If your finances have been impacted by the coronavirus (COVID-19) pandemic, we’re here to help. Our Coronavirus Support Centre provides guidance on what support is available to you, including everything you need to know when your payment deferral period comes to an end. Please click here.
If you can make your normal monthly payment, and your financial situation also allows you to make up all of your Deferred Payment(s) straight away, Pay Now could be a good option for you.
When we receive your Deferred Payment(s) your Payment Deferral arrangement will come to an end and your finance agreement will immediately be back up to date. All you need to do then is continue making your normal payments, until your finance agreement ends.
Who might Pay Now be good for?
Pay Now is best suited to people who can afford to make up all of their Deferred Payment(s) in one go, without putting too much strain on their finances.
If you are thinking about part-exchanging your vehicle soon Pay Now could also be a good option for you as you could have more money from the part-exchange to put towards your next vehicle, rather than using the money to make up any remaining Deferred Payment(s) and interest.
Who might Pay Now not suit?
If making up your Deferred Payments is likely to put a significant strain on your overall finances, Pay Now may not be a good option for you.
Pay Now - Advantages
Your finance agreement with MotoNovo will be back up to date immediately
Pay Now means you incur no additional cost
Pay Now - Disadvantages
Paying all of the Deferred Payment(s) will mean making up to 3 normal monthly payments in one go and that could add up to a significant amount.
To explore your other options,click here to return to the previous page.
Important Information about your options
Please read the following carefully as it contains important information about your options.
It is important that you tell us which option you want before the first of your restarted monthly payments is due. If you do not tell us before then we will automatically put you into the Pay at the End option, which will give you the most time to make up your Deferred Payment(s) but is also the most expensive option.
Your payments will be collected using your existing Direct Debit although your Deferred Payment(S) can also be paid via MyMoneyManager. It’s important that your Direct Debit remains in place and you have enough money in your bank account to cover both your normal monthly payments and any additional amounts you have agreed to pay. If your Direct Debit is no longer active you can reinstate it quickly and easily at: https://moneymanager.motonovofinance.com/
We’re offering both Payment Deferral and Pay Now as a concession to try and help you cope with the impact of COVID-19, and in line with FCA Guidance. They both involve temporarily suspending or varying some of our rights under your existing finance agreement but only on a temporary basis and as required to accommodate Payment Deferral, the actual terms of your agreement have not changed.
If you do not keep to the terms of the option you have chosen it will terminate automatically and any remaining amount of Deferred Payment, together with interest due, will be immediately repayable.
Your Payment Deferral has not impacted your credit file and as long as you keep to the terms of the option you select that option will not have any adverse impact on your credit file either. However, we also need to make you aware that while your Payment Deferral will not be reported to credit reference agencies as a deterioration in your credit position, when making credit decisions in the future lenders may take into account a range of information, which may include information you provide or information from your bank account that may relate to your Payment Deferral.
None of the options affect any rights you may have to repay your finance agreement early. Any outstanding Deferred Payment(s) and the interest due on early settlement will be included in your settlement figure.
Please keep in mind that:
If you seek to part-exchange your vehicle when you still have Deferred Payment(s) that have not been made up and/or interest to pay, your vehicle will have less part-exchange value, as result of those outstanding amounts.
As set out in your finance agreement, ownership of your vehicle will only transfer to you when all money you are required to pay including all payments making up your Deferred Payment(s) and paying any interest charged, have been received by us, which
Until ownership transfers to you, you must look after the vehicle and continue to tax, MOT and insure it. You will be liable to MotoNovo for any loss, damage or expenses incurred in relation to your vehicle until ownership transfer to you.
If you bought our MotoNovo Care and/or GAP cover when you took out your finance agreement, your cover will still end on the original end date of your finance agreement and will not be extended to cover any concessionary period after that.