Dear Otto Family member,
We wanted to inform you that from the 17th September, 2020, we’ll be reducing the weekly discount. This means that drivers will pay 75% of their original weekly rent instead of 50% until further notice*.
From the moment lockdown began, we negotiated with our banks and partners to agree freezes and generous reductions in loan repayments for the business. This allowed us to offer our family of private hire drivers discounts on their weekly rent when they needed it most.
Now that we are six months in, and since market conditions are improving, we as a company are now required to start repaying the banks at the full rate. This means we have to reduce the rental discount in order to meet the long term viability of the company. We believe the new rate of paying 75% is a fair compromise between the needs of our family of private hire drivers and that of the company.
We understand it’s still difficult for many out there, and that’s why we’ve pushed hard to extend the discount on multiple occasions since March, and why we are continuing to offer support whilst the private hire market recovers.
Let’s work together, be positive and stay safe.
The Otto Team
*Please note the difference in weekly rental payments is still owed as per your contract and will be added to your rental contract agreement.