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At Motorvogue we have trained finance specialists within all of our dealerships who pride themselves in offering outstanding customer service and assisting customers in finding the right funding solution to suit their pocket and individual circumstances. With clear agreements and competitive finance packages available to suit your needs, we're confident we can help you get something special on your driveway.
Finding the right purchasing agreement is as important as selecting the right vehicle.
With this in mind, we have designed a number of attractive finance packages to make things that much easier.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
DS Personal Contract Purchase is a finance solution designed to allow you to change your DS every two, three or four years with monthly payments structured to meet your budget. An initial deposit is paid of between 0% and 40% of the vehicle price, followed by fixed monthly payments over a term of 25, 31, 37 or 48 months. DS will agree with you an estimated annual mileage band, between 6,000 and 30,000.
This will determine the Guaranteed Future Value (GFV) of your vehicle so that at the end of the agreement you just choose one of the following options:
1. Make a final payment and own the car
2. Return the car to your DS retail store*
3. Return the car and use it in part exchange for a new DS, using any equity as a deposit in a new DS Personal Contract Purchase agreement.
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.
Personal Contract Hire is a long-term leasing arrangement. This means that although you won’t own the car at the end of your contract, you’ll be making a fixed monthly rental for the vehicle whilst you use it. PSA Finance can offer Personal Contract Hire on new vehicles across the DS Automobiles network.
Personal Contract Hire in three stages:
1. Pay the advanced rental - You will pay an advanced rental fee when ordering the vehicle. This is agreed when ordering your vehicle and can be discussed further with your retailer.
2. Agree on mileage allowance - You will agree this allowance per year which will help determine your monthly rental payments to lease the car over your agreed contract period.
3. Enjoy until time to return - At the end of the contract, you’ll return the car to us and pay any excess mileage and/or damage charges.
Purchase Plan is a finance solution that spreads the cost of buying your New DS into fixed monthly payments over a period of between 1 and 5 years . You’ll know exactly how much you are spending each month and for how long, making budgeting much easier. At the end of the agreement, when all of the monthly payments have been made, you’ll own your DS. Should you want to change your DS before the end of your Purchase Plan term, you can simply visit your DS retailer to discuss part-exchanging it for a new DS.
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 Conditional Sale 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.
