Frequently Asked Questions
What is Guaranteed Buyback?
It is the minimum value of your vehicle at any given month during the period of cover, subject to kilometres chosen and distance travelled. Guaranteed Buyback periods of cover are available for 24, 36, 48 or 60 month terms.
What are the benefits of Guaranteed Buyback?
Guaranteed Buyback offers you:
- Peace of mind - knowing the minimum amount your car will be worth in the future, now.
- Flexibility - you can change your car as your life changes.
- Convenience - Guaranteed Buyback provides a month by month schedule of Buyback values throughout the chosen period of cover.
- Simplicity - allowing an easier transition into a new vehicle.
- Opportunity - you could benefit further if your car's likely market value is greater than the Guaranteed Buyback at end of the chosen period of cover.
- Available to all customers regardless of whether they intend to finance or pay cash.
- Available on New and Used vehicles less than 5 years old at Agreement commencement date.
How does it work?
Guaranteed Buyback offers you peace of mind at great value. When looking to update your car if the appraisal is worth less than Guaranteed Buyback value:
1. You can retain the vehicle.
2. You can return the vehicle where Buyback Pty Ltd will pay the amount shown under Monthly Guarantee Breakdown schedule subject to fair wear & tear guidelines.
3. You can replace the vehicle where Buyback Pty Ltd will pay the amount shown under Monthly Guarantee Breakdown schedule subject to fair wear & tear guidelines.
What if the car's likely market value is greater than the Guaranteed Buyback value?
With this scenario, you could also stand to benefit. You can simply trade or sell the car to take advantage of the higher retained value.
What if I think I can obtain a better price for the car at end of contract term?
If you think you can obtain a better price elsewhere, you can choose to sell or trade the car in. If you consider selling the car but do not obtain the price you want, you can still elect to utilise your Guaranteed Buyback policy, subject to distance travelled and fair wear & tear guidelines being met.
Is there a limit to the number of kilometres you can drive per year under Guaranteed Buyback?
Yes. Your Guaranteed Buyback has been calculated based on the specified average kilometre range per annum for the chosen period of the contract. The Guaranteed Buyback value is reduced at end of term:
- by $1,000 per 10,000 km's over chosen average annual kilometre limit as shown on schedule of cover.
- no benefit will be paid if the vehicle travels more than 50,000kms on average per year.