Lending & Underwriting

At Summit Vans, we are committed to providing socially responsible flexi-lease facilities for vehicles in the UK, catering to both personal and business needs. As part of our commitment to responsible lending, we ask customers to complete an affordability statement and check their credit history using a licensed credit reference agency before confirming a booking.

We suggest that the cost of the flexi-lease is no more than 60% of the hirer’s disposable income.

Business Focus and Code of Conduct

Summit Vans is committed to providing quality service and responsible lending practices. Our principles include:

• Offering flexi-lease facilities only to customers who can demonstrate the ability and intention to repay
• Staff always act in a courteous and professional manner
• Fair arrears and debt recovery policy and procedure
• All flexi-lease applications are given full and proper consideration
• Making equitable decisions while adhering to our responsibilities

General Policy

In line with this commitment, the primary criterion for approving a flexi-lease agreement is the hirer’s ability to pay over the full term. We may request financial statements or supporting documentation, including the last three months’ bank statements, to assist in our lending decision, however we also consider other various factors when assessing affordability, including credit scores, CCJs, bankruptcy history, existing credit, and suspicion of fraud.

Staff members are trained to act in a courteous and professional manner, ensuring fair arrears and debt recovery policies and procedures are followed. All flexi-lease applications receive thorough and equitable consideration, as we strive to make responsible decisions that align with our responsibilities.

Credit Score and Underwriting Decision

To proceed with a hire agreement, we require a credit score over band 7 and no current adverse credit history. We utilise CreditSafe’s soft search facility to conduct credit checks, providing us with valuable insights into a customer’s creditworthiness. A credit score within the acceptable range demonstrates a positive credit history, increasing the likelihood of approval.

CCJs and Underwriting Decision

CCJs (County Court Judgments) are taken into account during the underwriting process. While they may impact the decision, they do not automatically disqualify a customer from obtaining a flexi-lease. Each case is reviewed individually, considering factors such as the amount and timing of the CCJ, as well as the customer’s overall creditworthiness.

Bankruptcy and Underwriting Decision

Bankruptcy history is also a factor in the underwriting decision. However, we understand that financial circumstances can change, and we take a comprehensive approach when assessing applicants. While bankruptcy may affect the decision, it does not necessarily lead to automatic rejection. We consider the timing of the bankruptcy, subsequent financial stability, and the customer’s ability to meet their financial obligations.

Other Credit and Underwriting Decision

We take into account other credit held by the customer during the underwriting process. This includes considering the customer’s existing credit commitments, such as loans, credit cards, and other financial obligations. While having other credit does not automatically disqualify an applicant, it is evaluated in conjunction with the overall financial picture to ensure the customer’s ability to meet their flexi-lease obligations.

Suspicion of Fraud and Underwriting Decision

In cases where suspicion of fraud arises, it will significantly impact the underwriting decision. We maintain a zero-tolerance policy toward fraudulent activities. Any evidence or reasonable suspicion of fraudulent behaviour will result in immediate rejection of the application.

Summit Vans operates with a responsible hiring policy, closely monitoring direct debits to identify and address missed payments promptly. If a hirer experiences difficulties in making payments, our Arrears Policy is implemented to prevent further financial strain and ensure responsible lending practices are upheld.