Sogo launches equity release service to allow vehicle leasing change

Sogo is offering drivers stuck in long-term lease and finance agreements the ability to change their vehicle thanks to a new equity release scheme.

The leasing company says it launched the equity release programme to help companies make the transition to electric vehicles (EVs) earlier after seeing businesses seeking greater flexibility in lease terms.

Karl Howkins (pictured), managing director of Sogo, said: “The shift to electric and hybrid vehicles is happening quicker than anyone expected. Companies are seeking to make the change now and don’t want to be stuck in long-term arrangements.

“Our equity release programme will enable companies and drivers to access the vehicle they want when they need it.”

The number of EVs on Sogo’s fleet now stands at 40%, with an average lease term of six months.

The equity release scheme provides a fully managed service where Sogo will handle negotiations and paperwork with the existing finance provider.

This latest move from the lease provider follows its launch of an all-inclusive monthly leasing service that offers no upfront payments, servicing, breakdown cover and insurance in January.

In May, Sogo launched a monthly salary sacrifice scheme to unrivalled levels of flexibility.