Russian automaker AvtoVaz, a Groupe Renault subsidiary, has launched a corporate leasing programme for its flagship Lada brand, backed by a number of Russian financial services providers.

On its website, Lada describes a business-oriented product akin to PCP, whereby customers pays a difference between purchase price and forecast residual value, with the option of buying the vehicle at the end of the contract.

Partner financial services firm include VTB Leasing, VEB Leasing, Sberbank Leasing and Europlan.

The leasing offer is available on the whole Lada range, with a deposit of 5% and contracts between 12 and 60 months.

According to Lada, vehicle lease contracts for the company double over the last three years, reaching over 14,000 vehicles in 2017. The brand holds a market share of just over 18% in Russia.

Although the Russian car market reported a negative impact from the devaluation of the Rouble in recent years, it benefitted from lease-friendly programmes and tax breaks from the government.

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AvtoVaz recently appointed Yves Caracatzanis as chief executive, to replace Nicolas Maure starting June 1.