PCP (Personal Contract Purchase) is a type of vehicle finance agreement for personal customers looking to fund their brand new car in a manageable way.
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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 of the contract which is also referred to as the GFV (Guaranteed Future Value).
You can trade in your vehicle at the end of the contract and take another vehicle from us. 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.