| 1. Annual Percentage Rate (APR) | APR is the annual percentage rate of charge, being the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted and calculated in accordance with European Communities (Consumer Credit Agreements) Regulations 2010. |
| 2. Total Amount for Finance | The total amount for finance is the amount we provide to finance the purchase of the Goods, excluding any deposit or charges you pay upfront, and including any amounts we pay to settle other financial facilities. |
| 3. Cost of Credit | The cost of credit is the overall cost of using finance, including all interest and charges payable under the agreement, in addition to the amount borrowed. |
| 4. Hire Purchase Price | The hire purchase price is the total amount you will pay if you keep the agreement for its full term, including the completion fee to facilitate the transfer of ownership at the end of the agreement. This includes the deposit and all instalments. |
| 5. Owner | The Owner is the finance company that legally owns the Goods until all required payments have been made and ownership transfers to you. |
| 6. Hirer | The Hirer is the customer, who has possession and use of the Goods under the agreement but does not own them until the option to purchase is exercised. |
| 7. Goods | The Goods are the item or items being financed under this hire purchase agreement. |
| 8. Early Settlement | Early settlement means paying off the outstanding balance of the agreement before the end of the agreed term, thereby transferring ownership of the Goods to the Hirer. |
| 9. Arrears | Arrears arise when a payment due under the agreement has not been made by its due date. |
| 10. Outstanding Balance | The outstanding balance is the amount still owed under the agreement at any given time, including unpaid instalments and any amounts due under its terms. |
