Your agreement FAQs

Here we answer your most frequently asked questions about your agreement with us. This information applies to all types of agreements with us. However, Personal Contract Purchase customers can find additional information about their agreement below. If you can't find what you are looking for, please get in touch.

During my agreement

Looking after my vehicle

Ending my agreement

  • Your agreement ends when you have made all the payments due under your agreement, including any fees or charges payable under the agreement.

    If you have a Hire Purchase agreement with us, when you finish your monthly payments, you will become the owner of the vehicle. The final payment will include a £10 purchase fee, as well as any fees or charges payable under the agreement.

    If you have a Personal Contract Purchase (PCP) agreement with us, you will need to pay the Optional Final Payment to own the vehicle. Please read our PCP frequently asked questions below for your options at the end of your PCP agreement.

    If you have taken a payment holiday, this may have an impact on when your agreement ends. We wrote to you explaining these changes and you can see updated information on your account homepage by logging in. Click ‘Home’ in the navigation to view the page. If you need more help and support, please get in touch.

  • Yes, you have the right to end your agreement at any time and hand the vehicle back.

    Everyone’s situation is different, so please call us on 0344 824 8888 and we can explain what this would mean for you and look at your options together. We’re here 8.30am to 6pm, Monday to Friday, and 9am to 1pm Saturdays. If you’d like to go ahead, we’ll send you a letter with more information and a form to sign and send back to us.

    How we work out if you have a balance to pay

    Depending on your agreement type and your vehicle condition, you may need to pay separately for damage and excess mileage.

     

    Personal customers

    Depending on where you are in your agreement term, when your agreement ends early, you need to pay at least 50% of the total amount payable on your original agreement. If you’ve already paid this, and you haven’t missed any payments or you don’t owe any fees, you won’t usually have a balance left to pay. You’ll still need to pay any amounts owed for insurance products and extras. 

    Here’s an example of where there’s a balance to pay:

    • Total amount payable on the original agreement is £30,000
    • 50% of this needs to be paid, which is £15,000
    • £10,000 has already been paid, so there’s £5,000 left to pay
    • There’s also £1,000 still to pay for some insurance products and extras
    • So, the total to pay would be £5,000 + £1,000 = £6,000.

    Depending on your agreement type and your vehicle condition, you may need to pay separately for damage and excess mileage.

    Business customers

    Once the vehicle has been collected and sold, we’ll use your current balance and the amount it sells for to work out if you have a balance left to pay. 

     

    When you’d need to pay the balance, if you have one

    In most cases, you’d need to pay the balance within 30 days of sending us back your form. 

    If the payment isn’t made, we may update credit reference agencies about the balance owed and register a default with them. This could affect your credit score, making it more difficult or more expensive for you to borrow in the future.

    If you have a balance to pay and you think you’ll find this difficult, please call us as soon as possible. We may be able to support you by putting a repayment plan in place to help you pay back the balance owed over a few months. We may still share information with credit reference agencies if the balance isn’t paid in full within 30 days, even if you do set up a plan to repay it. But if you’re able to pay back the amount owed over time, we’ll update this as a satisfied default. This will still affect your credit score, but it may help it recover more quickly with some credit reference agencies. 

  • We are the legal owners of the vehicle until your agreement is paid in full. You can sell it privately, but you must settle your agreement with us in full before you do so. Find out how you can settle your agreement with us in the Settlements section of our Make a Payment FAQs.

  • If a third party or dealer is settling your agreement, we’ve got more information about what they need to do in the Settlement section of our Make a Payment FAQs.

Personal Contract Purchase agreement FAQs

  • If you’re unsure whether you have a Personal Contract Purchase (PCP) with us, you can find this information on the homepage of your online account.

  • You can find your permitted maximum mileage in your copy of your agreement.

    ​​​​​​​You can also find your annual mileage amount on the homepage of your online account.

  • If you exceed your permitted maximum mileage you will need to pay an excess mileage charge. You can find information about the charge in your copy of your agreement.

  • You are not able to change the permitted maximum mileage on your PCP agreement. This is because it is calculated using the Guaranteed Future Value (GFV) of the vehicle when you took out the agreement.

  • Yes, however you must get our permission before you do so. For more information, please see your copy of your agreement.

  • The Optional Final Payment is the final amount paid to us if you choose to keep the vehicle/goods at the end of your PCP agreement.

    ​​​​​​​You can find this amount on the homepage of your online account. You can also find this amount in your copy of your agreement.

  • At the end of your PCP agreement with us, you’ll be asked to decide what you’d like to do next.

    Your options are:

    1) Own your vehicle 

    Once you've paid the final repayment in full, the vehicle is yours. The amount you'll need to pay can be found in your agreement and on the homepage of your online account. You'll just need to log in or create an account. A purchase fee may be added, as well as any fees or charges payable under the agreement.

    2) Refinance your vehicle 

    This allows you to pay off the final lump sum monthly, over an agreed term. At the end of that term, the vehicle will be yours to keep. You’ll need to apply and agree to a credit search to see if you’re eligible. If you are, we'll change your PCP agreement to an HP.

    3) Return your vehicle 

    To avoid extra charges when returning your vehicle, it needs to be in good condition and within the permitted maximum mileage. Have a look at your agreement to find out what this is. If you choose to return your vehicle, we'll arrange for it to be collected, and we'll complete a vehicle condition and mileage report. Have a look at the Good Condition Guide that you received with your original agreement. 

    4) Change your vehicle 

    If you'd like something different, you can part exchange your vehicle. Choose another vehicle and authorise your dealer to settle your agreement. Any new credit agreements are subject to status. If the vehicle is worth less than the final repayment, you'll need to pay the difference first. Please make sure that your dealer pays the settlement amount for your current vehicle, as you’re still liable for your agreement until it's paid in full.

    If you've taken a payment holiday, this may affect the amount needed to pay off your existing agreement. You can see the updated information on your account home page. Either log in or create an account

    If you’ve got any questions, just get in touch with us.

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