WHAT IS A PERSONAL CONTRACT PURCHASE [PCP] AGREEMENT?
Ideal if you like to budget, drive the latest model and keep your options open. PCP allows you to keep your monthly payment amount low by deferring a significant portion of credit to
the end of the agreement.
How it Works:
- First, decide upon the taxi for you and agree an initial deposit you’d like to pay.
- Estimate how many miles you’re likely to travel each year and how long you’d like the agreement to run for. This information is used to calculate the guaranteed future value of the vehicle – which is what the taxi is estimated to be worth at the end of the agreement. This amount is the deferred optional final payment at the end of the term.
- The deposit and optional final payment are deducted from the price of the taxi, the remaining balance provides you with low, fixed monthly repayments.
- At the end of the term, you have three options, either: part exchange your taxi for a new one using the equity built up; pay the deferred final payment to own the taxi; or return the taxi to us with nothing more to pay.
WHAT IS A HIRE PURCHASE [HP] AGREEMENT?
Ideal if you like to budget & know the exact repayment amount each month & want to own a taxi outright.
How it Works:
- Decide upon the new or used taxi for you.
- Agree on an initial deposit and how long you’d like the agreement to run for. Our agreements typically run between 2-5 years on new taxi.
- Upon credit approval, you can drive away in your new taxi and after you’ve made all repayments, you have nothing further to pay. What’s more, there are no annual mileage conditions.
WHO REGULATES ASCOTTS GROUP?
The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services. For the provision of finance, Ascotts Group Ltd is authorised and regulated by the Financial Conduct Authority, firm reference number 678928.
You can check this information at https://www.fca.org.uk/
Use the information below to decide if our services are right for you.
Which service will Ascotts provide for you?
We can introduce you to several lenders who may be able to help finance your vehicle. This group of lenders provides us with a range of products which may be suitable for your vehicle purchase or leasing requirements.
We will explain the key features of those products to you and make a recommendation based on the affordability which is suitable for your demands and needs at the time it is made.
We are not Independent Financial Advisers and so are unable to provide you with independent financial advice. There are also other sources of finance which you may wish to investigate.
We may receive a commission payment from finance providers should you decide to enter into a finance agreement with them via us.
What to do if you have a complaint
In writing:
Sales Manager, Ascotts Group Limited, 11 Applegarth Drive, Dartford, DA1 1JD
By phone:
020 8692 1122
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk
REGULATORY STATEMENT
Ascotts Group Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include acting as a credit broker not a lender.
We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.
All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.
ASCOTTS GROUP ARE MEMBERS OF THE NATIONAL FRANCHISED DEALERS ASSOCIATION