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Finance deals from ERF
Page 15
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MERF plans to strengthen its position in the UK by offering its customers vehicle finance and contract-hire packages through a new joint-venture company called ERF Leasing. This follows similar moves by Scania and Volvo.
The firm, set up by the Sandbach-based truck maker in conjunction with Capital Charter, a subsidiary of the Royal Bank of Scotland, is operational now.
It will offer a variety of financial packages including hire purchase; lease purchase; finance leasing; operator leasing; and a full contract-hire deal with maintenance and spares support through ERF distributors. It will also consider fleet refinancing on all makes of vehicles.
The new truck finance company, described by ERF chairman Peter Foden as offering a "one-stop" deal to customers, will be headed by David Ogden based at Crewe.
Finance leases will run from two to seven years with monthly, or quarterly payments seasonally adjusted to suit cashfiow. ERFs Sureway maintenance scheme can also be included in the deal.
For hauliers preferring offbalance-sheet financing, ERF Leasing is offering operator leasing with rentals under this scheme lower than under finance leasing, because the operator is not responsible for the final residual value estimate. This will be carried by ERF Leasing.
With hire purchase and lease purchase the repayment period can be one to seven years, depending on the cashflow circumstances of the customer, with an optional seasonal repayment package allowing larger repayments during peak trading periods.