How it all works
The scheme is designed to assist people who can’t borrow money from their bank, their credit union or a traditional motor finance company.
We have created a contract that is split into three sections:
1) the deposit
2) 25 monthly payments (paid as a fortnightly payment)
3) a deferred lump sum
1) the deposit
2) 25 monthly payments (paid as a fortnightly payment)
3) a deferred lump sum
Our contract is designed to complete the transaction within 25 months therefore avoiding the traditional finance company five-year interest and depreciation laden contracts. We upgrade the customer (if upgrade is an option) before depreciation starts to truly impact on the car value. We designed the contract around payment terms that are commercially realistic and achievable.
We pay particular attention to the buyout (deferred) amount to ensure that it is significantly below the value of the car on the day that it falls due.
We pay particular attention to the buyout (deferred) amount to ensure that it is significantly below the value of the car on the day that it falls due.
The starting point in the process is to make contact by telephone with all relevant questions that you might have about the scheme. Once you are happy to proceed you must then make an application which takes approximately eight minutes over the telephone.
The approval or decline is then issued by way of text and within that text there are special conditions outlined setting out the specific terms around any future agreement. On the assumption that you are happy to proceed, the process of finding a vehicle begins (unless you have sourced your own vehicle) and once you settle on a particular vehicle our team will price the vehicle and break it down into our contract layout. On the basis that you’re happy to proceed you must then secure that car with the agreed deposit that you set out in your original application.
The approval or decline is then issued by way of text and within that text there are special conditions outlined setting out the specific terms around any future agreement. On the assumption that you are happy to proceed, the process of finding a vehicle begins (unless you have sourced your own vehicle) and once you settle on a particular vehicle our team will price the vehicle and break it down into our contract layout. On the basis that you’re happy to proceed you must then secure that car with the agreed deposit that you set out in your original application.
Every 14 days payment is issued by you using your debit card and a simple text to an individual mobile number that will be relevant only to your account. Once you collect the vehicle you become an automatic member of the Pay As You Go Auto community, ensuring benefits for immediate family members.
The above is just a broad outline of the science behind the concept. It is fair to say that our existing customers only really fully understood the benefits after they purchased and reviewed the contact. We issue contract 48 hours prior to collecting the car which gives our customer plenty of time to review.