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Quartix issues warning on lease-finance contracts

03-27-2012 04:46 AM CET | Logistics & Transport

Press release from: Quartix Ltd

Quartix reports increasing concern over the resurgence of lease-finance contracts for vehicle tracking systems and urges prospective buyers to check their supplier’s financial health.

Managing director, Andy Walters, said: “Under this model, customers are asked to commit to payments of £1000 or more per unit – over an extended period – to a bank or finance house, despite the fact that the tracking system has a value of £300 or less.

“The supplier gets all his payment on day one and is free to spend it as he sees fit, without necessarily providing for the proper support of the client over the term of the contract.

“If the supplier goes under - as happened extensively in the last recession - customers are still left with the payments to make, which comes as a major shock to them. A number of suppliers are resorting to this type of contract again, and I can only believe this is driven by cash-flow issues once more. This practice must stop before it gives the industry a bad name.”

Quartix strongly advises prospective customers to check the credit rating and financial health of its vehicle tracking system supplier and to insist on a direct rental agreement in place of any third party contract.

More about Quartix

Founded in 2001, Quartix has grown to become one of the UK’s most successful vehicle tracking service providers.

Today, more than 3,500 customers across a wide range of sectors – including government organisations, housing associations, construction, hospital trusts, the emergency services, SMEs and large British brands – use the online service, while the company’s unique, own-design tracking unit has been installed in more than 50,000 vehicles.

The Quartix system provides users with a fast, efficient, 'point-and-click' source of real-time information, together with tailored e-mail reports. The highly-flexible service has scope to meet the needs of large corporations and owner-managed businesses alike.

Chapel Offices, Part Street, Newtown, Powys, SY16 1EE

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