Dacia Finance Glossary

Dacia Finance terms explained

Acceptance fee Administration fee to be paid at the same time as the first monthly payment
Annual percentage rate (APR) Rate of the finance deal which includes all charges
Balance to be financed Amount to be financed (Cash Price - Deposit)
Cash price On the Road Price
Credit facility fee Administration fee to be paid at the same time as the last monthly payment and the Option to Purchase fee
Deposit A sum a money paid up front to reduce the amount to be financed
Excess mileage charge Amount of money per mile to be paid when when the agreed mileage has been exceeded
Excess wear and tear charge Additional charge for rectification work where returned vehicles do not meet acceptable standards
GAP insurance Guaranted Asset Protection - could cover the difference between what an insurance company will pay in the event of vehicle being stolen or written off and the outstanding balance on a finance agreement
Hire Purchase Traditional finance agreement whereby the customer pays a deposit, fixed monthly payments over a period of 1 - 5 years. Customer takes ownership when all instalments have been paid.
Lease Hire Fleet offer where the customer has the benefits of ownership, without ever owning the vehicle. 
Mileage allowance Total amount of miles permitted as per terms of the agreement 
Monthly payments Monthly amount paid by the customer 
MRRP Manufacturer's recommended retail price 
On The Road price Cash price of the vehicle including registration fees etc
Option to purchase fee Administration fee to be paid at the same time as the last monthly payment to take ownership title of the vehicle.
Optional Final Payment (OFP) The OFP is the optional final payment due under a PCP agreement. It normally equates to the Guaranteed Future Value.
PCP (Personal Contract Purchase) Generic term for Dimensions (Flexible HP with a guaranted future value)
Registration fee A charge levied by the government payable only when vehicles are registered for the first time 
Dacia Dimensions Flexible form of Hire Purchase with a guaranted future value 
Total amount payable (TAP) Cash price of the car + interest + fees 
Insurance advance Price of the insurance premium
Amount of credit Amount borrowed
Repayment credit Length/ term of the finance agreement
Outstanding balance Balance to be financed
Write-off Total loss insurance claim. Vehicle is uneconomic to repair and total loss insurance claim is to be made.
Contract Hire Fleet offer, off-balance sheet lease agreement