FAQ's

• Q. Can the customer make over-payments or lump sum payments?
• A. Yes the maximum without incurring a penalty in any one month is 5% of the outstanding capital.
• Q. How are the over-payments credited?
• A. The account would be in credit and so direct debits will be suspended until credit is used or the customer calls to ask for the account to be rescheduled either by changing the payments, term or balloon amount.
• Q. How are monthly payments taken?
• A. Payments are taken by direct debit. Each month a statement is sent to the customer showing the payment debited and the breakdown of capital and interest.
• Q. Is the customer able to settle early?
• A. Yes a customer can settle early and is subject to the following charges.

1. From agreement date to the last day of month 12 the penalty is 4% of the outstanding capital
2. From the first day of month 13 until the last day of month 24 the penalty is 3% of the outstanding capital
3. From the first day of month 25 until the last day of month 36 the penalty is 2% of the outstanding capital
4. From the first day of month 37 onwards the penalty is 1% of the outstanding capital

• Q. Is there a settlement discount for new business?
• A. Yes. If the agreement reaches month 25 then the settlement charge percentage is reduced by 40%.
• Q. Does the customer receive notification of interest rate changes?
• A. Yes. The monthly statement will advise of the interest rate charged.
• Q. Can a customer finance multiple vehicles on one agreement?
• A. Yes. However additional future vehicles cannot be added to an existing agreement.