Glossary - P, Q, R

P

Part exchange

The term used to describe the vehicle you agree to exchange for a part of the total value of the car your purchasing.

Payment protection insurance

A type of insurance policy generally taken out with a hire purchase agreement if there is a need to ensure that future payments will be made in the event of loos of employment, life or accident or sickness. Accept car credit is regulated by the financial services authority (the indepandant insurance watchdog) for the selling of car finance related insurance products. See our payment protection page for more details.

Q

R

Residual value

Normally found on a lease agreement. The term is used to describe the amount a vehicle is expected to be worth at the end of the lease.

Other terms

Common Questions

Helpful pages

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