Low Payment Plan
Low Payment Plan will enable you to purchase your next car with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the agreement. This amount is known as the Residual Value (RV).
It is the customers responsibility to settle the final payment either though additional finance, cash or settlement by part-exchange.
The Low Payment Plan product and has no tie to a mileage contract. Repayment periods are typically taken over 2, 3 or 4 years and settlement can be made at any stage of the agreement. We would recommend that you select your anticipated annual mileage to a realistic level so that a realistic Residual Value is set for the vehicle. At the end of the agreement you have three options:
If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
You can come back to us and part exchange your vehicle for a new one. If the trade-in value is greater than the RV, the difference can be used towards a deposit on the next agreement.
You can sell the vehicle privately and keep any profit over and above the RV.