Pendragon PCH scheme targets opt-out drivers
Pendragon Vehicle Management (PVM) has introduced a new employee personal contract hire agreement, aimed at drivers looking to switch away from company cars.
Dubbed Let’s Lease, the scheme has been launched by PVM as it says that the increasing tax burden on company cars, alongside the lack of clarity on future BiK rates and uncertainty over WLTP, is causing drivers to question the potential future value of a company car. This is borne out by latest HMRC figures that show the number of UK employees taking company cars fell by 20,000 during the last tax year, while recently published BVRLA data indicates that personal contract hire take-up grew by 14% in Q1 2018.
The scheme can be used by employers for cash allowance takers or employees switching away from salary sacrifice, and enables drivers to browse online through a wide range of vehicles, build and customise their vehicle specification and receive a personalised quotation. Vehicles are then ordered through Pendragon Vehicle Management (subject to credit) and supplied to the employee on a personal contract hire agreement that can be structured either for minimal advance payments or larger advance payments. Monthly rentals start from £123 per month including VAT.
Neal Francis, divisional managing director of Pendragon Vehicle Management, commented: “At no cost to the employer, Let’s Lease is the ideal way for a business to offer its employees the use of a brand-new car. Employee car schemes increase employee motivation and retention, offering genuine cost-savings. Let’s Lease is the perfect car scheme for any business.”