ERF Finance does more
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• ERF has launched a finance operation offering a range of conventional leasing and contract hire deals and allowing hauliers to buy their trucks outright.
The Sandbach truck manufacturer teamed up with Newcourt Credit of Canada, which has taken over the assets and staff of Crewe-based ERF Leasing and relaunched it as ERF Finance. Newcourt already provides finance for ERF's parent company Western Star in North America and Australia.
As well as maintenance-inclusive contract hire deals and operating leases, ERF Finance will offer what it calls "purchase products" (see panel, below left).
Under the lease purchase scheme, operators who want ownership, but don't want to gamble on residual values, can opt to buy the vehicle for an agreed price or simply return the truck at the end of the lease purchase period. Alternatively, they can renegotiate a new lease purchase agreement.
Maintenance deals will also be supplied separately.
ERF Finance "purchase products" • Option One: A hire purchase deal through which the operator ultimately gains the truck's ownership by installment; with or without a deposit, depending on circumstances. • Option iwo: Lease purchase, in which an operator gains title to the truck via regular installments and a set final ("balloon") payment at the end of the contract. • Option three: Lease purchase as above, but with a guaranteed buyback option. Described as a "no-residual risk".