Dacia Finance terms explained
| Acceptance fee | Administration fee to be paid at the same time as the first monthly payment |
|---|---|
| Annual percentage rate (APR) | Rate of the finance deal which includes all charges |
| Balance to be financed | Amount to be financed (Cash Price - Deposit) |
| Cash price | Recommended Retail Price |
| Completion Fee | Administration fee to be paid at the same time as the last monthly payment and the Option to Purchase fee |
| Credit facility fee | Administration fee to be paid at the same time as the last monthly payment and the Option to Purchase fee |
| Deposit | A sum a money paid up front to reduce the amount to be financed |
| Documentation Fee | Administration fee to be paid at the same time as the first monthly payment |
| Excess mileage charge | Amount of money per mile to be paid when when the agreed mileage has been exceeded |
| Excess wear and tear charge | Additional charge for rectification work where returned vehicles do not meet acceptable standards |
| GAP insurance | Guaranteed Asset Protection - could cover the difference between what an insurance company will pay in the event of vehicle being stolen or written off and the original invoice price of the car. |
| Hire Purchase | Traditional finance agreement whereby the customer pays a deposit, fixed monthly payments over a period of 1 - 5 years. Customer takes ownership when all instalments have been paid. |
| Monthly payments | Monthly amount paid by the customer |
| MRRP | Manufacturer's recommended retail price |
| On The Road price | Cash price of the vehicle including registration fees etc |
| Option to purchase fee | Administration fee to be paid at the same time as the last monthly payment to take ownership title of the vehicle. |
| Optional Final Payment (OFP) | The OFP is the optional final payment due under a PCP agreement. It normally equates to the Guaranteed Future Value. |
| PCP (Personal Contract Plan) | Generic term for Dacia Plan (Flexible HP with a Guaranteed Minimum Future Value) |
| Dacia Plan | Flexible form of Hire Purchase with a Guaranteed Minimum Future Value |
| Amount of credit | Amount borrowed |
| Repayment credit | Length/ term of the finance agreement |
| Outstanding balance | Balance to be financed |
| Write-off | Total loss insurance claim. Vehicle is uneconomic to repair and total loss insurance claim is to be made. |
