FAQ / Employee Car Ownership Schemes

Why is ECO different from a normal Company Car Scheme?

Why is ECO different from a normal Company Car Scheme?  Employee Car Ownership Schemes (ECO Schemes) are becoming increasingly popular with companies and their employees. With this type of funding programme, the car belongs to the employee, but closely emulates a company car.

Employees receive a net monthly budget comprising of a combination of Approved Mileage Allowance Payments (AMAPs) and cash in order to fund their car. They are then able to purchase a new car under the scheme on a nil-deposit credit sale agreement.

As part of a mixed-fleet solution, the ECO scheme option can prove highly beneficial, particularly where there is a need for a restricted company car list (for manufacturer support or reallocation purposes).

Our ECO Schemes are supported by our online car scheme platform, and limits the company involvement to a minimum, managing every aspect of a driver’s experience:

This includes:

  •  Initial car selection.
  •  Credit sale funding with no company involvement.
  •  Maximum fleet discounts.
  •  Whole Life Cost (WLC) calculated net budgets.
  •  Balanced budgets throughout term.
  •  Full maintenance.
  •  Guaranteed Future Value.
  •  Mileage Capture and Validation.
  •  24/7 DriverLine services.
  •  Monthly AMAP reconciliation.
  •  Fuel Card reconciliation.
  •  Payroll reports.
  •  Carbon footprint reports.

Individual ECO schemes are tailored to particular requirements and designed to present a car benefit policy in the most cost efficient manner for a company and its employees, offering the ideal solution for companies wishing to reduce fleet costs and emissions, and also add value to the car benefit in a properly managed environment.

For more information on ECO Schemes, contact us or call 0800 091 4252.