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The thinking behind Ford's leasing arm name-change was to make it transparent for customers, according to a spokesman for the manufacturer's finance arm Ford Credit.
Ford Lease is the new name for what was previously known as Ford Business Partner, and the spokesman said the switch, which coincided with the change of supplier from Lex Autolease to ALD Automotive, was because "Ford Lease does exactly what it says on the tin, while Ford Business Partner could mean a variety of things".
"The advantage of Ford Lease is that it's a nice and clear straightforward name; an uncomplicated name and an uncomplicated offering," he said.
Ford Credit had worked with Lex Autolease for seven years, but the contract was won by ALD in a retendering process that took effect from 1 February. ALD already provides Ford Credit in much of Europe.
"We will be offering the same suite of products as we did with Business Partner, there won't be a big change in service or products," said the spokesman. Ford is, however, thought to be looking into the possibility of commencing financial leases, where the lessee takes the residual value risk on their balance sheet, although this wouldn't appear in the short term.
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