The practical answer
Potentially, depending on the agreement, settlement arrangements, asset and lender. Obtain the current settlement information before assessing options.
The current lessor owns the equipment, so obtain its settlement and transfer instructions rather than arranging an independent sale yourself. End-of-term or rebate provisions need checking.
Ask how the new proposal changes ownership, rentals, VAT cash flow and future obligations. Do not assume finance lease settlement follows exactly the same process as HP.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
Read: Asset refinance →Explore the relevant guides
Compare HP, finance lease & contract hire — For ownership plans and full end-of-term commitments.