A CHP is a vehicle loan facility whereby the financier agrees to purchase the asset on behalf of the customer, and then hire it back to them over a set period of time. The customer has the use of the asset for the term of the contract but is not the owner of the asset. The customer takes ownership of the asset at the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full. This loan type may offer our customers GST deductions and reduced fixed loan repayments due to a fixed interest rate and the availability of a residual.
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