Auto loans

Auto loans

Industry: Financial services

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Auto loans

MoT

Financial services; Auto loans

Ministry of Transport Certificate advising the vehicle is roadworthy.

MRP

Financial services; Auto loans

Manufactures Recommended Price Residual Value. This is usually estimated at the beginning of an agreement and represents the value of the vehicle at the contract end.

Norwich Union

Financial services; Auto loans

Norwich Union underwrite all Motor Insurance provided by Daimler Insurance Services UK Limited.

Novation

Financial services; Auto loans

A continuation of a finance agreement in a third party’s name.

On-the-road price

Financial services; Auto loans

Also known as the manufacturer’s recommended retail price, which includes all taxes, delivery charges and the cost of the Road Fund Licence.

Optional Purchase Payment

Financial services; Auto loans

A fee payable at the end of an agreement when the title changes from the finance company to the customer. A fee will be debited at the end of a finance contract, together with a final payment. If ...