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FAQs and Glossary

Details and useful facts

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

SECCI

SECCI stands for Standard European Consumer Credit Information. It is the pre-contract information form for finance Agreements regulated by the Consumer Credit Directive, and provides a comprehensive overview of the Agreement.

Secondary hiring rental (Peppercorn)

Secondary rental is when all your payments have been paid on your Finance Lease Agreement and you decide you want to extend the agreement on the same car instead of selling to a third party. Also refer to Fixed Cost Maintenance (FCM) and Fixed Price Servicing (FPS).

Service, Maintenance and Tyres

Service, Maintenance and Tyres is an agreement where the customer pays a monthly amount to cover the repair and maintenance of the vehicle.

Settlement figure/quote

A settlement figure is a termination figure calculated on the outstanding amounts, plus any other charges if applicable.

Shortfall

Shortfall is the difference between the amount your motor insurer will pay out and the outstanding balance of your finance agreement in the event of an accident or vehicle write-off. You can be protected financially from losing your shortfall with GAP insurance. Please refer to GAP.

Solutions (PCP)

Solutions are commonly known as Personal Contract Plans - and this type of finance agreement is the most flexible. The future value of the car selected by the customer is agreed (based on planned annual mileage), the customer then pays a pre-agreed deposit and fixed monthly payments over an agreed term, and has three options at the end of their agreement. They can:

  1. Trade the vehicle in for a new Volkswagen (subject to acceptance),
  2. Pay outstanding fees and keep the vehicle , or
  3. Return the car (subject to the Volkswagen Finance Fair Wear and Tear guidelines).