ING Lease (UK) Limited is Closed for Business – Does it Affect my Company?

The mighty powerhouse of ING Lease (UK) is officially closing its doors for new business from the end of November 2012.

ING is one of the UK’s largest and most respected leasing companies, a company we at WestWon are proud to have dealt with for many years.

This is a sad event for the UK leasing sector as many leasing companies like ours used ING as a source of funding. Many of ING’s 320 UK staff will be made redundant and the business will be looking to collect their outstanding rentals.

So how does this news affect customers who have an ING lease via WestWon?

There is no cause for concern. ING will still trade as normal with our existing end user customers. They will simply collect your rentals as per the agreement you have with WestWon/ING

But what happens if a customer wishes to terminate an ING lease agreement?

You can terminate the agreement at any time by paying the termination figure that we can obtain for you.

What if customers wish to upgrade their equipment?

You can still upgrade your equipment by keeping the existing lease agreement with ING and taking out a new one with another funder via WestWon. Alternatively, you can obtain a settlement figure from ING and add this amount to another agreement.

Please speak to our client services team on Tel: 01494 611 456 should you require further information.

Will this affect customers’ ability to get a lease agreement in place?

ING is an excellent company, who had sensible criteria around customer underwriting. Over the past twelve months WestWon has acquired another six key funders so we can still place the vast majority of requirements that come our way as usual.

Should you have any questions at all, please speak directly to one of our customer service team, who will be more than happy to help.

Our thoughts are with the employees of ING and we wish them all the best for the future.

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