The industry’s first “pay-as-you-drive” leasing financing will be used for trucks in the USA from 2020. As part of the NACV (North American Commercial Vehicle Show), Daimler Truck Financial, part of the business field of Daimler Mobility, presents the telematics-based financing option “Dynamic Lease” for the first time. Dynamic Lease enables customers to adjust the leasing rates to the actual use of the vehicle. The first vehicle to be launched with this technology in the first quarter of 2020 will be the market-leading heavy-duty truck Freightliner Cascadia.
Franz Reiner, CEO of Daimler Mobility AG: “With the increasing networking of our vehicles, we can also meet our customers’ desire for more flexibility and transparency with products such as Dynamic Lease. For our truck customers, the dynamic control of their leasing tariffs on the basis of kilometers actually driven means additional financial flexibility for their fleet planning.”
“Pay-per-use” leasing: the future of truck financing
With traditional leasing, the customer forecasts the mileage of the truck for the coming years before signing the contract. If the customer exceeds the mileage, an additional payment has to be made so far. With Dynamic Lease, customers are billed only for the kilometers actually driven, in addition to the standard contractual basic fee. A customer’s leasing package is linked to a serial number for each truck. With the customer’s consent, data on the total mileage of this truck is automatically transmitted to Daimler Truck Financial via connectivity systems. This enables the vehicle-specific rate to be calculated for the customer on a monthly basis.
Tobias Waldeck, Head of Daimler Truck Financial: “Dynamic Lease is the future of truck financing. By networking the vehicles, we can record the actual mileage of the vehicles and adjust the tariff for the customer according to how much the vehicle has actually been driven.”
Daimler Mobility is testing similar “pay-per-use” solutions in pilot projects in other markets.
Source: Daimler AG