But unlike a hire purchase agreement, where the cost of the car is paid off during the finance term, if you choose a PCP plan then a portion is set aside at the beginning of the contract, known as the minimum guaranteed future value.
What does MGFV stand for?
MGFV stands for Minimum Guaranteed Future Value (car financing)
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Samples in periodicals archive:
You'll also be given a Minimum Guaranteed Future Value (MGFV).
The contract will set out a minimum guaranteed future value (MGFV) - what the car will be worth in two to three years.
You agree an annual mileage and a Minimum Guaranteed Future Value (MGFV) - the amount you will have to stump up if you want to buy the car at the end of the agreement.
You'll also be given a Minimum Guaranteed Future Value (MGFV).
The dealer will set out a minimum guaranteed future value (known as a MGFV) of what the car will be worth in two or three years' time.
The dealer will set out a minimum guaranteed future value (MGFV) of what the car is likely to be worth in two or three years' time.