PCP
PERSONAL CONTRACT PURCHASE (PCP) is a form of hire purchase with a final optional payment at the end of the term.
This is usually taken over a two or three year period. At the end of the term there are three options
1) return the vehicle
2) upgrade to a newer vehicle
3) own the vehicle outright by paying the final optional payment
With pcp, having a shortfall at the end of the agreement is not a problem as the final optional payment is guaranteed by the finance company.
Mileage terms are stipulated at the start of the contract and excess charges apply if exceeded.
SUBJECT TO STATUS AND CREDIT ACCEPTANCE
TERMS AND CONDITIONS APPLY