V12VF | Consumer Duty | April 23 - Flipbook - Page 6
4.
Product characteristics & benefits
The products are designed to meet the needs of the following target groups.
ALL V12 Vehicle Finance Prime Products
The Target Market for V12VF Prime Products:
• UK residents of a broad age range, holding a valid Full UK driving licence, who need access to a car.
• They wish to borrow to fund a used car, having insufficient savings or access to other funds, or do not wish to use available funds to purchase outright.
• They may be employed, self-employed, in receipt of benefits, or retired, with no or minimal negative credit information, consistent with a prime profile.
• They wish to source the car through trusted motor dealers or brokers, giving confidence in car quality, a regulated product offering and a convenient and informed sales
process. They want to arrange finance at point-of-sale; on-site or through distance selling.
• Therefore, they want an understandable finance product with the cost of credit, repayments, and charges clearly explained.
• They want the assurance of fixed monthly payments over a set period that is affordable within their monthly budget and avoids any unexpected costs.
• Customers will have options to react to a change in their circumstances during the term of their agreement and be able to contact their lender easily.
V12 Vehicle Finance Prime HP
Customers want certainty of ownership on completion of their repayments.
V12 Vehicle Finance Prime PCP
Customers want the flexibility of having options to own, exchange or return the vehicle at the end of the agreement.
They may value lower monthly repayments when compared to standard HP products.
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