With the recent announcement of ONTO entering administration, we have already been contacted by a number of customers asking for advice and recommending alternatives. We’re going to use this article to help you find alternative providers and to answer a few questions.
ONTO Enters Administration
As it has been widely reported in the media, ONTO has entered administration blaming a sharp decline in Electric Vehicle residual values. With more than 7,000 vehicles on fleet at the start of 2023 the secured finance soon became an issue especially as backers decided not to inject any further cash. Gavin Maher and Jonathan Lees of Teno Financial Advisory was appointed as joint administrators of ONTO Holdings Ltd on Monday 11th September 2023.
What happens with existing subscriptions?
With administrators appointed, those with ONTO car subscriptions it is business as normal and payments must be made according to the signed contract. The job of the administrators is to look at all viable options to continue the business.
I've ordered a car with ONTO, will it arrive?
We have been advised that some customers who have placed orders with ONTO have had calls to say that the cars will not be delivered and to look at other providers, but we have also heard from customers to say that their cars arrived this week as promised.
Do I still need to pay for my car subscription?
Yes, if you are an existing arrangement, you must keep up with the payments as per your contract unless they have contacted you to discuss the return of the vehicle.
Who do I contact to discuss my car subscription with ONTO?
To discuss your current car subscription with ONTO, it has been advised that you email: [email protected]
Why has ONTO entered administration?
The main reasons that ONTO has entered administration is that the cars were taken on secured finance agreements. This would have been calculated based on future values of the vehicles, with the recent decline in electric vehicle residual values, this effectively means that the cars are in negative equity.
When you run 7,000 vehicles this can quickly add up, especially if your fleet is made up of purely electric cars.
Alternatives to ONTO
If you are in the market for pure electric vehicles then the direct competitors to ONTO would be:
All Fuel Type Vehicle Subscription Alternatives
If you don’t need an electric vehicles, there are other companies that offer petrol, diesel and hybrid makes and models, these include:
Car Subscription Deals
Help and Support
Whilst we cannot help with any ONTO enquiries, we will assist customers where possible. Please drop us a line on the form at the bottom of this article.
