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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.

Rate of Interest

The 'rate of interest' is the interest expressed as a fixed percentage applied on an annual basis to the amount of credit taken.

Redemption

Redemption is also known as a settlement, or early termination.

Regulated Credit Agreement

Regulated Credit Agreement is an Agreement which is regulated by the Consumer Credit Act (CCA).

Repossession

Repossession is when a lender may be able to claim or take possession of any property, assets or investments that have been provided as security for the repayment of a loan in circumstances where the borrower cannot repay the loan.

Retailer (Dealer)

The retailer is the Person/company the vehicle is bought from.

Road Fund License (RFL)

This records that Vehicle Excise Duty (VED) for the vehicle has been paid. It’s currently determined by CO2 emission levels and fuel type. See also VED.