A big thank-you to our business leasing customer, a leading daycare and nursery team from Essex, for sending through pictures of their new addition to the fleet – the luxury SUV which is the Range Rover Velar.
One of our specialities is dealing and managing complicated business structures, as per this transaction. As this customer operated a plethora of individual childcare facilities, they established limited companies for each of the sites. With different subsidiaries and shareholdings, on face value the initial underwriting presented some difficulties; particularly as some companies were displaying profit whereas others (due to considerable investment) were showing losses.
Our advice to customers who operate complicated business structures or who have newly incorporated companies, is to ensure some basic information is available (and clear) for us to assist. For example:
· Ensure that the accounts are up to date and have been filed at the appropriate times. In instances where accounts have not been posted (or are not due), ensure that draft accounts or up to date management accounts and information if available for review. For groups of companies, all the information for any direct subsidiary or sister companies must be available to us;
· Ensure that the individual directors’ credit profiles are positive. The contract hire industry has now changed in that at least 2 directors will need to be underwritten as part of the application (in particular for new companies or borderline companies). This means that a 5 year address history, 3 year employment history, date of birth and any other relevant information must be available. It is not possible to avoid this obligation. If a director has poor credit, is not located on the voters roll or has little credit visibility, this will affect the ability to procure credit; and
· Be prepared to send additional information such as bank statements, important contracts, enhanced initial rentals or director guarantees. Not all of the aforementioned will be required in each instance but by having much of this available, we can present an effective case to the underwriting team.
As a credit broker, not a lender, we work alongside some of the foremost contact hire and leasing companies in the UK.
The obviously advantage to our business platform is that we can offer different solutions depending upon your business circumstances. Not all finance companies/banks are the same and in some cases your business arrangement will simply not be possible through specific companies i.e. newly incorporated companies, ammunition companies or companies involved in the automotive industry. We will therefore offer the most suitable and practical solution for you – this does not always mean this will be the cheapest solution.
In terms of the car shown here, the Land Rover Range Rover Velar Petrol Estate 2.0 P250 R-Dynamic S 5 Door Auto, this is based on the following bespoke configuration:
Premium Metallic Paint – Carpathian Grey
Leather/Suede Cloth Upholstery – Ebony
Shadow Aluminium Trim Finisher
Ebony Morzine Headlining
Colourway – Ebony
20″ 10 Spoke Alloy Wheels with Satin Dark Grey Finish
Leather Steering Wheel with Chrome Inserts
Contrast Roof – Narvik Black
Panoramic Fixed Sunroof with Sunblind
Front and Rear Parking Sensors
R-Dynamic Black Pack – Velar
As standard the car includes a leather steering wheel, carpet mats, cruise control, power sockets, rear view camera, 10-way electric adjustable driver’s seat, heated front seats, electric heated and adjustable mirrors, leather/sued upholstery, premium LED headlights, fog lights, rear parking aid, 19” alloy wheels, lane departure warning, steel spare saving wheel, climate control, rain sensing wipers, coil suspension, Bluetooth, InControl and apps, pro navigation, gesture tailgate, DAB radio, wi-fi, immobiliser, alarm and steering mounted controls. In terms of additional specification (and for creating your ultimately luxury vehicle) the car pictured is definitely up there… Or you might just want to consider privacy glass, front parking sensors, head up display, contrast roof (narvik black) and the 20”/21” alloy wheels!
In terms of technical information, company car and business users can note the P11d at £54,410.00 and CO2 at 173g/km. The 1997CC 8 speed auto engine delivers 250ps, combined MPG 37.2 and 0-62 times of 6.4 seconds. Service intervals on a petrol Velar are every 12 months or every 16,000 miles, whichever lands sooner.
Find the very best Range Rover Velar leasing deals available Here on CarLease UK…