ADVANCE PAYMENT PLAN With the Advance Payment Plan (APP), you make one upfront payment and defer the remaining vehicle cost until the end of the agreement.
WHY IS THIS PLAN FOR ME?
I would like to pay for my new Land Rover outright, but not all at once.
I want several options at the end of my plan.
I want to protect against an unexpected fall in used vehicle values.
I want to be able to afford a newer or higher spec model – APP gives you more spending power.
HOW IT WORKS
1. Choose a new Land Rover.
2. Pay an initial upfront amount based on the vehicle’s Guaranteed Minimum Future Value (GMFV), then choose your term over 1 to 3 years.
3. We calculate the predicted value of your vehicle at the end of your agreement based on your agreed annual mileage and the con tract term. This value is deferred to the end of the agreement and makes up the optional final payment.
4. There are no regular monthly repayments – just a single initial payment and a deferred Final Payment based on the vehicle’s GMFV.
5. At the end of the agreement, you pay the remaining balance (plus the agreement interest if applicable).
6. Alternatively you can choose to return the car, or start a new finance deal.
WHAT IS GUARANTEED MINIMUM FUTURE VALUE (GMFV)?
GMFV is the expected value of the vehicle you are purchasing at the end of the finance agreement.
It is based on car model, loan term and expected annual mileage.
It is set by Land Rover Financial Services.
Payment of the GMFV value is deferred to the end of your agreement.
A higher GFMV will mean a smaller initial payment, but a bigger payment at the end of the agreement if you wish to own the car outright.
A lower GFMV will mean a bigger initial payment, but a lower payment at the end of the agreement if you wish to own the car outright.
If you choose to return the vehicle at the end of the agreement, you will have nothing further to pay if the car meets the mileage and condition requirements.
Once set, GMFV cannot be changed, and therefore it protects against unexpected falls in used vehicle values.
HOW ARE MY PAYMENTS CALCULATED?
Upfront Payment = Total Price of Vehicle – GMFV + Interest Applicable
Final Payment = GMFV + a nominal Option To Purchase Fee
WHAT HAPPENS AT THE END OF MY AGREEMENT?
You have three options:
1. Renew – choose a new Land Rover from your Retailer and start a new finance agreement. If your existing car’s actual value is more than final deferred payment, you can use the excess value towards your deposit on a new agreement. With this option you can either part-exchange your Land Rover or sell it privately.
2. Return – hand back your vehicle to Land Rover Financial Services. If the vehicle is in good condition and has not exceeded the allowed mileage, you will have nothing further to pay.
3. Retain - pay the GMFV as your deferred final payment and the title of the vehicle will be transferred into your name.
WHAT ELSE DO I NEED TO KNOW?
APP is only available for vehicles up to 3 months old.
Minimum annual mileage 6,000 miles, maximum annual mileage 35,000 miles, maximum contract mileage 108,000 miles.
If you wish to return your vehicle at the end of your agreement, an excess charge will apply if it has exceeded the allowed mileage, or is not in good condition.
Minimum contract term of 13 months, maximum contract term of 37 months.
You must have fully comprehensive insurance.
Credit is subject to status and is only available to UK residents aged 18 and over.
This plan is available to business customers.
EXPLORE MORE FINANCE PACKAGES
Credit products are provided by Black Horse Limited trading as Land Rover Financial Services, St William House, Tresillian Terrace, Cardiff CF10 5BH.
*Any subsequent agreement is subject to status.
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