deal. You can check your outstanding debt in Nordea’s Netbank or by calling our Customer Service. Due to bank secrecy, information about outstanding debt is only disclosed to the contracting party. In the case of your company, the person authorised to sign on behalf of the company is deemed the contracting party.

Any outstanding debt is paid off with the same payment details as the monthly payments. If you want the certificate to be sent directly to the buyer, send us a copy of the deed of transfer or the deed of sale via email or by post.

Traficom’s deed of transfer

The deed of transfer or deed of sale must include the car’s, the seller’s (the borrower’s) and the buyer’s details as well as the borrower’s and buyer’s signatures and names in block letters. The person signing the agreement on behalf of the company must be registered as authorised to sign on behalf of the company in the Trade Register maintained by the Finnish Patent and Registration Office. You can find Traficom’s deed of transfer under the Forms menu.

Upon the expiry of your agreement

Selling the vehicle on the expiry of your agreement

After you have made all the hire purchase payments to Nordea Finance, you may sell the vehicle to a third party. After having received all payments under the agreement, we will send the certificate to you, or to the new owner if so agreed on separately. If you want to register the vehicle directly in the new owner’s name, you must send Nordea Finance a copy of the deed of transfer or the deed of sale by post or by fax.

Traficom’s deed of transfer

The deed of transfer or deed of sale must include the car’s, the seller’s (the borrower’s) and the buyer’s details as well as the borrower’s and buyer’s signatures and names in block letters. Please note that the person signing the agreement on behalf of the company must be registered as authorised to sign on behalf of the company in the Trade Register.

Registration of your vehicle after the expiry of the agreement period

When your debt has been paid off, the certificate will be sent to you by post and you must register the vehicle in your name. You can do this, for example, at www.traficom.fi with your online banking codes. The certificate is posted on the day you get the vehicle. In accordance with the Finnish Transport and Communications Agency, the vehicle must be registered in the name of the new owner within seven days of receiving the certificate.

Registration of a boat upon the expiry of your agreement

We will send you a signed pay-off notification after the expiry of your hire purchase agreement and a certificate. You can make the registration at www.traficom.fi with your online banking codes. For further information on the registration of a boat, please visit www.traficom.fi.

 

Selling the boat on the expiry of your agreement

After you have made all the hire purchase payments to Nordea Finance, you may sell the boat to a third party. After having received all payments under the agreement, we will send a signed pay-off notification to you or the certificate to the new owner if so agreed on separately. If you want to register the boat directly in the new owner’s name, you must send Nordea Finance a copy of the deed of sale by post or by fax.

The deed of sale must include the boat’s, the seller’s (the borrower’s) and the buyer’s details as well as the borrower’s and buyer’s signatures and names in block letters. Please note that the person signing the agreement on behalf of the company must be registered as authorised to sign on behalf of the company in the Trade Register.

Expiry of the agreement and returning of the car

NB. Different procedures are applied to financial and full-service leasing agreements. Please select below the instructions applicable to your form of financing.

Financial leasing

About four months before your financial leasing agreement ends, we will send you a confirmation of the expiry of the agreement and an offer form. You have the right to find a new buyer for the car and benefit from any lease payment refunds. You cannot buy the car yourself; the buyer must be a company or a person not closely associated with you.

The buyer has to offer to buy the car at a fair market price. Their offer must specify the car and include the purchase price. Both you as the current holder of the car and the new buyer must sign the offer to approve it. The offer is sent to Nordea Finance for approval. If the offer is approved, we will send a counter-offer to the buyer. If the purchase price exceeds Nordea Finance’s receivable, you are entitled to a refund to cover the difference. If the purchase price is lower than Nordea Finance’s receivable, the difference is charged to you.

Full-service leasing

When your full-service leasing agreement is about to expire, you will receive a letter from Nordea Finance asking you to return the car on the last day of your lease period to the car dealership from which you got it.

 

•Contact the car dealership to agree on the return date and time in advance.

•Make sure that you also hand in the original leasing accessories, documents, code cards and all keys. Also ensure that the summer or winter tyres are returned with the vehicle.

•Clean and wash the car before returning it.

•The car will be inspected for wear and tear, kilometres and any damage. These will be marked on the return form.

Please be present when your car is returned and inspected. You accept the damage and deficiencies marked on the return form by signing the form. The second signatory is the representative of the car dealership who inspected the car. Ask a copy of the return form for yourself.

•File a claim with your insurance company for any damage caused by an accident. The repair shop will charge you the deductible related to this damage. If you have not filed a claim, the lessee is charged for the repair costs resulting from the damage in full.

 

Return, inspection and offer form

Excess kilometre charge

If you have gone over the kilometre allowance agreed on your lease, the lessor has the right to charge you any excess kilometres after the expiry of your agreement period or if your lease agreement is terminated during the lease agreement period.

Extending the validity of the agreement

If you have been offered a lease extension and you have accepted the offer, your agreement period is extended by one year. Lease extensions are not offered beforehand for full-service leasing agreements. If you wish to extend your agreement, please contact our Customer Service.