How does Lex Autolease credit renewal and management work?
Managing credit with Lex Autolease involves understanding the renewal process, credit usage, and related operational guidelines. Below is a comprehensive overview to help you navigate credit management effectively.
Overview of Credit Renewal and Approval
Credit renewal with Lex Autolease ensures compliance with legal and operational requirements.
About a month before the credit expiry, loveelectric will contact you to confirm whether your company details, such as listed directors, have changed. If no changes are needed, loveelectric applies for the credit renewal on your behalf. If changes are needed, the loveelectric team will make the updates and then apply for the credit renewal on your behalf.
When applying for credit, the loveelectric Client Services team will apply for a certain number of vehicles based off previous activity (unless we are told otherwise).
A credit increase or renewal triggers a hard credit check on the company and a soft credit check on the Directors listed on the Lex Autolease proposal.
Credit Usage and Expiry
The credit is in place for 12 months and once utilised, a new credit increase will need to be requested
Timing and Decision-Making for Credit Renewal
It is generally recommended to have credit in place so employees can place orders smoothly and view accurate pricing. However, if preferred, credit renewal can be delayed until employees are ready to place orders.
If you choose to wait until a car is up for renewal to place the next order, loveelectric will support you with the credit renewal process at that time.
Expanding Credit Options
Currently, your company may have an active credit line only with Lex Autolease. To increase flexibility, you can request to be proposed to additional funding partners, such as Novuna and Marshall, ensuring multiple credit lines are available for future orders.
FAQs on Credit Management
Can credit be temporarily reinstated? Unfortunately, credit cannot be temporarily reinstated as Lex Autolease requires a credit increase to do so. Measures are being implemented to alert customers beforehand to avoid such issues.
What are the approved credit details? Approved credit details typically include the total approved amount, the remaining available credit, and the expiry date.
By following these guidelines, you can ensure smooth credit management and renewal processes with Lex Autolease, enabling your employees to access vehicles efficiently.