All posts by Graham

The FCA – working hard to stamp out poor industry practice

Until late last year, it was relatively easy to start up as a leasing company. All you needed was a consumer credit licence, and you could easily set up a website promoting leasing deals to both businesses and individuals.

Previously, manufacturers and finance companies have worked together to clamp down on bad practices and stamp out unofficial agents, but without proper rules and regulations in place, it was always going to be a tough task.

FCA regulations

When the Financial Conduct Authority took over from the now defunct Credit Broker Licences, previously governed by the Office of Fair Trading, on April 1st 2014, all businesses offering finance or leasing options had to apply to the FCA for an interim licence to continue trading.

However, the FCA are now so diligent about reviewing and approving businesses fit to sell consumer finance and lease products, it is estimated that 15% of leasing brokers haven’t even applied.

By introducing stricter criteria for operation, there is an in-depth review process in place before a company can be approved to lease cars.

The FCA also requires leasing brokers to have rigid internal procedures in place to ensure that data collection and protections systems are kept up-to-date.

Since the new regulations were brought in, many firms were deemed to be miss-selling services, mostly by upselling unnecessary options and less cost-effective deals.

Such practices are now strictly monitored and any leasing company found to be in violation of these regulations will be subject to action from the FCA.

CVSL is authorised and regulated by the Financial Conduct Authority. We pride ourselves on delivering good quality service and achieving high levels of customer satisfaction.

Taking good care of your car in 2015

Having to go without a car must be one of the most frustrating experiences known to man; especially when it is the result of a problem that could have been avoided with a bit of due diligence.

Accidents, breakdowns and mechanical faults can lead to cars being inaccessible for weeks at a time, let alone the expensive repair costs.

However, there are a few things that you can anticipate and address, which could make a huge difference to both your stress levels and your wallet.

The basics: your engine, wheels and tyres

Check your oil – If your vehicle’s oil level is too high or too low, it could potentially cause damage to the engine. Regular oil changing ensures that any dirt or metal particles are flushed out of the engine. Before checking your vehicle’s oil, ensure it is parked on a level surface and wait for the engine to cool down after driving.

Clean the engine – In an ideal world, your engine should be cleaned out on a yearly basis. It is a lot easier to spot any potential issues if the engine is clean and you will be less likely to get covered in grease and filth when performing any maintenance. The engine can be cleaned easily by using a stuff brush and a small amount of washing up liquid – just make sure it has been thoroughly rinsed out before you drive!

Check your cam belt – If your vehicle has a cam belt, instead of a chain, this can easily start to break down – due to the belt being made from rubber. Make sure that your belts are checked regularly for any wear and tear, because typically they should be changed every 50,000 miles.

Tyre rotation – By rotating your tyres regularly you are not only preserving your tyres, by giving them a more even tread wear, but this will also save you money. Realistically, your tyres should be rotated every 5000 miles, but it is always best to consult your manufacturer’s manual for details about your make and model.

Wheel alignment – Improper wheel alignment can significantly reduce the life of your tyres and make the vehicle harder to drive. Again, the manufacturer’s manual will provide you with information on how regularly this should be tested.

The aesthetics

Think about your parking – Try to keep your vehicle parked in shaded spots for prolonged periods in the summer. The sun is notorious for causing paint to fade and peel over time.

Have some spare paint to hand – If your paint does begin to peel, or you get any small scratches on the car, it is important to remedy these as soon as possible. By keeping some spare paint at home, you can tend to these problems quickly in order to avoid a rust build-up.

Regular waxing – Waxing your vehicle not only gives it a nice a shine, but it also protects it from damage. Waxing can also help prevent paint chips, by making the surface smoother and reducing friction, but it also protects the car from contaminants in the air.

Driving

You may not be surprised to hear that driving your vehicle sensibly is one of the best ways to prolong your car’s life and save you money in the long-run.

Here are a few tips:

  • Keep away from potholes and objects in the road to extend the life of your tyres and suspension springs.
  • Avoid sharp turns, high speeds and over accelerating, particular in adverse weather conditions.
  • Avoid revving your engine when starting the car, especially in chilly weather.
  • Try to change into neutral when you need to stop, due to traffic lights or congestion. This will reduce your vehicle’s fuel consumption.
  • Avoid short, unnecessary journeys. Vehicles are most susceptible to damage during the first few minutes of driving, when they are effectively warming up.

This content has been provided by car leasing brokers CVSL.

Fuel prices continue to fall


Photo credit: pixabay.com

Petrol and diesel prices in the UK have dropped to their lowest in five years, as supermarkets have been engaged in a fuel-price war.

Over the weekend, a petrol station in Birmingham became the first in the UK to sell petrol for under £1 per litre.

In response, Tesco, Asda, Sainsbury’s and Morrisons all announced that they were shaving 2p a litre off their petrol and diesel prices.

Tesco were first to strike in the price cutting wars, with its cut to 103.9p a litre for petrol coming into force on Monday afternoon.

The three other supermarkets followed suit from Tuesday, with Asda introducing a national cap of 103.9p per litre for unleaded or 110.7p per litre for diesel at any of its forecourts.

Consequently, fleet managers now have a real opportunity to make some significant savings to their fleet’s operating costs.

Steve Black, CVSL Marketing Manager, comments: “This is great news for fleet managers up and down the country, but they need to remain on the ball. With a bit of research they can find the best prices available locally and use fuel cards to make additional savings.”

“2p a litre may not sound like a massive discount, but for a fleet of 100 cars with an average tank size of 50 litres filling up each car once per week could equate to a saving of £100 – which is over £5000 per annum. And that’s in addition to the savings that they have already benefited from with the recent price drops.”

“Our personal-use customers can also benefit. Sign up for fuel alerts online and pay close attention to any that offer loyalty points schemes, leading to further savings.”

Top Tips For Effective Winter Fleet Management

During the winter months we see a rise in road traffic accidents – almost twice as many than at any other time of the year.

As the weather gets colder, driving conditions become treacherous making it imperative that you prepare your vehicle for the months ahead.

You’d be surprised by how few SMEs have winter fleet management plans in place. However, it doesn’t take too much time or effort to put a winter policy in place.

Here are a few essential checks that you should carry out:

Staff management

Is that appointment in Cornwall on a day when snow is forecast really necessary? Is public transport an option? Can the appointment be rearranged?

Try to be realistic about whether the journey is essential or could be postponed. Driving in winter can be very dangerous due to adverse weather conditions and longer periods of darkness. So the obvious decision, especially if the weather looks treacherous, should be not to drive.

Tyre checks

You should be checking tyres regularly, regardless of the time of year, but it is even more important in the winter season. Check to see if there is adequate tread and that none of your fleet’s car tyres are near the legal limit. Whilst checking the treads, check the pressure and look for any damage such as punctures, splits or bulges.

Fitting winter tyres or snow socks to your company vehicles will not only improve braking distances but it also gives you better traction and control.

Battery

Car battery problems occur pretty frequently during bouts of cold weather, especially with older batteries. It is worth checking the batteries as soon as possible at a local garage just to be on the safe side.

Lights

Perform regular company car lighting checks to ensure that all of your bulbs, including break lights and main-beam, are in full working order. Ask your employees to wipe down car lights before setting off on any journey, and also check the indicator and fog lamps are working correctly.

Vision

Before setting off on a long journey, it’s imperative that staff check their car’s washer liquid levels to ensure that the windscreen remains clear throughout the journey. Adding a spot of de-icer or antifreeze to the liquid is also a good idea.

Break down awareness

Make sure that all of your company cars are equipped for break downs or lengthy stops in severe weather. They should all have a blanket or warm coat, a torch, a warning triangle and, most importantly, a first aid kit. It may also be a good idea for drivers to carry drinking water, food and spare fuel in case they find themselves stranded in an unfamiliar area.

CVSL Marketing Manager, Steve Black added: “Preparation is key; you must be prepared for any and every given scenario. When it comes to adverse weather conditions, you can never be too careful.”

“Check your lights, tyres and washer liquid levels on a regular basis. And before you set off on a long journey, make sure you have your essentials: bottled water, de-icer, food and something to keep you warm.”

Special Offer – Jeep Grand Cherokee

Welcome to today’s special offer blog from CVSL. Bringing you the latest online car leasing and contract hire deals.

Today’s featured offer is the super Jeep Grand Cherokee – a practical five-seater 4×4.

Here is a promotional video which highlights all of the Grand Cherokee’s fabulous features:

The Jeep Grand Cherokee is available from just £269.00 per month (excluding VAT) from CVSL on a two-year contract hire deal.

Call CVSL on 0800 085 4256 and reserve yours today!