Jaguar Land Rover has introduced the option of a Guaranteed Future Value finance product in South Africa, giving customers the opportunity to step into a new Jaguar or Land Rover every three or four years.
Buyers will know right from the start of their finance contract what the guaranteed future value of their Jaguar or Land Rover will be, allowing them to plan ahead with an option to either renew, retain or return the vehicle at the end of a pre-determined term.
Viola Rossouw, Financial Services Manager, Jaguar Land Rover South Africa, said:
“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.”
The Guaranteed Future Value product is as simple as selecting a preferred Jaguar or Land Rover, choosing the period of use, distance (km) and deposit.
At the end of the term, a customer will have three options:
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.
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.
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.