Since time immortal when banks started lending money to consumers there have always been people who did not meet the normal underwriting criteria for the main stream banks. These people, as far as vehicles go, fell into the non status or sub prime leasing bracket.
However due to the credit crunch that started to have an effect on lending criteria mid 2008 more and more people were finding themselves classed as a high risk by the banks. So what changed?
The main stream banks realised that they could no longer lend the amounts that they had been doing as they were taking excessive risks (I am being kind here!). So underwriting criteria was completely changed and all of a sudden millions of people and businesses found themselves in the non status bracket through no fault of their own.
We at CVS have always specialised in non status leasing for our customers, this is our core business and we, unlike the banks, look at each customer's status and ability to pay for a leased vehicle. We call this the affordability test. If you can prove that you can afford the monthly lease payment, insurance and leave yourself enough money spare to live on comfortably then we will normally give you one of our non status lease deals.
We fund our own vehicles and we are not tied to any bank or finance house.
So what do you get when you take a non status car or van lease with us?
Firstly you will get a vehicle to suit your needs and budget.
You get an allowance of 15,000 miles per annum.
You get your road tax included for the duration of the contract.
You get monthly invoicing for your accounting purposes.
What you do not get are the following:
Servicing.
Reapirs outside of warranty.
Accidental damage repairs.
Tyres, yes we will give you a set to begin with but if you get a puncture or hit a kerb then it is down to you to replace any damaged tyres.
So what are the benefits to you by taking a non status lease car from us?
The main one is that you will not be taking the risk on what the vehicle is worth at the end of the contract. We take that risk, all you have to do is hand the car back and go into another lease.
Your road tax is covered and will be posted to you.
If you are a sole trader, partnership or Ltd company and VAT registered then you will be able to claim upto 50% of the VAT on a non status car leasing plan and upto 100% on a non status van leasing agreement.