Those banking with Santander 1|2|3 World could save up to £85 a month on new Volvo and Mazda vehicles under a new deal launched by Santander Consumer Finance.
The bank has surveyed the marketplace through deals aggregator contracthireandleasing.com, and has the figures to back up its money-saving claim.
It means that motorists could drive away in a new car from as little as £229 a month, with no initial payment, and a contract that lasts just 18 months. The majority of contract hire deals require customers to commit to contracts of between 24 and 48 months, along with a substantial first payment.
This deal will benefit the five million or so Santander 1|2|3 World customers, with the deals available on some of the company’s most desirable products, including the Mazda MX-5, Volvo XC60 and Volvo XC90.
- Mazda 2 SE+: £229 a month
- Volvo V40 T2 Momentum Nav Plus: £249 a month
- Mazda CX-3 SE Nav: £259 a month
- Mazda MX-5 SE: £269 a month
- Mazda CX-5 SE-L Nav: £329 a month
- Volvo V90 D4 Momentum: £359 a month
- Volvo XC60 T5 Momentum: £379 a month
- Volvo XC90 D5: £659 a month
These examples are based on an 18-month rental and 10,000 miles per annum and include VAT. Alternative mileage options and vehicle options are available.
At the end of the contract, the vehicle – which will be required to meet the British Vehicle Rental and Leasing Association’s (BVRLA) standard fair, wear and tear guidelines to avoid excess charges – is returned to Santander. Charges for excess mileage will be detailed in the hire agreement.
All-inclusive package on the cards?
Vehicle excise duty is included in the contract, but customers will be responsible for maintenance and servicing. Santander says it is considering an all-inclusive package to include insurance and servicing but will gather feedback from its customers before making a decision.
Stewart Grant, commercial director at Santander Consumer Finance, said: “These preferential deals are great news for Santander 1|2|3 customers. They will allow 1|2|3 customers to drive a brand new Volvo or Mazda with no up-front payments, and without the hassle of ownership.
“As we see more and more people choosing to lease their cars, rather than make the investment to own one, we expect these deals to prove very popular. We are grateful for the support of our brand partners Mazda and Volvo and are confident this offer will be attractive to 1|2|3 World customers.”
Customers qualify as 1|2|3 World members by holding a Santander 1|2|3 current account or credit card or through being a Santander Select of Private customer. It remains to be seen whether or not other manufacturers will join Mazda and Volvo in this scheme.