Personal Contract Purchase

Before you enter into your finance agreement please take a moment to make sure you understand some of its key features.

What are my obligations under this type of agreement?

1. You are committing to making the payments detailed on your quotation and vehicle order form.
2. You must insure the vehicle at your expense with fully comprehensive insurance.
3. You must maintain the vehicle according to the manufacturers recommendations.

What if I want to end the agreement early?

You can request an ‘early termination settlement quotation’ at any point. This figure will be calculated taking into account the balance of the funds outstanding, less an appropriate rebate of interest.

You will have the option to pay the full balance outstanding and keep the vehicle or pay the requested settlement figure and arrange collection by the finance company.

In many cases we will get a valuation on selling the vehicle on your behalf into the trade, in which situation the buyer would settle the finance with you making up any shortfall or gaining any equity dependant on current value and finance due.

What happens at the end of this agreement?

1. You have the following options:
2. Arrange for the car to be collected.
3. Purchase the vehicle as per the Optional Final Instalment.
4. Re-finance the final instalment (subject to approval)
5. Part-exchange this vehicle for a new one.

Assuming your vehicle is in an acceptable condition with a full service history, spare keys, road legal tyres and within your contracted mileage, no further costs will be incurred.

If there is damage deemed to be outside what is considered Fair Wear & Tear, you may be charged as appropriate by the relevant finance company.

If you have exceeded your contracted mileage you will be charged an excess mileage charge per mile as detailed on your order form and finance agreement.

have the option to pay the full balance outstanding and keep the vehicle or pay the requested settlement figure and arrange collection by the finance company.

In many cases we will get a valuation on selling the vehicle on your behalf into the trade, in which situation the buyer would settle the finance with you making up any shortfall or gaining any equity dependant on current value and finance due.

What happens at the end of this agreement?

You have the following options:

1. Arrange for the car to be collected.
2. Purchase the vehicle as per the Optional Final Instalment.
3. Re-finance the final instalment (subject to approval)
4. Part-exchange this vehicle for a new one.

Assuming your vehicle is in an acceptable condition with a full service history, spare keys, road legal tyres and within your contracted mileage, no further costs will be incurred.

If there is damage deemed to be outside what is considered Fair Wear & Tear, you may be charged as appropriate by the relevant finance company.

If you have exceeded your contracted mileage you will be charged an excess mileage charge per mile as detailed on your order form and finance agreement.

Advantages

1. Low initial payment possible.
2. Fixed monthly payments.
3. No depreciation concerns.
4. Maintenance and tyres can be included at an additional cost.
5. You can own the vehicle if you pay the optional final payment.
6. You could gain equity at the end of the agreement.

Disadvantages

1. Road fund licence is generally only included for the first 12 months of the agreement.
2. If you return the vehicle and have exceeded the contracted mileage, an excess mileage charge will be applied.
3. If there is damage deemed to be outside what is considered Fair Wear & Tear, you may be charged as appropriate by the relevant finance company if you return the vehicle.