Vauxhall Personal Contract Purchase

Vauxhall Personal Contract Purchase (PCP)

A Personal Contract Purchase (PCP) is a flexible and very popular choice of motor finance because you can keep your monthly repayments lower by deferring a proportion of the credit until the final payment (GFV), which is payed at the end of the agreement.

At the start of the PCP agreement the finance company sets a Guaranteed Future Value (GFV) for your vehicle. You agree your expected annual mileage, the term of the agreement and the amount of deposit. Monthly payments on the balance of the loan plus interest charges are then calculated, but minus the guaranteed future value.

What are my options at the end of the PCP

At the end of the agreement you have a choice of three options:

  • Pay the guaranteed future value to own the vehicle outright
  • Hand back the vehicle with nothing more to pay
  • Part exchange the vehicle and use any equity as a deposit on your next vehicle

A PCP agreement can be used for buying a new or used vehicle and gives you a fixed monthly payment with a fixed for the term. It is ideal if you want to purchase a more expensive vehicle with a lower monthly payment than a traditional hire purchase agreement or if you would like to change your vehicle frequently and drive the latest models. It also provides flexibility because you can opt to settle your agreement early and part exchange for a newer model.

Points to Note: The GFV is based on your expected annual mileage, and if you exceed the agreed total excess charges will apply. Additional charges will also apply if you hand back the vehicle in a poor condition and you cannot sell the vehicle until you have made all repayments. Furthermore, your vehicle is at risk of repossession if you do not make the contractual repayments.

Other terms & conditions will also apply.

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