LEPAS has appointed Black Horse and Lex Autolease, both part of Lloyds Banking Group, as its UK finance partners, with more than 50 standalone dealer outlets already in fit-out or construction ahead of the brand’s showroom launch. Black Horse will supply retail finance and wholesale funding for the dealer network, while Lex Autolease covers personal and business leasing. The arrangement spans new and approved used vehicles, including the flagship L8 plug-in hybrid. LEPAS is the new energy vehicle brand of Chery Auto, which trades in the UK as Chery International.
Highlights
- Two Lloyds Banking Group brands are involved: Black Horse for retail finance and wholesale dealer funding, Lex Autolease for personal and business leasing.
- More than 50 standalone LEPAS outlets are in various stages of fit-out and construction, with franchise partners including Arnold Clark and Stoneacre Motor Group.
- The brand targets 90 UK showrooms by the end of 2027, building from roughly 60 operational sites by the end of 2026.
- Lloyds says Black Horse supports 5,000 dealers and more than 864,000 point-of-sale finance customers, while Lex Autolease manages more than 270,000 vehicles.
Which Finance Products Will LEPAS Buyers Get?
The two Lloyds businesses split the customer base between purchase and lease structures. Black Horse handles retail purchase finance and the wholesale funding that lets dealers stock vehicles. Lex Autolease handles contract hire for individuals and fleets.
| Partner | Products | Who It Serves |
|---|---|---|
| Black Horse | Hire Purchase (HP), Personal Contract Purchase (PCP), wholesale funding | Retail buyers and the LEPAS franchised dealer network |
| Lex Autolease | Personal Contract Hire (PCH), Business Contract Hire (BCH), leasing | Private customers and business fleets |
Hire purchase and personal contract purchase are the two dominant UK retail structures, the first ending in outright ownership and the second built around a deferred final payment. Personal and business contract hire are leasing arrangements in which the vehicle returns to the funder at term end.
The L8 PHEV, the model leading the brand’s arrival, is covered across that product range.
Approved Used Finance Follows Stock
Black Horse will also fund approved used LEPAS vehicles — the brand’s certified pre-owned channel — through the franchised network as soon as cars begin arriving in stock. For a marque with no residual base in the UK, used-vehicle funding availability is a structural question rather than a routine one, and the source does not address remarketing or residual value assumptions.
Dealer Network Expands Toward 90 Sites
The retail build-out is running ahead of the finance announcement. More than 50 standalone outlets are in various stages of fit-out and construction, with named franchise partners including Arnold Clark and Stoneacre Motor Group. LEPAS is targeting around 60 fully operational UK dealerships by the end of 2026, rising to 90 by the end of 2027.
LEPAS enters the UK in the summer of 2026 with the L8 PHEV, followed by the L6 and L4.
“Securing an official finance partner ahead of our showroom launch has been a top priority for us. We spoke to all the leading providers and benchmarked the market and I’m very excited to be partnering with Lloyds Banking Group,” said Ray Wang, Managing Director of LEPAS UK.
“As one of the leading and most trusted names in motor finance, we will be able to offer our customers the widest selection of products from day one. This will make us even more competitive and appealing to customers as we prepare to open order books for L8 PHEV soon.”
What the Partners Bring
Lloyds reports that Black Horse supports 5,000 motor dealers and more than 864,000 customers with point-of-sale finance across cars, bikes, caravans, and motorhomes. Lex Autolease currently manages more than 270,000 vehicles.
Nick Williams, Managing Director, Transport, Lloyds Banking Group, said: “LEPAS is an exciting new entrant to the UK car market and we’re proud to have been selected as its finance partner. By bringing together the expertise of Black Horse and Lex Autolease, we are able to offer a comprehensive range of funding and leasing solutions that support customers, retailers and the brand’s long-term growth ambitions.
“We look forward to working with LEPAS as it establishes its presence across the UK and expands its dealer network in the years ahead.”
