Our Flexi Own program is designed for drivers that want to own their own vehicle. We understand that circumstances can sometimes change, so with Flexi Own we allow drivers to return their vehicle after a minimum period of time is this is the case.
Where your Flexi Own Agreement has a minimum term, these will be:
26 weeks (4-year plans) or 52 weeks (5-year plans).
After the minimum term, you can end the agreement by giving 4 weeks’ notice.
Returning the vehicle inside the minimum period incurs minimum-period charges.
Where your Flexi Own agreement does not have a minimum period but instead sets out a “Termination Amount” for early termination:
The Termination Amount will be payable if you end your agreement before the end of the term. This will be 16 weeks of your vehicle payments (Part A) + a £750 remarketing fee less a pro-rated allowance for the amount of any Initial Contribution you have made. This can be avoided by taking out Payout Protection (see below) which is mandatory in certain cases.
All applicable fees and charges are set out in the Flexi Own agreement.
Payout Protection Fee (optional)
For a small weekly fee, you can add a Payout Protection Fee to your Flexi Own agreement (where applicable).
This covers you for early termination and ensures that the Termination Amount will not be payable (for early terminations outside of the first 12 months). Other fees and charges may be payable, such as where the vehicle is returned in poor condition. Check the Flexi-Own agreement for further details.
The Termination Amount is still payable if you terminate in the first 12 months.
The Payout Protection Fee is mandatory for certain customers based on their assessed risk. Refer to our additional fee terms for more detail.
Is the Payout Protection Fee mandatory?
Where your Flexi Own Agreement includes a Payout Protection Fee, it will be mandatory, unless an exemption applies or if Splend otherwise waives the requirement. In those circumstances, the Payout Protection Fee will be optional. The possible grounds for an exemption are (you will need to provide documentary evidence and subject to Splend’s discretion):
Completed over 5,000 rideshare trips; OR (you will need to demonstrate this in an App/s)’ OR
Meaningful proven history of chauffeur work, subject to Splend’s discretion (you will need to provide a copy of a relevant contract or invoices); OR
Meaningful proven history of buying & selling multiple vehicles, subject to Splend’s discretion (you will need to provide documentary evidence such as car loan statements); OR
Evidence of owning your own home (you will need to provide documentary evidence such as a Mortgage Statement); OR
Meaningful and consistent evidence of separate income provided and approved, subject to Splend’s discretion (you will need to provide documentary evidence such as payslips); OR
Provide a credit check to Splend’s reasonable satisfaction and approval
How much does the Payout Protection Fee cost?
The Payout Protection Fee is a weekly payment ranging from £5 to £18 incl. VAT per week based on vehicle class. Customers who are paying the Payout Protection Fee, can choose to remove it after 3 years.
Can I add the Payout Protection Fee later if I change my mind?
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