Jaguar Personal Contract Purchase (PCP)
Slide into the driver’s seat, start the engine and enjoy the pleasure of outstanding performance. Jaguar Personal Contract Purchase is a Personal Contract Purchase (PCP) agreement with fixed monthly repayments and a choice of options at the end of the agreement.
How it works:
Based on your chosen term (between 13 and 49 months) and mileage* Jaguar Financial Services will determine the Guaranteed Minimum Future Value (GMFV) of your vehicle at the end of your agreement and provide you with an Optional Final Payment amount. At the end of your agreement your vehicle is guaranteed to be at least equal in value to the Guaranteed Minimum Future Value. Any deposit is deducted from the price of your Jaguar, you make regular payments based on the remaining balance plus the agreement interest. Interest is calculated on the vehicle price less the deposit. At the end of the agreement, just choose from one of the following options:
- Renew – part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.
- Retain – to keep your Jaguar, you only need pay the optional final payment.
- Return – return the vehicle and do not pay the Optional Final Payment. If the vehicle has exceeded the maximum agreed mileage a charge for excess mileage will apply. Providing the vehicle is in good condition (fair wear and tear accepted) and has not exceeded the maximum agreed mileage you will have nothing further to pay.
Benefits:
- Fixed regular payments for easy budgeting
- Your regular payments are reduced because the agreed predicted value of your vehicle is deferred to the end of the agreement
- The predicted value protects you against any potential fall in used car values. The value of the vehicle at the end of the contract is guaranteed to at least equal that of the optional final payment iif you exercise your right to return the vehicle under the Goods Return Option
- With shorter terms you can be driving a new Jaguar more often, meaning your servicing and maintenance costs may be reduced
- Flexibility - you choose the deposit, annual mileage and agreement term to suit your needs; and at the end of your agreement you choose which of the three options is right for you
Additional business user benefits:
- Interest charges are allowable against tax
- A proportion of the car’s value can be written down against profits because it is an asset on your balance sheet (CO2 based)
What happens at the end of my agreement?
The options at the end of the agreement are:- Part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.
- Return the vehicle and not pay the Guaranteed Minimum Future Value and Option to Purchase Fee as your Final Payment. Providing the vehicle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the vehicle has exceeded the allowed mileage a charge for excess mileage will apply.
- Pay the Guaranteed Minimum Future Value as your deferred Final Payment and Option to Purchase Fee for title of the vehicle to be transferred into your name.
WHAT ELSE DO I NEED TO KNOW?
Flexibility: Set payment periods from 1-4 years then take the best option for you when you reach the end of the term.
Ideal if:
- You like to drive the newest model
- You like to keep your options open
- You like to budget
-Introducing a Guaranteed Minimum Future Value (GMFV) enables you to reduce your monthly payment.
-Newer model means lower maintenance costs.
-A proportion of the credit is deferred to the end of the agreement and you should prepare for this if you want title of the vehicle to be transferred into your name.
-You must have fully comprehensive insurance.
-Protection against depreciation as a result of an unexpected fall in the value of the vehicle when you exercise the ‘Goods Return Option’ (when you hand the vehicle back).
-Your vehicle is at risk of repossession if you do not maintain contractual repayments.
-You do not own the vehicle until you have made all the payments including interest, after which title of the vehicle will be transferred into your name.
Terms and conditions:
* Maximum annual mileage is 35,000 and the maximum mileage at the end of the contract is 143,000 (49 month term), 108,000 (37 month term), 73,000 (25 month term). For electric vehicles the maximum annual mileage is 24,000, not to exceed the battery warranty mileage at the end of the contract.
Credit is subject to status and only available to UK residents 18 plus only. Credit is provided by Black Horse Limited trading as Jaguar Financial Services, St William House, Tresillian Terrace, Cardiff CF10 5BH