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Glossary of Terms used about Vehicle Leasing

Profile - The number of payments required in advance, and the number of payments that will follow. (e.g. 3+35 - 3 payments in advance followed by 35 monthly payments).

Miles Per Annum/Annual Mileage - The total number of miles that can be covered each year within the terms of the contract without paying any excess mileage charges. These may be aggregated over the duration of the contract.

Rental - The monthly rental payment. These are normally shown Exclusive of VAT for Business Contract Hire and Inclusive of VAT for Personal Contract Hire. Be sure to check the terms carefully.

PCP - Personal Contract Purchase - cost effective alternative to traditional Hire Purchase with the option to purchase.

PCH - Personal Contract Hire - simply run the vehicle and hand it back at the end of the contract.