Personal Contract Purchase. I don't normally answer questions on finance, but I can at least tell you what this is. You put down a deposit on a car. The dealer establishes a 'guaranteed future value' (GFV) for the car. You then pay off the difference between the deposit and GFV + interest + interest on the loan of the GFV over 24, 36 or 48 months. At the end of the term you have the option of paying off the GFV (bit like an endowment mortgage) and keeping the car, of returning the car and walking away, or of using any equity between the GFV and the true value of the car to fund the deposit for another PCP.