ECOS

Employee Car Ownership Scheme.

A method of providing vehicles for employees under which:

1. Legal title to the vehicle passes to the employee driver at the start.
2. The driver makes a series of repayments, usually monthly, to cover finance and maintenance.
3. The employer makes a series of cash payments to the driver, to cover the driver's repayments to the fleet finance provider.

See also

• Contract hire
• Vehicle