FAQs

Settlement figures

Register your agreement with MyMotoNovo

A settlement figure is the amount you need to pay in full if you want to end your finance agreement earlier than the agreed terms.

To request a settlement figure, log into MyMotoNovo online or via our app for iOS and Android. To log in, all you need is your agreement number and personal details.

You can settle your agreement at any time with no penalty charge for doing so. To request a settlement figure, log into MyMotoNovo online or via our app for iOS and Android. To log in, all you'll need is your agreement number and personal details.

Your settlement figure is valid for 28 days. If you try to make a payment after the 28 days, you will need to request a new settlement figure. For business customer agreements, settlement figures are valid for 14 days.

You can pay your settlement figure: 

Sort Code: 30-80-12

Account Number: 17906860

Use your agreement number as the reference (further details can be found at the bottom of your settlement letter)

  • over the phone by contacting us on 0333 200 0030. We can only take payments of up to £5,000 at a time. If your settlement is more than this, you can contact us the following day to pay the remaining balance.

You can obtain a quote and pay your settlement figure:

Sort Code: 30-80-12

Account Number: 17906860

Use your agreement number as the reference (further details can be found at the bottom of your settlement letter)

  • by contacting us on 0333 200 0030. We can only take payments of up to £5,000 at a time. If your settlement is more than this, you can contact us the following day to pay the remaining balance.

Unless you tell us otherwise, we’ll apply any repayment to each element of your agreement proportionally (the hire purchase element of the agreement, plus any Settlement Shortfall Loan and any VAPs Loan). For example, if you make a repayment of £100 and have £1,000 outstanding for the hire purchase element of your agreement and £500 outstanding for each of the Settlement Shortfall Loan and VAPs Loan, we would apply £50 towards the hire purchase element of your agreement and £25 towards each of the Settlement Shortfall Loan and the VAPs Loan.

Once we’ve received your settlement payment, we’ll:

  • Close your agreement and send you a clearance email (within 3 working days) which confirms that we no longer own the vehicle as the finance has been paid.
  • Send a final statement letter (within 14 working days) which lists all the payments you’ve made since your last statement.
  • Arrange for your credit file to be updated (this can take 6-8 weeks depending on the credit reference agency).

If you’re looking to sell or part exchange your vehicle, only registered MotoNovo partners can request a settlement figure on your behalf.

If you’ve been involved in an accident, your insurance can also request your settlement figure.

We calculate your settlement figure by following the Consumer Credit (Early Settlement) Regulations 2004. This means, we calculate your final figure by working out how much is left to pay on your finance agreement, minus the remaining amount of interest. We also include all admin fees in your final balance.

When calculating your settlement figure, all admin fees are included. These include:

  • Removing the finance marker against your vehicle.
  • Removing the interest from your credit file to show it’s completed.
  • The option to purchase fee if you have a PCP agreement.
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