Personal Contract Purchase (PCP) – End of your agreement
At the end of your PCP agreement, you have different options depending on whether you want to keep the vehicle or return it.
Before your final payment is due, you first need to decide whether you want to keep the vehicle or not. Then you’ll need to choose what option suits you best – you can read about these below.
If you’ve got any other questions, please visit our PCP FAQs.
Your Options
Tap or click a topic below to learn more:
- A. Make the Final Payment
- B. Refinance the Final Payment
- C. Sell or Trade in the Vehicle
- D. Return the Vehicle to us
A. Make the Final Payment
This includes the Optional Final payment and Option to Purchase Fee
| How to pay | What you need to know | What you must do |
|---|---|---|
| By Direct Debit | The payment will be requested from your account on the due date. Once you’ve made this final payment, you’ll own the vehicle. We’ll send you two reminder letters before the payment is due confirming the amount of your final payment and the date it’ll be collected. | We’ll take the payment from the same account you use for your monthly payments. You just need to make sure you have enough money in your account on the due date. |
| Pay another way | If you want to pay from a different account or if you’ve already cancelled your Direct Debit, you’ll need to pay another way. | See other ways to pay |
B. Refinance the Final Payment
| What you need to know | What you must do |
|---|---|
| You can clear your agreement by taking out a new loan for the final amount you need to pay. This can be with Northridge or another lender. | You’ll need to make a new finance application. This will be subject to credit approval. If you want to do this with Northridge, call us on 0800 917 0922 and we’ll be happy to help. |
C. Sell or Trade in the Vehicle
| What you need to know | What you must do |
|---|---|
| The vehicle may be worth more than the balance you owe. If so, selling it yourself means you keep any money left over after paying what you owe us. If you trade in the vehicle, any money left over may be used as a deposit on your new vehicle. | You must get our permission before selling or trading in the vehicle. Call us on 0800 917 0923 (option 5) to request this. |
D. Return the Vehicle to us
| What you need to know | What you must do |
|---|---|
| There may be other charges you’ll need to pay such as: 1. The cost to fix any damage to the vehicle. 2. Mileage charges if you’ve done more miles than agreed at the start of your agreement. 3. Replacement charge if the V5 or spare key is missing. If you choose this option and we sell the vehicle for more than the balance you owe, we’ll keep the extra amount. We recommend getting an independent valuation if considering this option. If your vehicle is worth more than what’s due to be paid, Option C may be a better option. | If you decide to return the vehicle, you need to tell us at least 10 days before the final payment is due. We’ll then stop the payment being requested from your bank. |