LET’S Lease is a new product from Pendragon Vehicle Management.

Pendragon Vehicle Management is marketing Let’s Lease as an employee car scheme that’s like a company car but without the BIK.

Although Let’s Lease sounds like an ECO scheme, it’s actually a business bolt-on to provide companies with alternative vehicle provision for employees via Personal Contract Hire. Rather like an affinity scheme.

Let’s Lease, says Pendragon Vehicle Management, provides a new car with no financial risk to the employer and no BIK liability to the employee.

It says that the increased tax burden being levied on company car drivers, alongside the lack of clarity on future BIK rates, has le 40% and 45% tax payers  to question the potential future value of a company car.

Let’s Lease has an online web portal that allows employees to browse vehicles, build and customise vehicle specification and deliver a personalised quotation. Once the employee is happy with vehicle specification and quoted rental, the vehicle will then be ordered by Pendragon Vehicle Management (subject to credit) and supplied to the employee on a Personal Contract Hire agreement.

Neal Francis, Divisional Managing Director of Pendragon Vehicle Management commented:

“The scheme is ideal for either cash allowance employees or other employees who are no longer enjoying the initial generous benefits derived from a car salary sacrifice scheme.”

Monthly rentals on Let’s Lease start from £123 per month including VAT.