Once you have paid all of the regular monthly payments on a Personal Contract Purchase agreement you have the option to:
(1) Return the vehicle and not pay the Optional Final Payment. If the vehicle has exceeded the maximum agreed mileage a charge of 4p plus VAT will apply per excess mile. If the vehicle is in good condition (fair wear and tear accepted) and has not exceeded the maximum agreed mileage you will have nothing further to pay;
(2) Pay the Optional Final Payment to own the vehicle or
(3) Part exchange the vehicle subject to settlement of your existing credit agreement; new credit agreements are subject to status.