Own your own WAV using Motability's HP scheme
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One of the options for ownership that's often overlooked is Motability's HP scheme. This scheme allows you to purchase a vehicle using your higher rate mobility component (HRMC) of the DLA.
Here's an example of how it works based on purchasing a used Gowrings Mobility WAV:
Motability Hire Purchase (5 years)
Our example is based on a used Gowrings Mobility Kangoo 1.6 Auto Authentique.
Gowrings Mobility Kangoo 1.6 Auto Authentique 2008 (57) Priced at £10,995
Maximim credit from Motability is £10,300.71*
Balance to pay £694.29*
*These figures are correct 23 March 2010
To repay the credit amount of £10,300.71 Motability will retain the full HRDLA mobility allowance (currently £196.40 every 4 weeks) for 5 years. Total credit payable = £12,766 + £694.29. APR charged at 9.2%.
If you choose to have a different model or cost option the deposit you pay will be adjusted accordingly.
Using the Motability Hire Purchase scheme you are responsible for insurance, servicing and maintenance. But at the end of the 5 year term you own the vehicle.
Notes
Please note: Motability ’initial rental' otherwise known as Advance Payment can vary on a monthly basis. Motability reserves the right to change the Advance Payment at any time up until Motability prints the Hire Purchase Agreement. Once the Agreement is printed the price is protected for 3 months by Motability.
All information regarding Advance Payments provided by Gowrings Mobility is intended purely as a guide.
The deposit stated on your Gowrings Mobility Ltd Quotation or Sales Order is the holding deposit required to secure the order & not the Advance payment .
For complete and full details of the scheme please contact Motability.
Please note: Details of the Motability Contract Hire scheme (leasing) are available on request
Here's an example of how it works based on purchasing a used Gowrings Mobility WAV:
Motability Hire Purchase (5 years)
Our example is based on a used Gowrings Mobility Kangoo 1.6 Auto Authentique.
Gowrings Mobility Kangoo 1.6 Auto Authentique 2008 (57) Priced at £10,995
Maximim credit from Motability is £10,300.71*
Balance to pay £694.29*
*These figures are correct 23 March 2010
To repay the credit amount of £10,300.71 Motability will retain the full HRDLA mobility allowance (currently £196.40 every 4 weeks) for 5 years. Total credit payable = £12,766 + £694.29. APR charged at 9.2%.
If you choose to have a different model or cost option the deposit you pay will be adjusted accordingly.
Using the Motability Hire Purchase scheme you are responsible for insurance, servicing and maintenance. But at the end of the 5 year term you own the vehicle.
Notes
Please note: Motability ’initial rental' otherwise known as Advance Payment can vary on a monthly basis. Motability reserves the right to change the Advance Payment at any time up until Motability prints the Hire Purchase Agreement. Once the Agreement is printed the price is protected for 3 months by Motability.
All information regarding Advance Payments provided by Gowrings Mobility is intended purely as a guide.
The deposit stated on your Gowrings Mobility Ltd Quotation or Sales Order is the holding deposit required to secure the order & not the Advance payment .
For complete and full details of the scheme please contact Motability.
Please note: Details of the Motability Contract Hire scheme (leasing) are available on request
