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Personal contract purchase (PCP), often referred to as a personal contract plan, is a form of hire purchase vehicle finance for individual purchasers, similar to both personal contract hire and a traditional hire purchase (buying on installments).
Borrowers hand the logbook lender the V5C vehicle registration document – or "logbook" – whilst if taken to the court for civil breach of the Act (which is usually prohibitively expensive and complex), the lender would swear the transfer were purely symbolic and has no legal effect as it warns on its face, in reality they may seize the ...
A purchase and sale agreement (PSA), also called a sales and purchase agreement (SPA) [1] or an agreement for purchase and sale (APS), [2] is an agreement between a buyer and a seller of real estate property, company stock, or other assets.
Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay.
Closed-end leases are so called because they run for a fixed term, and the lessor and lessee agree in the lease contract what the residual value of the property being leased will be. In most cases (particularly in retail motor vehicle leases), the lessee has an option to purchase the property for the agreed residual value at the end of the ...
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
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