Glossary Of Terms

APR

Annual Percentage Rate

Buyback Value

The set and agreed value at which GE will buy the vehicle back at the end of the agreed term. This value will be equal to GE's predicted Residual Value

DriveAZ.co.uk

The discounted vehicle purchase scheme available to all employees, pensioners, contract-staff and friends and family EXCLUDE FRIENDS!

C-A

Credit Agreement. The CA is the agreement used to fund the purchase of a car to the employee. The Credit Agreement is regulated by the Consumer Credit Act 1974.

Dealer

Our preferred dealer network and supplier of the vehicle.

DVLA

The Driver and Vehicle Licensing Agency.

Excess Mileage Rate

The rate GE will charge for every mile in excess of that allowed for in the contract, where you elect to return a vehicle to GE under the terms of a buyback arrangement.

Fair Wear And Tear

The common phrase used that takes in to account a vehicle's age, mileage and overall condition. Fair wear and tear summarises the degree of deterioration judged to be reasonable when a car is returned at the end of an agreement.

Final Payment

A payment due at the end of a loan agreement

GE

General Electric Company

Monthly Payment

The fixed monthly payment used to repay a loan

OTR

The 'On the Road' cost of the vehicle including VAT, delivery, Road Tax and registration fee.

Residual Value

The anticipated market value for a vehicle at the end of the repayment term, based upon the predicted mileage.

RF

Road Fund Licence or Road Tax

Term

Term of the contract

Warranty

Manufacturer-covered items