Employee Car Ownership Scheme (Unstructured)

Leasedrive Velo has developed an Employee Car Ownership Scheme, which has been designed for companies who wish to offer their company drivers a service if they have chosen to 'opt out' of taking the traditional company car without corporate involvement. The Leasedrive Velo Scheme is designed to provide competitively priced, fixed cost, trouble free motoring for the length of the agreement including maintenance and breakdown recovery.

Employee Car Ownership Schemes can be combined with other optional services provided by Leasedrive Velo such as:

  1. Client services
  2. Driver services
  3. Accident management
  4. Fuel management
  5. Responsibility™ Business Driver Management

Key Features - Employer

  • Policy advice
  • Cash allowance calculation
  • Greater control, avoids penalties arising from Health and Safety Executive - Duty of Care legislation
  • No set up fees or guarantees required
  • Enhanced employee benefit
  • No risk of default - agreement remains with employee
  • Software provided by Leasedrive Velo to reduce employer administration

Key Features - Employee

  • Tax efficient - no Benefit In Kind taxation
  • Competitive funding rate
  • Monthly payment deducted directly from employee's bank account
  • Choice of new vehicles
  • Fixed cost motoring - comprehensive maintenance package included and no depreciation risk
  • Flexibility of contract terms and mileage
  • Three end-of-contract options: pay guaranteed future value and retain vehicle, return the vehicle and take a new one or just return the vehicle
  • Online quotation facility including Cash or Car tax modeller

System

To support this Scheme, Leasedrive Velo offers a state of the art internet/intranet capability allowing employees access to obtain quotations 24 hours a day, 7 days a week. This includes a 'rate book' facility whereby an employee can input the monthly amount they wish to spend which produces an indicative list of vehicles for the employee to review and place an order from.

Also included is a "Cash or Car" tax modelling facility enabling the driver to consider the implications of taking either of the two options. The tax modeller will allow the driver to input the cash allowance being offered and see whether this enables them to obtain the car they desire.