Consumer Duty - PCH

Personal Contract Hire, sometimes referred to as Personal Leasing or PCH enables customers to lease a brand new vehicle on a long-term basis, for a fixed monthly cost. The customer chooses the contract term (length), mileage allowance, and any optional extras or services they need. PCH essentially gives customers access to a new vehicle to drive, without the responsibility of ownership.

Key Features & Benefits Is PCH Right For You?Is PCH Not Right For You?End of Contract Assessment of Value

Key Features & Benefits

Here we show you the main characteristics, key features and benefits of Personal Contract Hire.

PCH

PCH is a regulated product for consumers and the monthly rental price includes VAT. VAT is not reclaimable. Customers have the right to cancel the agreement up to 14 days after signing the contract.
Customers can choose a term and mileage allowance to suit them within the ranges of 24 to 60 months and 10,000 – 200,000 total miles.
Customers can choose how much initial rental they pay upfront, this can be as little as 1 rental in advance, right up to 12.
Once your Personal Contract Hire agreement has been set live, your monthly rentals are fixed for the duration of the contract.
Customers can add optional additional services such as maintenance and breakdown cover.
Vehicle road tax (RFL) is included for the duration of the lease. DVLA price increases during the lease agreement will be passed onto the customer and will be subject to VAT.
Personal Contract Hire enables customers to have all the benefits of using a new vehicle, without the large upfront costs associated with a traditional purchase agreement.

Personal Contract Hire might not be right for you if:

You want to own your vehicle.
You like to keep your vehicles for more than 4 or 5 years.
You prefer to drive used vehicles.
You need additional adaptations on your vehicle.
You are under 21 years of age.
You are in full time education.
You wish to use the vehicle for sub-hire purposes (taxi, private hire or chauffeuring)
You wish to use the vehicle to provide driving instruction.
You wish to use the vehicle for rallying.
You incur a high volume of penalty charges.
You need a vehicle over 3.5 tonnes
You are not based in the UK.
You are in an insolvency arrangement (Bankruptcy or IVA)

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What you can do at the end of your contract

Hand the vehicle back to the finance company. We will let you know in plenty of time and sort everything out for you. Make sure you read the BVRLA 'Fair Wear & Tear Guide' in plenty of time as this guide explains what counts as fair wear and tear, anything outside of this guide may be chargeable as excess wear & tear.
Add an extra six or 12 months to your contract by formally extending. We will explain what is available to you as you near your end of contract date.
Keep your vehicle without extending. You may be able to just informally extend your contract and keep paying your current rental amount. However, informal extensions can be terminated at any point and the terms and conditions of the lease can be changed during an informal extension.
Talk to us about a brand new vehicle to replace your end of contract lease. We will work with you to find a brand new renewal vehicle that fits your budget and circumstances at that time.

How We Help You Decide if PCH is Right For You?

We have assessed how we provide our customers with as much information as possible to make an informed decision if PCH is the right product for their needs

Benefits of the product

Limitation of the product

Financial and non-financial costs associated

If you have any questions about this product, please contact us.

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