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FAQs & Glossary

Details and useful facts

We have constructed a wide ranging Help section and alphabetical Glossary to assist online by speedily finding information.

Acceptance fees

The 'acceptance fee' covers some of the initial set up costs of the finance provider including: costs of credit reference searches (which help protect a customer from potential identity theft) and registering the lender's interest in the vehicle at a company called HPI Ltd (to help prevent their vehicle being sold without their knowledge).

Adequate Explanation

An adequate explanation is defined under the Consumer Credit Directive as information the customer needs to be aware of when entering into a finance Agreement.

Administration fee

An Administration Fee is a fee charged to cover the cost of amending an agreement.

Agreement period (Term)

The agreement period is how long your finance plan runs for. Agreement periods vary, and are clearly stated on your quote and finance agreements. (see also: Term)


Agreement/document is a legally binding contract made between a customer and a financial company for the purchase or use of a vehicle. We sign first so you are not bound to the agreement until you sign.

Amount of Credit

Amount borrowed.

Annual Mileage (Mileage Allowance)

Annual Mileage is the number of miles you expect to do in one year.

Annual Percentage Rate (APR)

The APR is based on the total charge for credit (TCC) and includes interest and other charges which affect the cost of borrowing - even if they are not payable under the credit Agreement itself. The APR is an annualised rate reflecting the timing of such charges, as well as the rates and amounts. The rules for the calculation of the TCC and APR are set out in the Consumer Credit (Total Charge for Credit) Regulations 1980. The OFT has produced a booklet setting out how an APR should be calculated.

Annual Statement of Accounts

Annual Statement of Accounts is a statement to show what payments have been made to date, paid late, etc.

Approved authorised repairers (Retailer)

Approved authorised repairers are typically a network of garages whose work and charging structures have been scrutinised and found to be satisfactory by your insurance company. If you are involved in an accident, check your policy documents to see how to find a list of approved repairers, or contact your insurance company for a list of authorised repairers in your area.

Arrears (Debt)

Arrears is the amount you have not paid in respect of scheduled repayments of a debt you owe i.e. sums that remain outstanding past their due date of payment. This is different from the balance owing under the debt.


An Asset is the vehicle itself.