HP & PCP Plans
These illustrations provide a direct comparison between Hire Purchase and Personal Contract Plans using an identical sample New or Nearly New vehicle and deposit amount in both examples.
| Personal Contract Plan - Example | Hire Purchase - Example | ||
•
New or nearly new vehicle
|
•
New or nearly new vehicle
|
||
| Vehicle Price | £ 18,000.00 | Vehicle Price | £ 18,000.00 |
| Deposit | £ 2,500.00 | Deposit | £ 2,500.00 |
| Finance Amount | £ 15,500.00 | Finance Amount | £ 15,500.00 |
| First Payment | £ 311.88 | First Payment | £ 427.06 |
| 46 Payments x | £ 251.88 | 46 Payments x | £ 387.06 |
| Final Payment | £ 8,144.40 optional | Final Payment | £ 427.06 |
| Total Repayable | £ 11,898.36 + optional | Total Repayable | £ 18,231.82 |
| Excess Mileage | £ .09 ppm | Excess Mileage | £ not applicable |
| APR | 9.9% | APR | 9.9% |
PCP Plan
*ppm
excess end of
term pence per mile charged
*optional payment
option 1 pay the amount – you then own the
vehicle
option 2 surrender the vehicle with no
penalties-subject to condition & mileage
option 3 use
the vehicle equity as deposit for your next new vehicle
contract
PCP & Hire Purchase
Other
schedules, vehicle values, deposits and periods
available
Finance subject to status - terms and conditions
apply
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