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Fred Coupe’s flexible financing helps make it easy to own or lease a top-quality car or van. Please read on to learn how our PCP packages, Hire Purchase, and Personal Contract Hire options can help you secure your ideal vehicle.
A Personal Contract Purchase (PCP), is our most popular financing option. It allows you to choose the deposit amount, which then enables us to calculate your fixed monthly payments while taking into account the maximum annual mileage you require.
The final instalment will be your Optional Final Payment (OFP – sometimes referred to as a ‘balloon payment’).
When the agreement comes to a close, you’ll be provided with three choices:
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Hire
Purchase (HP) is one of the oldest forms of financing. Like PCP, It allows you
to determine the deposit amount. Based on this, we’ll calculate your monthly
payments, taking into account interest, which is inflation-proof. Unlike NP, HP
comes with no mileage limitations.
Once the agreement has ended and all payments have been made (including an Option to Purchase fee), the vehicle is yours..
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.
Personal
Contract Hire (PCH) is the best option if you simply wish to lease a new car.
Popular with businesses, it provides companies with full access to cars or vans
for a set period of time, without needing to worry about the cost of ownership
(which includes servicing and disposal). All you need to do is make the agreed
fixed monthly payments.
Benefits
We offer a range of finance packages tailored to the business owner, whether its for a single vehicle or larger fleets. We offer lease, Lease purchases and business contract hire.
If you have any questions about our flexible financing, please get in touch with our Preston, Lancashire showroom today.
