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Peugeot Passport Finance: Understanding the Terms and Conditions

Peugeot Passport is a popular finance option offering a Personal Contract Purchase (PCP) agreement on new Peugeot vehicles. This means you effectively lease the car for a fixed period, with an option to purchase it at the end of the agreement. Understanding the terms and conditions is crucial before signing up. Here’s a breakdown of the key elements:

Key Components of the Agreement

• Deposit: An initial payment required at the start of the agreement. This can vary depending on the model, the finance offer, and your credit score. A larger deposit typically results in lower monthly payments.
• Monthly Payments: These are fixed payments made throughout the term of the agreement, usually over 24, 36, or 48 months. The amount is calculated based on the vehicle’s price, the deposit, the estimated annual mileage, and the Guaranteed Minimum Future Value (GMFV).
• Guaranteed Minimum Future Value (GMFV): This is a pre-agreed value the car is expected to be worth at the end of the agreement. This figure significantly influences your monthly payments.
• Annual Mileage: You agree to a specific annual mileage limit. Exceeding this limit usually incurs excess mileage charges at the end of the agreement.
• Term Length: The duration of the finance agreement, typically expressed in months.

End of Agreement Options

At the end of the Peugeot Passport agreement, you typically have three options:

1. Return the Vehicle: You can return the car to Peugeot Finance (subject to fair wear and tear and mileage conditions) and walk away, with nothing further to pay (provided all payments have been made).
2. Purchase the Vehicle: You can pay the GMFV (plus any option to purchase fee) and own the car outright.
3. Part Exchange: You can trade in the car for a new Peugeot and start a new finance agreement. The equity (if any) between the car’s market value and the GMFV can be used as a deposit for the new vehicle.

Important Considerations

• Fair Wear and Tear: The vehicle must be returned in a condition that aligns with “fair wear and tear” guidelines. Excessive damage or wear can lead to additional charges. It’s essential to familiarize yourself with Peugeot Finance’s specific definition of fair wear and tear.
• Excess Mileage Charges: Exceeding the agreed annual mileage will result in charges per mile. The rate is specified in the finance agreement, and it’s often higher than you might expect.
• Credit Checks: Peugeot Finance will conduct a credit check to assess your creditworthiness. Your credit score will influence the interest rate offered and whether your application is approved.
• Ownership: Throughout the agreement, Peugeot Finance retains ownership of the vehicle. You only become the owner if you pay the GMFV at the end of the term.
• Early Termination: Terminating the agreement early can be expensive. You’ll typically be required to pay a substantial termination fee, which may include the outstanding balance on the finance.
• Financial Ombudsman Service: If you have a complaint that you cannot resolve with Peugeot Finance, you have the right to refer your case to the Financial Ombudsman Service.

Reading the Fine Print

Always read the full terms and conditions of the Peugeot Passport finance agreement carefully before signing. Pay close attention to the clauses regarding mileage limits, fair wear and tear, early termination, and any fees or charges that may apply. Seek clarification on anything you don’t understand. Consulting with a financial advisor is always recommended before entering into any finance agreement.