Petrol heads, whose loyalty lies with Jaguar Land Rover vehicles, and those who simply want to experience the joy of driving the brand, would be glad to know that they could now drive a new Jaguar Land Rover vehicle every third or fourth year. This is made possible with the introduction of what is called the Guaranteed Future Value finance product. The arrangement allows the car owner to know from the beginning of the purchase of their vehicle what is the guaranteed future value of the Jaguar or Land Rover would be. This would allow them, says Jaguar Land Rover in a statement, “to plan ahead with an option to either renew, retain or return the vehicle at the end of a pre-determined term.”
“This product will appeal to a changing customer – a customer who wants no risk at the end of the term. A customer not interested in ownership but rather ‘usership’. A customer who wants to drive a new vehicle every three or four years,” said Viola Rossouw, Financial Services Manager, Jaguar Land Rover South Africa,
The Guaranteed Future Value product is as simple as selecting a preferred Jaguar or Land Rover, choosing the period of use, distance in kilometres and deposit.
At the end of the term, a customer will have three options of either renew their contract, retain the vehicle they have or return the vehicle to Jaguar Land Rover.
Under the renew option the, prior to the date on which the GFV is due and payable and provided that the customer has paid all other amounts owing, including any arrears and/or arrear interest, the customer may elect to trade the vehicle in for another Jaguar or Land Rover. In the event that the vehicle is sold for more than the GFV amount, any surplus amount can be applied towards the purchase of the new vehicle.
The retain option applies if the customer elects to purchase the vehicle then, prior to the date on which the GFV is due and payable, the customer will be called upon to settle the GFV as well as any arrears, arrear interest or any other amounts payable. The customer also has the option to refinance the vehicle. For the return option the customer may elect to return the vehicle to a Jaguar Land Rover Retailer at the end of the chosen contract term, provided that the Customer has paid up all other amounts owing, including any arrears and/or arrear interest and that the vehicle complies with the conditions of use. New Era Reporter
2018-07-26 09:57:21 | 2 years ago