UK specific - PCP technical questions

[max35111]

Hi everyone, I’ve paid a deposit on a Cayenne and I’m waiting on the massage seats before locking in a build slot. Exciting times.

I was interested in a PCP to lock in a worst-case residual value after 3 years, so I asked the dealer for a sample PCP contract. What he sent me is actually called a Hire Purchase agreement with an option to purchase.

I asked my salesman about it and he says that’s the only way Porsche does PCP. Can anyone confirm?

had some follow-up questions for him and his answers were fairly vague, so I thought I’d ask here in case any of you have first-hand experience. Here they are:

1. The contract limits driving in Europe to 60 days. I need more than that — can it be extended to 90?
2. How is fair wear and tear defined? Excessive wear and tear can contractually give the lender the option to refuse to take the car back at the agreed balloon.
3. On early repayment, I’d want to be the one deciding whether it reduces the monthly payment or the number of payments, rather than the lender, which is what the contract currently says.
4. The guaranteed balloon is void if the mileage is exceeded at all, meaning I could lose it over a single excess mile.

 

[Persuader]

HP with option to purchase is what a PCP is.
There is normally a pence per mile charge at end of contract if agreed mileage exceeded.
Sorry can't help with your other questions apart from the standard agreement is the agreement.

 

[Wivenhoe]

Porsche UK finance website does describe one of its products as PCP - https://www.porsche.com/uk/accessor...al-services/solutions-personal-contract-plan/

You'll see on there that as Persuader says, excess miles are charged at the end of the contract - this then preserves the Option To Purchase Amount.
If you exceed the anticipated mileage agreed at the start of your agreement and intend to return the vehicle then excess mileage charges will apply.

The dealer seems to be confused - in the US they have a Hire Purchase Plan !
https://finder.porsche.com/gb/en-GB/finance-hire-purchase

 

[max35111]

Thanks for your reply. I am a bit confused indeed as on the one end dealer and Persuader shared pcp doesn’t really exist at Porsche and they replicate it with hp with optional purchase, while they call out pcp on their website.
I will send the dealer an email back asking for further precisions

 

[Persuader]

Thanks for your reply. I am a bit confused indeed as on the one end dealer and Persuader shared pcp doesn’t really exist at Porsche and they replicate it with hp with optional purchase, while they call out pcp on their website.
I will send the dealer an email back asking for further precisions

Hi, Porsche doesn't replicate PCP.
It's just that PCP = HP with optional purchase. So it doesn't matter who calls it what , as it's the same thing.

 

[max35111]

Hi, Porsche doesn't replicate PCP.
It's just that PCP = HP with optional purchase. So it doesn't matter who calls it what , as it's the same thing.

Thanks sir, I didn’t know that