What is the Guaranteed Future Value?[H1]
Guaranteed Future Value (GFV) is the minimum future value of your vehicle at the end of the loan term and is determined by Hyundai Finance™ before the start of your loan. If you choose to return your vehicle or trade it in at the end of the term, you can use the GFV to satisfy the balloon amount on your finance contract.
How is GFV set up in my financed contract?
Once you have chosen your vehicle, you can select either a 36 or 48 loan term and choose how many kilometres you plan to travel within a year. We will then tell you what your GFV is. The GFV will be equal to the balloon amount.
What are my options when my loan term ends?
At the end of the loan term, you can choose to return your vehicle to us for the GFV (subject to the GFV terms) or trade it in for another vehicle. If you wish to keep your vehicle and not use the GFV, you can pay out the loan or refinance your loan (subject to credit assessment). It’s your choice and allows flexibility to suit your situation
What happens if I want to use the GFV at the end of the loan term?
You must tell us or the dealer of your intention to use the GFV and an inspection of your vehicle will be organised. You will be advised upon completion of the inspection whether the vehicle meets Fair Wear and Tear guidelines, is within contracted kilometres and whether other contractual obligations have been met. If all conditions are met, you return the vehicle to us and the GFV will be used to satisfy the balloon amount under your loan.
What happens if the vehicle doesn’t meet Fair Wear and Tear (FWT) standards?
If you choose to return your vehicle to us or trade it in at the end of the term and your vehicle does not meet FWT standards, you will be given the opportunity to repair the vehicle at your own cost. Should the vehicle not be repaired to standard, the value of your GFV may be reduced.
Can I change my kilometre options?
The kilometre option cannot be amended once the loan has started (settled).
What happens if I drive over the contracted kilometres?
There is an excess kilometre charge of 10c per kilometre over the contracted kilometres. It is therefore important that you select the most suitable kilometre option before the start of your loan.
Can I use the GFV before the end of the term?
If you decide to pay out the loan early (before the end of the term), you cannot use the GFV.
Do I pay more for GFV?
Interest charges are higher for CarPlan™ than for a similar loan and term without a GFV balloon payment. We recommend that you seek independent financial advice to determine if this option is suitable for you.
Do I own the vehicle?
Yes. The GFV is an option on...
What is the Guaranteed Future Value?[H1]
Guaranteed Future Value (GFV) is the minimum future value of your vehicle at the end of the loan term and is determined by Hyundai Finance™ before the start of your loan. If you choose to return your vehicle or trade it in at the end of the term, you can use the GFV to satisfy the balloon amount on your finance contract.
How is GFV set up in my financed contract?
Once you have chosen your vehicle, you can select either a 36 or 48 loan term and choose how many kilometres you plan to travel within a year. We will then tell you what your GFV is. The GFV will be equal to the balloon amount.
What are my options when my loan term ends?
At the end of the loan term, you can choose to return your vehicle to us for the GFV (subject to the GFV terms) or trade it in for another vehicle. If you wish to keep your vehicle and not use the GFV, you can pay out the loan or refinance your loan (subject to credit assessment). It’s your choice and allows flexibility to suit your situation
What happens if I want to use the GFV at the end of the loan term?
You must tell us or the dealer of your intention to use the GFV and an inspection of your vehicle will be organised. You will be advised upon completion of the inspection whether the vehicle meets Fair Wear and Tear guidelines, is within contracted kilometres and whether other contractual obligations have been met. If all conditions are met, you return the vehicle to us and the GFV will be used to satisfy the balloon amount under your loan.
What happens if the vehicle doesn’t meet Fair Wear and Tear (FWT) standards?
If you choose to return your vehicle to us or trade it in at the end of the term and your vehicle does not meet FWT standards, you will be given the opportunity to repair the vehicle at your own cost. Should the vehicle not be repaired to standard, the value of your GFV may be reduced.
Can I change my kilometre options?
The kilometre option cannot be amended once the loan has started (settled).
What happens if I drive over the contracted kilometres?
There is an excess kilometre charge of 10c per kilometre over the contracted kilometres. It is therefore important that you select the most suitable kilometre option before the start of your loan.
Can I use the GFV before the end of the term?
If you decide to pay out the loan early (before the end of the term), you cannot use the GFV.
Do I pay more for GFV?
Interest charges are higher for CarPlan™ than for a similar loan and term without a GFV balloon payment. We recommend that you seek independent financial advice to determine if this option is suitable for you.
Do I own the vehicle?
Yes. The GFV is an option on a loan not a lease. If you decide to return the vehicle at the end of the term, you will essentially be selling the vehicle back to us or our representative.