Personal contract hire for company car drivers is a personal agreement with an optional final balloon payment which the individual can pay to buy the vehicle, if the final balloon payment
isn't made the individual can choose to return the vehicle with nothing further to pay. Title to
the vehicle rests with the finance company until the final repayment is made.

The monthly payment is calculated by the actual initial cost of the vehicle, the estimated
mileage likely to be covered, the term of the agreement and the estimated value of the vehicle
at the end of the contract taking into account mileage and general wear and tear.

Optional packages such as servicing and vehicle management can be included if required.
PCP is an alternative to Hire Purchase, which is covered by the Consumer Credit Act 1987.