Eleving Vehicle Finance specializes in finance lease and leaseback arrangements. In a finance lease, customers can select a vehicle that Eleving Group purchases on their behalf. Throughout the lease period, lessees utilize the vehicle while making installment payments. On average, the vehicles are 12 to 18 years old. Upon repayment of the principal, the lessee assumes legal ownership. Conversely, under a leaseback contract, Eleving Group acquires a vehicle directly from the customer. Despite the transfer of ownership, the customer retains usage rights and continues making monthly installments. Upon full repayment, ownership reverts. These core products constitute 45.8% of Eleving Group’s total net loan portfolio.
In addition, Eleving Group offers flexible lease and subscription-based products, comprising 21.4% of the portfolio. In Lithuania, rent-to-buy solutions, granting customers the flexibility to return or exchange vehicles anytime, are offered. While, in Eastern Africa, the Group focuses on productive lending, targeting self-employed riders and SMEs with motorcycle and three-wheeler financing for passenger transport or deliveries. Since late 2023, an electric retrofitting product was introduced in Kenya, reinforcing the promotion of sustainable mobility by extending the life cycle of used ICE motorcycles.
Eleving Group also offers rent-to-buy solutions, motorcycle subscription services, and financing for higher-end vehicles. Notably, in 2022, the Group introduced OX Drive, an electric car-sharing service available in Riga and neighboring cities. This service caters to individuals seeking high-end and eco-friendly mobility solutions for short-distance travel needs.
