What options are available to me at the end of my agreement?
For details on the options available to you at the end of your PCP agreement, please click here
My agreement is coming to an end, but I believe my car is worth more than the Guaranteed Future Value (GFV) on my agreement?
Per question above, the options available at the end of your agreement are available here. If you no longer wish to retain the car, you may first wish to check independently what your car is worth, as it may be worth more than the amount due under your contract (GFV). In this case, please contact us and we may provide permission for you to sell the vehicle on basis that proceeds of the sale are used to repay the GFV, whilst allowing you to retain any additional monies from the sale. Note that Northridge will remain legal owner of goods until such times the contractual GFV has been paid in full (or car has been handed back) and any potential purchaser will need to be aware
My mileage cap is too low / I drive more miles than originally estimated – can I change my agreement /repayments to reflect this?
By way of background, your monthly repayments and the residual amount / GMFV [Guaranteed Minimum Future value] would have been calculated on basis of information provided at application stage. The residual / GMFV (or indeed value of any vehicle) is affected by the number of miles driven – the higher the mileage, the lower the value. Unfortunately, the mileage cap is fixed at the outset of the agreement and cannot be changed (this is down to restrictions / limitations within the Consumer Credit Act rather than a Northridge policy). There are however some steps you can take to ensure that the impact of any excess mileage charge is kept to a minimum. For example, if excess mileage change is £x.xx per mile (this figure will be on your credit agreement). By using this and multiplying out how many miles you believe you will be over your mileage cap at the end of the agreement, you could start setting aside some funds for that now for example a savings account.
My mileage cap is too high / I don’t drive that number of miles – can I get a refund?
Unfortunately, the mileage cap is fixed at the outset of the agreement and cannot be changed. It is also used in calculating the residual amount / GMFV [Guaranteed Minimum Future value]. If mileage driven at the end of the agreement is less than originally estimated, it is possible / more likely that the vehicle may have equity that can go towards deposit of another car.
What does ‘good condition / fair wear and tear’ mean?
As part of your responsibilities under your PCP agreement the goods must be properly maintained and in good condition, subject to fair wear and tear. Please see www.bvrla.co.uk/fleet-services/product-listing-page for further details including information on fair wear and tear*. If you choose to return the vehicle, please ensure that all keys, documents and accessories are also returned, otherwise you may have additional costs and fees to pay.
*Northridge Finance is an Associate member of the BVRLA. The BVRLA dispute handling and conciliation services do not apply. Copies of the BVRLA Fair Wear and Tear Guides are available on request from Northridge.
Can I settle my agreement early?
Yes, you can settle your agreement at any time. Please see the ‘Settlement Request’ section of our website.
Can I make a partial payment to my account?
Yes, you can make partial payments at any time. Partial payments will be assigned with the effect of reducing your monthly instalments. Unfortunately we are unable to ‘move’ the date of the residual / GMFV [Guaranteed Minimum Future value] payment. For more information on ‘Partial Settlements’, click here