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Personal Contract Hire

personal contract hire
personal contract hire
personal contract hire
personal contract hire
personal contract hire
personal contract hire

Thank you for considering Personal Contract Hire (PCH). Please read this document carefully as it provides a summary of the key points of a PCH agreement. It does not show all the benefits or exclusions. Please speak to Alpha Contracts if you have any queries about whether this product is suitable for you.

Personal Contract Hire - Suitability explanation

PCH is a fixed term and mileage-based agreement and it is important that your agreement reflects your predicted annual mileage.

PCH is a contract hire agreement suitable for renting selected vehicles. The vehicle will not belong to you at any point in the agreement and so you cannot sell the vehicle.With PCH you will pay an agreed number of fixed monthly rentals plus VAT at the prevailing rate for the specific period of hire you have chosen. At the end of the agreement the vehicle must be returned to your Finance House.

Benefits of PCH

· Fixed monthly rental payments
· Choice of period of hire from 2 - 5 years and a total mileage up to 150.000 miles (maximum 50,000) per annum
· For peace of mind motoring optional maintenance plans are available for an additional fixed monthly fee
· Road Fund Licence is included for the duration of the agreement, though charges may apply reflecting future increases
· The vehicle is simply returned at the end of agreement. removing concerns about disposal values and depreciation

PCH may not be suitable for you in certain circumstances. For example:

· If you wish to own or buy the vehicle
· If you might need to change your vehicle early (early settlement will incur charges)
· If you would like to shorten your period of hire by pre-paying
· If you do not know what your predicted mileage will be· Business type restrictions. e.g. we do not permit vehicles to be used as Taxis or Driving Schools
· If you plan to export the vehicle or use abroad for extended periods

Taking care of the vehicle

· You must ensure the vehicle is comprehensively insured at all times
· You must have the vehicle serviced and maintained in accordance with the manufacturers requirements
· At the end of the agreement we will assess the vehicle condition based on the standards set down in the BVRLA fair wear and tear guide refurbishment charges may apply
· If you exceed the total mileage charges will apply, please refer to your quotation

Cost of credit

Details of the cost of your credit agreement including the number and amount of the rentals you must pay are shown on the hire agreement you sign. As you are renting this vehicle, rather than buying it, regulations do not require declaration of any interest involved in the rental calculation and no Annual Percentage Rate (APR) is required.

Your agreement terms

If your anticipated mileage changes significantly during the agreement you will have the option to either increase or reduce it. Any such change will be at the sole discretion of the Finance House and we reserve the right to charge an administration fee for this service. Please note your monthly payment will be affected by any such change. Please contact Alpha Contracts Customer Services on the number above to obtain a quotation should you wish to do this.


Dependent on where you sign your Agreement you may have cancellation rights, if these apply to you they will be clearly detailed on your Pre-Contract Agreement.

Intermediary Introduction

Alpha Contracts Leasing Ltd T/A Alpha contracts is registered and authorised by the Financial Conduct Authority. Firm Reference Number 462797. Our Consumer Credit License can be viewed on the OFT’s public register www.oft.gov.uk. We do not offer a whole market option for credit, we offer products from a select panel of lenders including Leaseplan Ltd t/a Network, Lex Auto Lease Ltd, Arval Ltd and, Alphabet GB Ltd. Alpha Contracts Leasing Ltd does not charge any fees for any transaction. Commission or other payment may be paid to us by the lender for introducing you. You can ask Alpha Contracts Leasing Ltd about this. You should carefully consider the suitability of any offer of finance before entering into any financial agreement.

Early Settlement

There is no automatic right within the agreement for you to settle your agreement early, however we will not normally refuse on payment of appropriate compensation. Please contact Alpha Contracts on the number above to obtain a quotation should you wish to do this.

Failure to make rentals

You need to be sure that you can afford the rentals for the duration of the agreement. If you don't make your rentals on time or if the lender has to administer unpaid charges such as penalty notices you may incur additional costs. You will also be liable for any costs incurred by us for recovering any arrears, repossessing the vehicle or for the cost of legal action.We are required to report to a credit reference agency. Missing rentals, or making late rentals, can therefore affect your credit rating, which may make it harder for you to obtain finance in the future.

Fuel Choice

Different fuel types suit different driving requirements. Before placing your order and entering into an agreement with us, please ensure you have considered the most appropriate fuel type, based on how you plan to use the vehicle; diesels or electric vehicles/ plug-in hybrids may not always be the most appropriate fuel type. If you discover, once the vehicle has been delivered, you have chosen the wrong fuel type, you will have no recourse other than to terminate the contract and pay a proportion of any remaining rentals as an early termination charge. Diesel vehicles are fitted with DPFs (Diesel Particulate Filters); your driving patterns could cause deposits to build up resulting in damage to this component. Please check that a diesel vehicle is suited to your requirements as you would be responsible for the costly replacement of this component if it is damaged.

Further information

If you would like any further information regarding your finance product or any aspects of your finance agreement you can contact Alpha Contracts on 01604 756620.

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