Opting Out of the Company Car Scheme FAQ
Your questions answered about Opting Out
- What is Personal Contract Purchase?
- What Lease periods do you offer?
- What are you annual mileage bandings?
- What happen if I cover more or less mileage than initially anticipated?
- What’s included in the Lease Package?
- Do you offer a Full Maintenance Package?
- What’s included in the Full Maintenance Package?
- What is Gap Insurance?
- Who owns the car?
- What car can I have?
- How much deposit do you require?
- Which cars are the best to go for?
- Can I add accessories?
- Where will the car come from?
- Can I take the car abroad?
- What’s the Process?
- How do I pay?
- Do you offer payment protection
- What motor insurance cover will I need?
- What Happens at the end of the lease period?
1. What is Personal Contract Purchase?
Personal Contract Purchase (PCP) is ideal for those who are opting out of their company car scheme and instead taking a cash-for-car allowance thus reducing company car taxation. By leasing a car in this method you will take advantage of the vehicle discounts usually only offered to large fleet customers. This finance package allows you to drive a new or nearly new car for a set period of time, doing an agreed but flexible number of miles with the option to purchase at the end of the lease. Due to our low overheads and impressive purchasing power we can generally offer you cheaper finance than any other company.
2.What Lease periods do you offer?
We offer any lease period from 24 months to 60 months on all new cars and on a large selection of cost saving nearly new cars and any annual mileage.
3. What are you annual mileage bandings?
We don’t have bandings. You simply tell us your annual mileage and we will quote accordingly. It can be 5,000 or 42,761 per annum and we will quote accurately.
4. What happen if I cover more or less mileage than initially anticipated?
Our lease package is totally flexible. If during your agreement you are driving more or less miles than originally anticipated simply call us so that we can adjust your agreement and monthly payments accordingly.
5. What’s included in the Lease Package?
If you opt for a Non-Maintenance the vehicle is supplied with Road Tax for the full contract period plus Gap Insurance.
6. Do you offer a Full Maintenance Package?
Yes, not only do we offer a full maintenance package but it is the most comprehensive currently available in the UK ensuring complete worry free motoring.
7. What’s included in the Full Maintenance Package?
The full maintenance package includes:
- Full Maintenance and Servicing Cover
- Unlimited Tyres, exhausts and batteries (subject to fair wear and tear)
- Free car collection, clean and return for routine servicing
- The top UK and European RAC cover
- Gap Insurance
- Road Tax for the full lease period
8. What is Gap Insurance?
Should you ever be unfortunate enough to have the car stolen or written off the insurance payment may not cover the amount outstanding on your finance agreement. This is because insurance companies tend to make payments based on the current market value of the car excluding any finance arrangements.
GAP (Guaranteed Asset Protection) Insurance does exactly what it says – it bridges the “gap” between the insurance payout and the settlement figure.
Gap cover to the value of £5000 is automatically included with all our agreements.
9. Who owns the car?
We own the car until you purchase the car at the end of the lease (should you choose to do so). If you want to own the car you pay the balloon payment at the end of the lease period and the car is yours. (The balloon payment is provided on all quotations).
10. What car can I have?
We offer all new cars and have a large selection of cost saving nearly new cars. You can have more than one car if you wish subject to status.
11. How much deposit do you require?
So long as you can provide us with written proof of your car allowance from your employer finance is offered with just 1 advance payment as deposit. Your monthly direct debit payments will then continue from month 2 onwards.
12. Which cars are the best to go for?
It really depends on your needs. With this kind of scheme an important factor is how much the car will be worth at the end of the lease and the amount of discount we receive from the vehicle manufacturer. Keep an eye out for our special offers.
13. Can I add accessories?
There is no difference between us and a car dealer. We can supply all dealer and manufacturer fitted accessories. Some accessories carry a residual value and so your monthly payments not increase as much as you expect when added.
14. Where will the car come from?
We have our own network of reputable and reliable suppliers across the whole of the UK who supply vehicles at our agreed discounted prices. If however you would prefer for us to buy the car from your local dealer then this can be arranged.
15. Can I take the car abroad?
Yes. We can even arrange for the appropriate travel documents to be with you within one week of your request.
16. What’s the Process?
Initially complete our website quote form to receive a quotation and application form. If you are happy with the figure quoted complete the application form and return to us for credit assessment. We then ask you to sign an order form for the car and order it on your behalf from the chosen supplier. The paperwork is then posted to you for completion.
17. How do I pay?
- The deposit must be paid by cheque
- Monthly payments are made by direct debit.
- What happens if I leave work, etc?
- You decide. You either continue as before or we can offer you a settlement figure.
- How much does it cost to settle an agreement
early?
- We look to see how much you have paid and have left to pay on your lease, Including the Balloon payment. This is made up of the loan you took plus the interest charged. We then refund the interest and the remainder is the settlement figure.
18. Do you offer payment protection?
Payment protection can be added to you lease for a small monthly charge of £13.95. Our payment protection package protects against Redundancy, Unemployment, Resignation, Death, Maternity and Expatriation.
19. What motor insurance cover will I need?
The vehicle must be insured with a fully comprehensive motoring policy.
20. What Happens at the end of the lease period?
You have a choice to make.
- You can purchase the vehicle at the price agreed at the outset
- We arrange collection of the vehicle
- We collect the vehicle and supply you with another
