Finance at Pewsham Garage

i-DEAL PCP (PERSONAL CONTRACT PURCHASE)

HOW i-DEAL PCP WORKS

With i-Deal PCP you put down a deposit at the start of your agreement. You also set aside a proportion of your chosen car's value until the end of the agreement.

This amount is the Guaranteed Minimum Future Value for your car. It gives you the knowledge that you know where you stand at the end of your agreement and it also means your monthly repayments are lower.

With i-Deal, you can choose a repayment term anywhere from 20 to 48 months and you also select an appropriate annual mileage of between 5,000 and 35,000 miles.

ANNUAL MILEAGE

When you're working out your annual mileage try and base it on what you have done in the past.

Make your allowance generous and then you can really enjoy the time you spend behind the wheel.

Going over your limit

If you do go over your agreed annual mileage then you will need to pay an excess mileage charge.

This is calculated on a pence-per-mile basis and will be shown on your finance quotation.

Going under your limit

If you cover fewer miles than you anticipate, your car might be worth more than originally estimated, which means that you might have some equity to put towards your next car.

FLEXIBLE OPTIONS

At the end of your i-Deal agreement you have the flexibility to choose one of three options:

Part-exchange your car: We aim to ensure that your final paymentshould be less than the actual value of your car. This means you should have some equity to put towards your next car.
Keep the car: All you need to do is pay the outstanding amount (balloon payment) and you can keep the car. You can choose topay this with a loan which can be spread over 12 or 24 months. All loans are subject to credit approval.
Return the car: You can simply hand back the car and the keys and walk away. You'll just need to make sure that you haven't gone over your agreed mileage and your car is in good condition. Of course, we allow for the normal wear and tear of daily use. It's in your interest to keep your car looking its best inside and out.

PCP Risks:

You do not own the vehicle outright until the final payment is made

Your vehicle is at risk or repossession if you do not maintain the contractual repayments

Any outstanding finance must be settled if the goods are sold

Charge may apply for late payments or to alter the repayment date (these are detailed in the SECCI)

HIRE PURCHASE (HP)

HOW HIRE PURCHASE WORKS

First you put down a deposit -as a cash payment or from the value of a part-exchange, or both. You then arrange a regular monthly payment amount over a term of between one and five years.

Then at the end of your agreement, and providing you have paid all your installments, the car is yours to keep.

SIMPLE BUDGETING

If you have built up a deposit to finance part of the cost, this will be reflected in your monthly payments. Your chosen agreement length also affects this.

The plan is designed to be a really simple way of spreading the cost of your car.

HP Risks:

You do not own the vehicle outright until the final payment is made

Your vehicle is at risk or repossession if you do not maintain the contractual repayments

Any outstanding finance must be settled if the goods are sold

Charge may apply for late payments or to alter the repayment date (these are detailed in the SECCI)

ADVANCE PAYMENT PLAN (APP)

HOWADVANCE PAYMENT PLAN WORKS

With Advance Payment Plan there are no monthly payments, just a single, up-front payment followed by a choice of three final options at the end of your agreement term.

Based on your chosen term and mileage, Fiat will determine the Guaranteed Minimum Future (GMFV) of your car at the end of the term, and that amount is deferred to the end of the contract.

The GMFV is deducted from the price of your car; you simply pay the remaining balance (plus any interest) as a single upfront payment.

At the end of the agreement, just choose from one of the options explained below.

Term

Choose any term between 20 and 24 months

Mileage

For Advance Payment Plan, your annual mileage should be between 5,000 miles and 35,000 miles.