Lifestyle Lease Car Benefit Scheme From Maxxia
Lifestyle Lease is Maxxia’s unique and innovative car benefit scheme, giving employees the chance to drive a brand new car at a discounted price.
Cars are one of the most highly valued employee benefits and Lifestyle Lease allows organisations to provide this in a cost neutral, risk free way. Your business benefits from improved employee satisfaction without putting pressure on the budget.
Lifestyle Lease is different because the agreement is with the individual rather than the employer, meaning that they can take their car with them if they change job. This portability also means the employer faces no early contract termination risks.
And, because Maxxia deals with employees directly, there’s very little admin for the employer.
Benefits for the employer
- Developed with input from leading professional advisors and has HMRC clearance
- Designed to hold employers at no risk
- Potential tax savings to the business
- Reduces grey fleet risk and associated health and safety issues
- Significant enhancement of the reward package
- Encourages employees to drive cars with lower CO2 emissions – improving green credentials
- Positive recruitment and retention tool
Benefits for employees
- Significant savings when compared to leasing a car privately
- Hassle free, fixed cost motoring including servicing, maintenance and tyres
- Potential tax and National Insurance savings
- Access to corporate discounts on new car prices
- Fully portable, can be taken to a new employer
- No future value or disposal risks
How it works
One of the great things about Lifestyle Lease is that the administrative burden for employers is massively reduced compared to many car schemes. We design the perfect scheme for your specific requirements, create a launch plan and help to promote it to your employees.
We then work directly with employees to choose the right vehicle, take their order, deliver the car and arrange for all in-life services. Here’s a quick summary of how the scheme works in practice:
- Employer authorises those employees that they want to be eligible for the scheme.
- Employees visit the Lifestyle Lease website to find the right car for them, with expert help from us.
- Lifestyle Lease system selects the optimum type of funding based on the employee’s tax position and the selected vehicle. This can be either:
- Salary Sacrifice – payments are taken from gross salary and BiK tax is applied.
- Employee Car Ownership – payments are taken from net salary but no BiK tax is applied.
- Employees take affordability checks and agree to payments.
- The vehicle is ordered and we stay in touch right through to delivery.
- Employer processes via payroll and makes payments to Maxxia.
- Employees contact us directly for all maintenance and other services.
- If the employee leaves their job the car goes with them with no impact on the employer.
- At contract end the vehicle is swapped for a new one, handed back or purchased at an agreed value.
And, as Maxxia is authorised and regulated by the Financial Conduct Authority you’ll have absolute confidence that your employees are treated fairly.
Contact us now to learn more about Lifestyle Lease and how your organisation could benefit.