Employee car lease

Under employee car lease we provide various contract options to choose from:

Ugo Ugo is a tri-partite employee car lease contract between an employer, an employee, and Ayvens, where the employer is jointly and severally responsible for all liabilities along with the employee. Ugo contract is beneficial in scenarios where employee attrition is high as in the event of an employee separation from the current employer, the contract is transferable to the next employer, or even privately onto the employee (subject to credit check), thereby ensuring zero administrative hassle of contract termination to the employer and no added cost of early termination to the employee. It is very easy for an employee to avail of a car by opting for an employee car lease with a Ugo contract. No credit appraisal of the employee is required at the beginning of the contract. A credit appraisal of the employee is performed only in the event of separation from the current employer and while transferring the lease onto the employee privately. A tri-partite contract ensures proper division of accountability between the employer and the employee, where the employee is responsible for all liabilities arising from violation of the Motor Vehicle Act and the employer for all financial liabilities as well as notifying us 30 days in advance of employee separation. However, in the event of an employee failing to abide by his responsibilities, the employer is responsible for fulfilling those. Ugo contract enables to registration of the car in the name of the employee, thereby avoiding change of registered owner multiple times, which otherwise would lead to increased depreciation in car value. Ugo Connect Ugo Connect is a tri-partite employee car lease contract offered to organisations with a large employee strength to extend tax savings benefits to a wider employee base. Corporates have a near zero risk of running the car policy with the Ugo Connect contract as only a concise agreement is signed with them for payment-related liabilities, transferring all vehicle-related liabilities to the registered owner (employee). There is no joint liability between the corporate and the employee. The only liability of the company apart from the payment obligation is to provide the right information to us for the credit check of the employee and inform us about the separation/ termination of the employee 30 days prior. A Master Lease Agreement is signed between the employer and Ayvens for providing cars on operational lease and fleet management services if opted for. Under this arrangement, the corporate takes the cars on lease from Ayvens for its employee for the duration of his/her employment. After signing the MLA, a Vehicle Lease Contract along with a Registered Owner Agreement is executed between Ayvens, the employer and the Registered Owner (employee), where the employee acknowledges his/ her responsibility under the ROA. A credit evaluation of the employee is done before signing the contract with the employee to determine his /her eligibility. Onboarding of the employee is subject to creditworthiness.Smart Plus Smart Plus is an employee car lease contract offering the option to buy the leased car at an attractive cost at the end of the contract. The buy-back price is fixed at the time of signing the contract. To calculate the buy-back price, the resale price the car will fetch after the end of tenure is estimated and increased by 5%. Increased resale value means reduced lease rental. At the end of the contract, the user will get the opportunity to purchase the car at this pre-fixed price or at the actual market price, whichever option is lower. Therefore, Smart contract provides more transparency on usage and resale costs. Smart Plus can be availed along with employee car lease (bi-party contract) and a Ugo or Ugo connect (tri-party) contract.