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 Supporting our dealers through these uncertain times

Updated: Friday 24th April, 2020

 

We want to assure you that in these difficult times, we are here to help and support our dealers with their financial questions and concerns.

We understand that everyone's circumstances will be different and we're aware of our needs as a funder to offer support post lock-down, so further support will be available on a case by case basis, and we encourage our dealers to contact their account managers to discuss options before there's a problem. If we have the full facts then we have multiple options available to us to provide the financial support needed in difficult times. 

We have listed below a number of typical questions that you may be considering.  We would also ask you to reach out to your account manager who can discuss your options with you.

Key points:

  • We are continuing to waive audit fees
  • We will continue to extend our funding period 
  • We will continue to suppress capital payments

Questions that you may have are:-

Q.  My next capital payment is due in May and I'm not sure how I'm going to make payment

Our main focus is about looking after our dealers and therefore we have arranged to suppress all capital payments due from the 1st May to 31st May, 2020*.  However, interest charges will still be charged and debited from accounts on the 11th May.

*If the lockdown were to be lifted on the 18th May and dealers were able to resume trading, then we will offer further support for up to 30 days from that date.

Q.  Can I still load new vehicles onto CALMS?

In line with the lock-down restrictions and closure of dealership premises our wholesale funding lines will be kept on hold and we will not fund any new contracts in CALMS.

We are monitoring the advice from the government so that when the situation changes, we can look to lift holds subject to individual dealer credit reviews. 

Q. Will audits still be required in the current climate?

Yes, we will be increasing our audits and putting all dealers on weekly audits.  Our partner Luminosity is on hand to provide remote support to help you complete the audits during this period.  To add additional staff at your dealership to support on audits, please contact our dealer services team who are on hand to assist.

In return for your support, we will waive your audit fees until further notice.

Q.  Is it possible to get an extension on funding?

We will continue to extend all contracts due to go full term for 30 days* with no extension fee and 10% draw down.

*Subject to weekly audits, being carried out.

Q. What happens if I have reached 150 days* of funding?

We won't call for payment on these units, they will continue to be contractually funded and will automatically go into over-plan. Once restrictions are lifted we will work with you to ensure a timely and managed trade out of your 120+ vehicles on a case by case basis. 

*Subject to weekly audits, being carried out.

Q.   My funding line has just been approved, will I still be charged the set up fee?

All new dealers will have their set up fees suspended until the HOLD is lifted.

Q.  What will happen to my account, after lock-down is lifted?

Clearly, the scope and severity of the COVID-19 pandemic has had a significant effect on the global economy with no sector untouched, so we are working hard to recalibrate our operating processes to best serve our customers under these new conditions. At the point where lock-down restrictions are lifted and trading can resume, we will look to continue supporting the dealer community, starting with a thorough review of our existing customers' facilities.

In order to support our review process, we will be asking for up-to-date trading and banking information (bank account statements, debt balances, etc.) on a more frequent basis to help us understand how our customers are performing.

In our efforts to streamline this as much as possible, we are in discussions with a third party software provider who would be able to make this data available with minimal disruption to dealers' businesses.  We see this as a major improvement to our service and hope to be able to provide more information on this as soon as is practically possible.

Q.    I want to make payments, can I still do this in CALMS?

Yes, CALMS is still available for you to manage your account in the normal way, ie settle a vehicle.  However, the ability to load further vehicles onto your plan has been withdrawn.

 

More support for you ........

There are many resources available to help businesses with financial and wellbeing support, we have selected a few below:

Once COVID-19 is over.......

We look forward to resuming business as normal, if we all work together now, we will all recover stronger and set up for the months ahead.

 

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Coronavirus/COVID-19 update

We want to make sure that you’re kept fully up to date with what we’re doing at V12 Vehicle Finance to maintain our level of customer service during the ongoing virus outbreak, referred to as Coronavirus or COVID-19

 

COVID-19 update

Care Package for Dealers