FAQs and Glossary
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At the start of the finance Agreement the ownership of the vehicle is given to the finance company who in turn 'hires' the car to the customer. At the end of the Agreement the customer has the option to purchase the car from the finance company for a nominal sum, called the 'option to purchase' fee. It is this fee that legally transfers ownership from the finance company to the customer. Once the option to purchase fee has been paid, usually with the final instalment (together with all the other repayments due and payable under the terms of the Agreement), legal title to the vehicle will pass from the finance company to the customer.
Optional Final Payment is the deferred final payment on 'Purchase' agreements.
Payments or rentals which are outstanding at any given time.