Paul Parkinson, CEO of vehicle leasing broker Synergy Car Leasing answers some of the latest questions on leasing during Covid-19.
The current situation continues to develop and the types of questions leasing customers are asking are changing as the nation becomes more used to dealing with the current lockdown and new information continues to emerge from the daily government briefings.
Can I arrange a payment holiday on my leasing agreement?
The Financial Conduct Authority (FCA) has announced that it expects all motor finance providers to provide three-month payment holidays for customers who are having temporary difficulties meeting leasing payments due to coronavirus. In addition, if customers are experiencing temporary financial difficulties due to coronavirus, finance providers should not take steps to end the agreement or repossess the vehicle.
Leasing customers should contact their finance provider directly, and seek the latest information and advice from their provider via their website.
I am a key worker, can my new lease vehicle be delivered?
Depending on the type of vehicle you are leasing and the supplier, as well as the availability of the vehicle, it may be possible for your vehicle to be delivered to you during the current restrictions.
The vehicle will be delivered according to the latest advice from the government.
Can my new lease vehicle be delivered by contactless delivery?
With news that social distancing measures are expected to last well into 2020, we are beginning to see suppliers and manufacturers identify safe and appropriate ways for cars to be delivered, in accordance with government guidelines and social distancing rules. In line with government advice, many suppliers are now looking at adapting their processes in order to offer contactless delivery.
Over the next few weeks we expect to see more and more suppliers opening up their delivery channels ensuring safe and contactless delivery of new lease vehicles to home and work addresses.
This will involve ensuring the car is hygienically cleaned before hand over, appropriate protective clothing for the delivery driver and protection of high contact areas within the vehicle and the keys sanitised and either posted through the letter box or left on the windscreen for collection.
We expect arrangements will be made with individuals to ensure that all parties are comfortable with the delivery arrangements.
The client will have to check over the condition of the vehicle and report any concerns regarding their new lease vehicle within a certain agreed timeframe, using the camera on their smartphone to document any concerns.
My lease has ended, when will my vehicle be collected?
Currently there are restriction on collection of lease vehicles. Many finance providers are offering incentives to extend current contracts by 6 or 12 months in order to keep customers mobile during this time.
We are expecting to see over the short-term, similar to deliveries, processes adapted so that end-of-lease vehicles can be collected in a safe way, in line with social distancing requirements and government recommendations.
Can new lease vehicles be ordered and are there any delays?
There is currently plenty of stock availability of brand-new vehicles within the UK, however, we expect stock to be sold very quickly as the country adapts to new social distancing measures and some restrictions are lifted.
Vehicle manufacturer plants across Europe are returning to work with adapted processes to keep their people safe, so for those considering ordering a new lease vehicle we advise placing your order in plenty of time to avoid any delays due to the current situation, and ensure you are first in the queue for your new lease vehicle as imports begin again.
Synergy Car Leasing is offering help and advice on new and existing contracts, and are open seven days a week to assist Mon-Fri 8am to 8pm and Sat-Sun 10am-8pm. Call 01423 228280 or visit www.synergycarleasing.co.uk.