DRIVERS stuck in long-term leases and finance agreements will be able to change vehicles with a new equity release scheme launched by an ultra-flexible leasing company, Sogo.
The company has seen businesses seeking greater flexibility in lease terms as part of the move to electric vehicles. It launched the equity release programme to help companies make the transition earlier.
Managing Director Karl Howkins said: “The shift to electric and hybrid vehicles is happening quicker than anyone expected. Companies are seeking to make the change now and don’t want to be stuck in long-term arrangements. Our equity release programme will enable companies and drivers to access the vehicle they want when they need it.”
Sogo has seen the number of EVs on fleet grow to 40% through 2021, with an average lease term of six months.
The equity release scheme provides a fully managed service where Sogo will handle negotiations and paperwork with the existing finance provider.
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Sogo has launched a series of innovations since it launched in January, including an all-inclusive monthly leasing service that offers no upfront payments, servicing, breakdown cover and insurance. In May, it launched a monthly salary sacrifice scheme to unrivalled levels of flexibility.
In a first for the UK vehicle leasing and rental industry, the company teamed up with BP to operate a carbon-neutral fleet across petrol, diesel and EVs. It joined energy giant BP’s Target Neutral programme to help fleet customers measure, reduce and offset their carbon emissions.
Sogo uses the latest technology to give a digital-led service that allows customers to order a vehicle in a matter of minutes. It operates nationally with a network of logistics hubs.
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