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wwcb2b.com
Guaranteed Car Finance
Personal Contract Plan
General
This product has been developed to offer all the benefits associated with Contract Purchase, but the agreement is written in an individuals name thus avoiding benefit in kind taxation. Of particular benefit to those who accept a monthly cash amount in lieu of a company car. This product also offers the private individual, low initial payments usually offered to large corporate accounts.
Registration
In most cases the vehicle will be registered in the funder's name. However you can still enjoy the benefit of 20,000 unit per year purchasing power even though you are only buying one car.
Ownership
The vehicle remains the property of the Contracting Company, you can acquire ownership when all payments due have been made.
Insurance
You are responsible for Fully Comprehensive Insurance throughout the agreement.
Road Fund Licence
Road Fund Licence is provided for the first year of the agreement, subsequent taxation is usually your responsibility and cost.
V.A.T.
As this is a purchase agreement there is no VAT payable on vehicle repayment element. Where the maintenance option is selected VAT is charged on this element of the instalment.
Balance Sheet
Not applicable.
Taxation
Where you are reimbursed for business miles by your employer at a rate below those approved by the Inland Revenue, you are able to claim the difference as an allowance.
Maintenance
If a with Maintenance Contract is selected, all routine maintenance and repairs will be paid for, including tyres, batteries, exhausts etc.. subject to normal wear and tear. You are liable to recharges in event of accidental damage/ abuse or neglect i.e. punctures.
Early Termination
You are able to terminate the agreement at any stage.
Disposal
You have 3 options at the end of the agreement:
1. Simply return the vehicle, provided it is in good condition and within the agreed mileage, there is nothing more to pay.
2. You can purchase the vehicle at the agreed figure.
3. You can part exchange the vehicle back to us, releasing any equity back to yourself.
 
 
   

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