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A commercial hire purchase (CHP) agreement is the traditional way in which the majority of enterprises lease their vehicles. This is due to the fact that the person leasing the vehicle becomes the owner once the term and payments are fulfilled (including any residual payment).

Some key benefits of a CHP include:

• The client can claim interest paid, depreciation and associated running expenses for tax purposes 
• There are no tax guidelines dictating end value (residual) and the client may choose for a NIL residual value to own the vehicle outright once the term and payments are complete

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