Question 1

What is a Future Price Promise Contract?

Accepted Answer

A Future Price Promise Contract provides you with a guaranteed minimum price for your vehicle. It provides you with a guarantee that regardless of any market fluctuations in used car pricing, you are assured to receive at least this guaranteed buyback amount for your car should you choose to exercise the Future Price Promise Contract and return your car during the buyback option window and comply with the Future Price Promise contract requirements.

For full details on the Future Price Promise Contract terms and conditions refer to this specimen copy (https://f2c69a58-7cf2-43c7-8d23-8365dc726897.usrfiles.com/ugd/f2c69a_c9294609700542d486fd726427ed621a.pdf)

Question 2

How does the Future Price Promise Contract work?

Accepted Answer

The Future Price Promise Contract specifies a Buyback Amount that has been set by Auto Next based on our forecast of the minimum estimated value of your car at the end of the contracted term. The Buyback Amount assumes your vehicle meets the Minimum Acceptable Condition Requirements and has travelled less than the Allowable Kilometres.

If your vehicle is returned with Excess Damage and / or Excess Kilometres, the Buyback Amount will be adjusted in accordance with the Future Price Promise terms and Conditions.

It is your choice though, you do not have to sell your vehicle to Auto Next, you can still choose to keep it or sell it to someone else for any amount you decide.

Question 3

How is the Buyback Amount determined?

Accepted Answer

The Buyback Amount for your car is set by Auto Next at the start of the contract term based on what we think we can pay for your car at the end of the contract term.

Question 4

Can the Buyback Amount change during my contract term?

Accepted Answer

The Buyback Amount remains fixed throughout the contract term. The purpose of the Buyback Contract is to provide you with certainty of the minimum value of your vehicle at the end of the contract term.

Frequently Asked Questions