Car finance glossary | R

Repossession

Repossession is the term used to describe when a finance provider takes back the car being financed due to too many missed payments and no other resolution being viable. This can have serious effects on your finances and credit file.
Repossession Explained >

Residual Value

Residual Value is the value of a car at the end of the term of the finance agreement. In Personal Contract Purchase and car leasing deals, you pay the depreciation in value between the initial car's price and this residual value.
Residual Value Explained >

RTI GAP

RTI GAP Insurance is designed to protect you if your car is written off or stolen during the term of the finance agreement. It covers you so that if your insurance doesn't cover the entire amount owed on the car, the RTI will protect you.
RTI GAP Explained >

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