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Personal Contract Purchase (PCP) representative example

Based on a cash price of £15,999 with a £3,200 customer deposit, borrowing £12,800 at a representative APR of 9.9% and the following:
47 monthly payments of
£222.02
Fixed rate of interest per annum
9.46%
Option-to-purchase fee
£10
Optional final payment
£5,996.00
Amount of interest
£6,831.54
Total amount payable
£22,830.54
Annual mileage limit
6,000 miles
Excess mileage charge
4.8p per mile

With Personal Contract Purchase (PCP) you have the option after you have paid all of the regular monthly repayments to: (1) Return the vehicle and not pay the Optional Final Repayment. In these examples if the vehicle has exceeded 32,667 miles, a charge of 9.6p (including VAT at 20%) will apply per excess mile. If the vehicle is in good condition (fair wear and tear accepted) and has not exceeded 32,667 miles you will have nothing further to pay; (2) Pay the Optional Final Repayment to own the vehicle or; (3) Part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.