EMC Vehicle Contracts - Personal Deals

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Personal Contract Purchase Explained

Personal Contract Purchase Explained.

Personal Contract Purchase is a conditional sale agreement which gives you the option to purchase the vehicle or simply hand it back at the end of the contract period (subject to settlement of any excess mileage and 'wear and tear').

You can also include the same comprehensive service, maintenance and repair options offered through Contract Purchase but will be responsible for the annual renewal of the Road Fund License.

Finance payments are not subject to VAT. If the optional service package is taken then VAT is payable on the service costs only.

Who is Personal Contract Purchase for?

Personal Contract Purchase is designed specifically for private individuals. It is important to understand that if you are considering a PCP contract and your employer is in any way involved in the arrangement (whether by way of negotiation of terms, offering guarantees for payments or security, or by way of linking the agreement to your employment either directly or indirectly), you may be at risk of creating a liability for a Car Benefit Tax charge (under Section 157 of the Taxes Act 1988). This is often referred to as a P11D liability being linked to 'Benefits In Kind' arising directly from employment. Unfortunately EMC Vehicle Contracts cannot offer advice to you as to whether your own circumstances will create this liability. Guidance should always be sought from your local Tax Office before committing to an agreement.

Making the best choice for you at the end of your contract:-

Giving you the flexibility to meet your individual needs, EMC Vehicle Contracts offers a number of options at the end of your PCP contract term.

Whether you want to complete the purchase of your current vehicle or return it and take out a new contract on a new vehicle our sales advisors will help guide you and find the option that best suits your needs.

If you feel that another vehicle funding solution may be more suited to your particular needs, please consider the other funding options explained on this web site or ring us for professional advice to best suit your requirements on Tel: 0870 903 5323.