A FAVR vehicle reimbursement program tailors employee mileage reimbursements based on your employees’ geographic location and personal vehicles they might drive to perform business tasks.
Who is eligible for a FAVR program?
Everlance will work with you to develop and implement a compliant FAVR program that achieves your organization’s budgetary objectives. Certain eligibility requirements -- such as a minimum of 5 employees each driving more than 5,000 business miles per year -- will determine whether a FAVR program is suitable for your organization and its mobile employees. Please reach out to the Everlance Sales team to see if a FAVR program is right for your organization.
How do FAVR programs differ from Cents-per-Mile (CPM) programs?
A Cents-per-Mile (CPM) reimbursement program relies on the IRS standard mileage rate to reimburse employees for the use of their personal vehicle for work purposes. A CPM program reimburses employees the same rate, regardless of where they operate the vehicle, or the type of vehicle they might drive to perform business tasks.
A FAVR program is a more sophisticated mileage reimbursement program. Everlance’s FAVR car allowance program factors each employee’s local fixed costs of vehicle ownership (depreciation, taxes, insurance, license & registration, etc.) and variable costs of vehicle operation (oil & gas, maintenance, tire wear, etc.) to create a customized mileage reimbursement rate that is specific to each driver, based on the employee’s location and vehicle type.
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