Personal Contract purchase (PCP)

toffeeguitar

Hi all,

Im looking to get my first PCP, would anyone be able to help with the following...

Deposit: Is this refundable? I assume so, but wanted to check?
End of contract: Can you simply walk away with your deposit, or is there a fee?

Thanks,

Joe

mark5

The deposit is not refundable it normally counts as your first payment and an expensive one. Basically the bigger your deposit, the lower your monthly payments will be.

drew2k9

haven't came across any pcp where you get your "deposit" back, as has already been said it usually states in a breakdown of the finance of the car that there will be (as an example) 1x payment of £2000 and 35x payments of £200 or something along those lines. and you can usually either buy out the car for another lump sum usually a huge sum of money, or use it against a deposit into another car from the same dealership (like upgrading) which leads to an endless cycle of paying more over time, or walk away with no car and no money back, so youve rented a car for 3 years.