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FAQs and Glossary

Details and useful facts

We have constructed a wide ranging Help section and alphabetical Glossary to assist online by speedily finding information.

P11d Value

P11d refers to the vehicle price value when new, together with the additional cost of extras. The value is then used for taxation purposes by the Inland Revenue.

Part exchange

Part exchange is the term used when you put your own car down as a payment towards a new car that you want to buy.

Partial Payment (lump sum)

Partial Payment is when a larger payment made (in addition to monthly payments) at any point in the agreement.

Paying off your agreement early

See early termination or settlement.

Payment difficulties

Payment difficulties is when a customer is having problems in making the monthly payments or rentals.

Payment Protection Insurance (PPI)

Payment Protection Insurance is a form of insurance that protects your financial repayments in the event of death, accident, illness, sickness, redundancy or financial insolvency.

Pooled Mileage

Can be used to avoid potentially punitive excess mileage costs. Mileage Pooling is available in many leasing scenarios, where vehicles returned to the lessor with mileage exceeding the contract mileage can be pooled with lower mileage vehicle returns, to offset those with high mileage.

PCP (Solutions)

Solutions is our Personal Contract Plans - and this type of finance agreement is the most flexible. The future value of the car selected by the customer is agreed (based on planned annual mileage), the customer then pays a pre-agreed deposit and fixed monthly payments over an agreed term, and has three options at the end of their agreement.

 

They can:

  1. Trade the vehicle in for a new Volkswagen (subject to acceptance)
  2. Pay outstanding fees and keep the vehicle , or
  3. Return the car (subject to Volkswagen Fair Wear and Tear guidelines)

PPM

Pence Per Mile. This is a type of excess charge on a vehicle that uses more than the specified contractual mileage.