WITH Consumer Duty fully in place, leasing brokers are increasingly alert to offer the best possible outcomes for customers.
One area that can trip up leasing customers is over end of lease charges – what is justifiable as fair wear and tear and what is not?
Under new Consumer Duty this is an area that brokers need to address:
A key part of the Duty is that firms need to define, monitor, evidence and stand behind the outcomes their customers are experiencing. This monitoring must enable firms to identify where customers, or groups of customers, are experiencing poor outcomes, and where this is the case firms must take appropriate action to rectify the situation.
New image capture assessment tool for end of lease damage assessment
New on to the market is an image capture assessment tool called Wondle. It eases any end of lease friction by placing the consumer in control say the two developers of the product – Simon Carr and Matt Cranny – who are both former automotive executives at LeasePlan.
So how does it work?
A customer logs onto the Wondle website before being directed around the lease vehicle capturing a series of images. With the images uploaded, the damage is assessed in three minutes against a matrix of seven funder repair cost baskets.
Wondle then offers a cost to fix before return of lease, or whether it is better to leave the damage which will be absorbed in the end of lease allowance.
The point of Wondle is to put the customer in control. End of lease damage is the Achilles heel of leasing. Customers find it difficult to understand what is end of lease damage and what is acceptable. The Wondle system gives the consumer information on which they can then make informed decisions.
Would Wondle work for your brokerage?
Broker News is working with Wondle to provide brokers with a special price:
- 1 month free trial then £166+VAT per month (paid annually);
- or £199+VAT paid monthly.
Contact Simon Carr (Simon@wondle.io) or Matt Cranny (Matt@wondle.io) for further information and to book a demonstration.
Broker News Awards 2024 in pictures
The Broker News Awards 2024 took place at the Orrery in London’s Marylebone. Here are the pictures to remember the event
Broker of the Year 2024 winner profile: Synergy Car Leasing
Synergy Car Leasing was voted Broker of the Year 2024 by the judging panel – here’s the winner’s profile supported by Leasing.com
Broker News Awards 2024 – the winners
The Broker News Awards 2024 – supported by Fleet Procure – produced outstanding winners, with Synergy taking the Broker of the Year title
Broker News Newsletter 24 April 2024
Catch up on the latest leasing broker news in the 24 April 2024 Broker News newsletter
Leasing broker fleet down, but BCH is rising: analysis of BVRLA broker survey H2 2023
Analysis of the BVRLA leasing broker survey for H2 2023 shows the broker fleet is down, but BCH is on the rise
Novuna Vehicle Solutions and Select Lease by Mobilize add support to the Broker News Awards
Novuna Vehicle Solutions and Select Lease by Mobilize add support to the Broker News Awards 2024, which takes place in London on 25 April
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
