Fleet News

AA launches multi-marque PCP scheme for its members

AA Financial Services has launched a multi-marque personal contract purchase scheme with cars sourced through Godfrey Davis (Contract Hire). Called Freeway, the PCP aims to capitalise on drivers opting out of company car schemes and looking for flexible ways of financing their own new car every two or three years.

The telesales scheme is only open to AA members, who can use it to order any make and model of car over a two or three year period at a competitive interest rate of 9.9% APR. Freeway uses Godfrey Davis' residual value setting experience to calculate an 'option to purchase' price for the car at the end of its contract, taking into account the driver's estimate of his or her annual mileage.

The scheme requires a minimum 10% initial deposit, and drivers have an option to include vehicle maintenance in their monthly rentals for an additional sum. At the end of the contract the driver has the choice of returning the car with nothing further to pay, buying the car outright for the pre-agreed 'option to purchase price', or part-exchanging the car for a new Freeway vehicle.

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