The Guaranteed Future Value or Guaranteed Minimum Value is set at the start of the contract and is the amount you would have to pay if you wanted to purchase the vehicle at the end of the term. This figure remains the same regardless of whether or not the vehicle is actually worth more or less than this amount.

If you choose to hand back the vehicle at the end of the term you will have nothing more to pay assuming you have met all the criteria for mileage and condition. If you trade it in for a new car you will need to provide a deposit, and if you choose to buy it you will have to pay the GFV rather than the actual market value.