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Synonyms
PCP, Personal Contract Purchase
Definition
When you buy a new or used car on personal contract purchase, sometimes also referred to a personal contact plan, the car is leased from a finance company over a fixed term and you then have the option to return or purchase the car at the end of this contract. So you pay a monthly amount for the duration of the PCP contract term and then a final purchase amount should you want to buy the car at the end of the contract