AutoMoney Trust hire purchase agreements include one standard fee: paid alongside your first monthly payment an Option to Purchase Fee of £199, only payable at the end of the agreement if you decide to keep the car. Both fees are detailed in your agreement. Additional charges, such as reminder letter fees or default interest, may apply if payments are missed, full details are listed in our arrears fees and default interest schedule. AutoMoney Trust does not charge early repayment fees if you choose to settle your agreement ahead of schedule.
When you are introduced to AutoMoney Trust through a broker or dealer, the broker may receive a commission for arranging your finance. UK regulation requires that this is disclosed before you sign your agreement, and the amount or method of calculation should appear in the documents you receive. AutoMoney Trust uses fixed-rate commission structures that do not increase your interest rate based on the broker's earnings. If you would like to understand how commission may apply to your specific hire purchase agreement, check the pre-contract information or contact us directly.
On a Hire Purchase agreement with AutoMoney Trust, legal ownership of the car does not transfer until you have made all monthly payments and paid the £199 Option to Purchase Fee at the end of the term. Until that point, the vehicle remains the property of AutoMoney Trust, which means you cannot legally sell or modify the car without our agreement, and the car may be at risk if payments are missed. You are still responsible for tax, insurance, MOT, and maintenance throughout the agreement. Once the final fee is paid, ownership transfers and the car is fully yours.
AutoMoney Trust does not charge early repayment fees, so you can settle early without penalty. Under the Consumer Credit Act 1974, you are also entitled to an interest rebate when you repay ahead of schedule, which reduces the total amount owed compared with continuing the agreement. To settle early, request a settlement figure from us, this is valid for 28 days and represents the full amount needed to close your agreement. Other lenders may apply early settlement charges or different rebate calculations, so always check your agreement before settling. For wider information around selling a financed vehicle, see our guide on Selling a Financed Car.
When buying a car on finance, the total amount you repay is almost always higher than the vehicle's cash price because interest and fees are added across the agreement. For example, a £10,000 car on a 60-month agreement at a representative APR may cost several thousand pounds more in total once interest, and the Option to Purchase Fee is included. The longer your agreement term, the more interest typically accrues. Your APR, loan term, and any deposit all directly influence the total cost. Always check the total amount payable shown on your agreement. You can also use our finance calculator to compare example borrowing amounts and terms.
