MotoNovo products part 2

By scott.redfern | Updated: Aug. 11, 2024, 5:07 p.m.

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Personal Contract Purchase
Benefits - 
Generally lower monthly repayments than a typical Hire Purchase agreementFlexible terms, no min/max deposit, fixed interest rateAt the end of the agreement the customer can purchase the vehicle outright, return the vehicle to us, use it as part exchange for your next vehicle or refinance the balloon payment into a new HP agreement, subject to finance approval

Key facts to consider
Same as HP – doesn’t own vehicle until agreement settled in full, can’t sell or give away, can’t make unauthorised modifications or take abroad without permissionExcess mileage charges apply, as documented in the finance agreement prior to purchaseIf the predicted GFV is set very close to the actual value of the vehicle, there will be little equity to roll onto another dealThe vehicle’s future value is based on its condition in comparison to vehicles of the same age and mileage. Any damage that is not down to normal wear and tear will need to be rectified by the customer or they may be charged if they return the vehicle back to the finance company
Other Products
Breeze – a type of PCP agreement, which includes an obligation for the balloon payment to be made in full at the end of the term

VAT Assist – a HP product which allows our business customers to defer the VAT due on the agreement

National Subsidy - a HP product whereby dealers can offer the customer a lower rate than their base rate (e.g. at 0%)

Gap Insurance - we provide two types of optional GAP insurance; Shortfall GAP and Return to Invoice (RTI) GAP which can protect a customer against losses that can occur in the event of their vehicle being written off or stolen

MotoNovo Care - could help maintain a customers car finance payments in the event of an accident, sickness or unemployment. It could also help to settle their agreement in the event of a diagnosis with a terminal illness or death.

MotoNovo products part 2

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