Motorpoint launches new competitive vehicle finance programme

Motorpoint, the multi-brand car supermarket with one of the biggest choices of cars and commercial vehicles in the UK, has launched the new-look competitive Boomerang vehicle finance programme, replacing the 3x3 finance package.

Motorpoint’s Boomerang was originally introduced in 2001, but changing customer requirements lead to the subsequent unveiling of the 3x3 arrangement, which included a 3 year guarantee, and 3 years of roadside assistance. However, since all cars that are now sold have the full balance of a Manufacturer’s warranty, this was no longer representing the best value to an increasing number of customers. Therefore, the retailer has decided to bring back a revised and highly-competitive finance package, once again supporting the Boomerang name.

Under Boomerang, the tailored finance programme for both new and used cars, Motorpoint provides a £300 contribution towards the customer’s deposit. In addition, there is the added advantage of a guaranteed future value at the end of the three year repayment plan. Over 5,000 people bought their car using the 3x3 scheme last year, and going by this success, and with repayments also being more affordable than a traditional hire purchase scheme, Motorpoint will be giving away nearly £1.5m towards the deposits of their customers, an unprecedented investment by any car supermarket in the UK.

Like the outgoing 3x3 package, customers have the reassurance that Boomerang is strictly regulated by the Financial Services Authority, and has been underwritten by Lloyds TSB’s Black Horse Motor Finance arm. Customers currently on the 3x3 finance arrangement will be unaffected by the change, with repayments continuing according to the existing contract.

Commenting on the introduction of the Boomerang programme, John Gillespie, Managing Director of Motorpoint explains: “With the evolution of the marketplace, we recognised a shift in the way customers were choosing to finance their vehicles. The unveiling of the revised package is designed to be able to continually provide the most cost-effective and affordable method of owning a vehicle, according to the requirements of the individual.”

For the latest deals at Motorpoint, and more information on the Boomerang programme, visit motorpoint.co.uk.