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Personal Contract Purchase

Personal Contract Purchase (PCP) is a type of vehicle finance agreement for personal customers looking to fund a new or used vehicle in a manageable way

The monthly payments are not subject to VAT, however if you do take out the optional service package then you will have to pay VAT on the service costs.

Advantages:

  • Low initial payment
  • Fixed monthly payments
  • You may be able to refinance the balloon payment
  • No depreciation concerns if you wish to walk away at the end
  • Maintenance and servicing can be included
  • Fixed balloon or guaranteed future value to purchase payment when you first take out the contract
  • Cost effective
  • Can be used to finance new or used vehicles

Disadvantages:

  • You will have to make a decision at the end of the contract as to whether you wish to sell the vehicle, return it or Keep it - this is often seen as an advantage to most people.
  • You must have fully comprehensive vehicle insurance

More Information on Personal Contract Purchase:

PCP is ideal for any individual who would like options at the end of their finance agreement. PCP customers make an initial payment when they first take out the contract, then pay fixed monthly payments and finally have an Optional Final Payment (OFP) at the end at the end of the contract which is also referred to as the GFV (Guaranteed Future Value).

You can trade in or sell your vehicle at a dealership and take another vehicle from them. If the trade in value is larger than the OFP you will be able to use the difference towards a deposit on a new vehicle. Or, you can simply return the vehicle to the funder, as long as you have not exceeded the mileage and the vehicle is in an appropriate condition for its age there will be no charge. Finally, you can keep the vehicle either by paying the OFP in full or you will find that most companies offer the opportunity to re-finance the OFP.

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Testimonials

Thank you for professional and efficient service in providing the Porsche Macan exactly as promised, on time and to specification.

Your service was greatly appreciated.

Regards

Philip Wildish

Philip Wildish

Chloe,

I had been looking at new Jaguar F-Pace for a few weeks, but the prices from other leasing companies was putting me off.

I had a good conversation with Chloe. She delivered me a quote on a basic model and the fully spec'ed up model I ideally wanted. The price was less than what I was currently paying for my current car. I sent over the order the following day! She followed everything through with me, including the changing of my personal licence plate to the delivery date.

I couldn't ask for anymore! Thank you!

Chris Cain

Just a THANK YOU!

Truck delivered all as promised, communication excellent.

Kind regards


Chris

Chris

Thanks very much for the great friendly and informative service thus far. It's been a joy dealing with you, you've been clear and always willing to assist and clarify my queries. Making the car buying experience more relaxed and enjoyable.

Thanks,

David

David Nyamatore

I dealt with Kieran , who was very helpful , answered all my questions and made the process a smooth one!

Ive Mattheessens

Stuart was absolutely brilliant, my first time leasing a vehicle, he explained everything really well and the transaction went like clockwork. Would recommend to anyone looking to lease. The most efficient company I've dealt with ever!

Nicky Smith

Marvin,

I am so thrilled with the car! It is everything I had hoped for, so roomy especially as my son and daughter-in-law are about to have twins, so I will be able to help them lots.

Your service has been brilliant, you, in particular, have been so patient with the process. The delivery man was charming. I will absolutely recommend you to others.

Kind regards

Charline

Charline Addison

Byron was professional and knowledgeable throughout and nothing was too much trouble. Can't speak highly or recommend him enough!

Dave Parker

What a service, Stuart and Natasha are superb. Can't recommend these guys enough.

Simon Shakeshaft

Hi Emma, just want to thank you for everything you did sorting out our new cars, we took delivery today and there great. The whole thing from 1st speaking to you on the phone 6 weeks ago has gone brilliantly without fuss, great communication from everyone involved along the way. I will definitely recommend Total Motion to friends and hopefully being getting in touch myself in 3 years to go through it again with new vehicles. Many thanks again, Lee

Lee

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