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Glossary - M, N, O
M
Minimum guaranteed future value
Normally found on a PCP agreement - Instead of paying off the whole loan over the term, some of it is deferred. This amount - the minimum guaranteed future value (MGFV) - is agreed upfront and is detailed on the agreement. This value is also the balloon payment. It relates to a agreed annual mileage. You can choose to pay the balloon payment (equal to the GMFV) and keep the car, or hand it back and walk away.
N
Negative Equity
If the amount you owe on your car finance is greater than what the vehicle is actually worth - the difference is classed as negative equity. This can cause problems if you try to part exchange the vehicle or if the vehicle is written off, as the amount the insurance comapny pays out may not be enough to cover any outstanding car finance. This is another good reason to consider GAP insurance.
O
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