Alphera Financial Services is partnering with online used car marketplace BuyaCar to launch a finance product that allows consumers to purchase a used hybrid or plug-in hybrid (PHEV) vehicle and offset all of its carbon emissions throughout their term of ownership – at no cost to them.

Labelled Alphera Zero, the new product has been launched in partnership with sustainability firm Carbon Footprint to offset the emissions of vehicles financed through tree planting programmes. Specific offsetting requirements vary by customer, determined by their vehicle and agreed contractual mileage.

If Alphera’s initial six-month partnership with BuyaCar proves to be successful with consumers, the company will explore options to expand the scheme.

Spencer Halil, director at Alphera, said: “As the UK enters a new era of electromobility we want to help consumers with the transition into some form of electrified vehicle. ALPHERA Zero offers used car buyers the opportunity to fully exploit plug-in and hybrid technology for themselves while reducing their impact on the environment. Given public appetite for more sustainable ways of living and modes of travel, we expect ALPHERA Zero to be popular.”

As BMW Group’s independent motor finance division, Alphera’s focus on sustainability reflects the vision and responsibility of its parent company. One of the pioneers of battery-powered cars and electromobility, BMW Group is implementing key measures to help Europe become climate-neutral by 2050, with a focus on lowering vehicle emissions to meet Europe’s ambitious CO2 targets.

Alphera is also the sustainability partner at the 2020 Credit Festival – a series of virtual events in November celebrating best-practice across various aspects of the finance industry.

Last month, Alphera reported that its digital car finance platform, MyFinance, has seen 75% year-on-year growth in user numbers between January and September.

Halil said: “We have seen major growth in the number of people completing their finance applications digitally and managing their agreement online this year. Covid-19 has accelerated trends that were already happening, thanks to long-term changes in consumer behaviour. Increasingly, we expect finance customers to become more comfortable signing and ‘self-serving’ online.”