Guaranteed Minimum Future Value / Optional Final Payment (GMFV) provide protection from any unexpected fall in used car prices
Reduced exposure to major service and repair bills
Flexibility – at the end of the agreement you can Renew, Return or Retain your MG (see below)
The option to own the car at the end of the agreement
Choose from three options at the end of your agreement
Option 1 – Renew: Choose another car
If you would like to renew your MG you can trade it in with us or sell it privately if you prefer. You must settle your finance account, and then you may use any excess value over the Guaranteed Minimum Future Value / Optional Final Payment (GMFV) for a deposit towards your new MG.
Option 2 – Return: Hand the car back
Your pre-agreed Guaranteed Minimum Future Value / Optional Final Payment (GMFV) gives you protection against any unexpected fall in used car prices. If you would like to return your car, we will complete a vehicle appraisal. As long as your car meets our fair wear and tear standards, is within the agreed mileage, and your account is up-to-date, there will be nothing further to pay. Additional charges will be made if you exceed the agreed mileage or if your car does not meet our fair wear and tear standards.
Option 3 – Retain: Keep the car
MG’s Personnel Contract Plan also gives you the flexibility to own the car at the end of the agreement. All you need to do, assuming all payments have been made, is arrange payment of the Guaranteed Minimum Future Value / Optional Final Payment (GMFV), which was deducted at the start of your agreement, plus the purchase fee.
We'll contact you before the end of your MG Personnel Contract Plan agreement to make sure you have plenty of time to decide which option is right for you.
Renewing your MG before the end of your agreement
With MG Personnel Contract Plan, you're in complete control, with the flexibility to renew your MG at any time during your agreement. Please remember, however, that the responsibility of settling the financial balance remains yours.
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