Vauxhall Finance launches first in-house business contract hire solution
Vauxhall Finance has launched two new finance products, including its first in-house business contract hire solution.
Available on new Vauxhall cars and Light Commercial Vehicles (LCVs) at all Vauxhall Retailers, the product is aimed at fleets, including SMEs, looking to put the benefits of contract hire to use, including its ability to shield customers from depreciation and the admin involved with resale, as well as fixed monthly budgeting.
The launch comes as Vauxhall also launches a personal contract hire solution.
Customers can choose to pay an advanced rental payment to reduce their monthly payments, or to split the total rental cost evenly throughout the contract term, typically between 24-48 months, with no deposit required. Both contract hire solutions can include an optional Service, Maintenance and Repair (SMR) package as part of the contract.
The company, now part of Opel Vauxhall Finance, the European captive finance organisation of Opel and Vauxhall, has previously offered business contract hire through third-party organisations. However, following the buyout by PSA, the company said it was clear that this route to market should be taken in-house.
Simon Kington, managing director of Vauxhall Finance, said: “This product launch is a further step for Vauxhall Finance to become a full captive for Vauxhall, which is part of our new Strategic Plan for profitable and sustainable growth. Increasing our product portfolio means we are able to deliver more of the finance products that Vauxhall customers want, which will improve the experience at Vauxhall Retailers.”