DRIVERS with a Personal Contract Purchase have been warned to fully understand the rules in order to avoid huge surcharges. A PCP is when motorists pay a deposit and monthly instalments over a fixe…
DRIVERS with a Personal Contract Purchase have been warned to fully understand the rules in order to avoid huge surcharges.Drivers with a Personal Contract Purchase have been warned to fully understand the rules in order to avoid huge surchargesAt the end of the contract, drivers either pay a lump sum to keep the car or hand it back and pay nothing.
"These can be punitive, but even a minor-sounding 0.06p per mile surcharge adds up to a £180 bill if you go 3,000 miles over.A PCP, Personal Contract Purchase, is when a driver makes monthly payments for a set term of typically three to five years. After this period, if you want to own the car you will need to make a large payment to the finance company, called a balloon payment."Often, it would have been cheaper to factor this mileage into the PCP deal in the first place."Fury as cars are written off by huge bus lane TRAP 'that has no warning'
The car also needs to be in a reasonable condition, without any damage, and no payments can have been missed to activate the clause.
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