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Nationwide Vehicle Contracts Ltd is an appointed representative of Lombard Vehicle Management, Network Vehicles, Renault Financial Services.
Personal Contract Purchase is a finance agreement which gives the individual the option to purchase the vehicle, or to simply hand it back at the end of the contract period. With a Personal Contract Purchase, the monthly finance payments are not subject to VAT. If the optional service package is taken, VAT is payable on the service costs.
Personal Contract Purchase involves an initial deposit and then a series of monthly payments. There is also an agreement about what the car will be worth at the end of the contract – this is the minimum guaranteed future value. The monthly payments are the cost of the vehicle after the MGFV and the value of your deposit have been deducted.
Joe Bloggs has taken out a personal contract purchase agreement on a Mazda 3. The contracts is for 36 months and the annual mileage is 10,000. After the initial payment, Joe Bloggs pays a monthly fee of £250.26 direct to the finance company. At the end of the contracts, Joe Bloggs can purchase the car for a predetermined amount of £5,274.00
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