The BVRLA will be publishing Coronavirus updates containing the latest advice to support members as new information and guidance emerges in relation to Covid-19. Due to the fast pace of information being issued by Government, members are advised to regularly check the latest information published online. Links can be found below.
Q: How should I deal with customers who have advised me that they can no longer afford their monthly payments due to income shock? Am I able to offer customers a payment holiday?
A: Leasing Brokers should refer the customer to the finance provider for clarity on their procedures during this time. Finance providers should follow their Income Shock and Forbearance procedures. Further information on this can be found in the BVRLA’s Factsheet.
Q: We are unable to collect vehicles from customers at the end of their lease contracts. What are our options?
A: As most vehicle collections have now stopped, BVRLA members are giving their customers a range of options:
Return the car to a suitable location
Hold on to the car but stop using it. Lease payments are frozen, and the car is typically insured by the lessor (personal contract) or lessee (business contract).
A formal extension with a new contract but make sure you are clear what happens with the mileage allowance
An informal extension, again make sure you are clear what your policy is on the mileage allowance
In all cases, the priority is to contact customers as soon as possible and provide guidance on your website.