Reply To: Good condition bonus is being reduced

#197688
kezo
Participant

    We’re working hard to keep the Motability Scheme as affordable as possible in a time where costs are rising.

    In reviewing the Scheme this year, we found that customers are taking such good care of their vehicles, we can pay £350 of your Good Condition Bonus early. We hope this payment can provide some help with making the most of your vehicle during a challenging time.

    The remaining amount will be paid at the end of your lease as usual for vehicles returned in good condition. This will be £250 for a three-year lease, or £550 for a five-year lease.

    Receiving your payment
    Payments will start from late October for customers who have added their bank details in their Motability Scheme online account and will take around three weeks to complete.

    If you’ve already given us your bank details, please check these are up to date by 24 October 2022 to avoid any delays with your payment.

    The Good Condition Bonus is a shared commitment that when you return your car in a good condition so it can be resold, you get money back. In other words, we put aside a small amount of money from the lease for the Good Condition Bonus as a form of guarantee, and return it to you at the end of your lease.

    As of 1 October 2022 we have renamed this the Good Condition Payment. At the same time, we have reduced the amount that is put aside for cars being returned in good condition.

    By reducing the amount of money we hold for the Good Condition Payment, we are able to reduce the impact of some of the rising costs of delivering the Scheme and keep the cost of leases as low as possible.

    This means that the Good Condition Payment for three-year leases for vehicles ordered on or after 1 October 2022 will be £250. For five-year leases this will be £350.

    https://news.motability.co.uk/scheme-news/good-condition-early-payment/?utm_source=cust-standard-car-enewsletter-oct-2022&utm_medium=email&utm_campaign=enewsletter&utm_content=button