Explanation of Lease Purchase
Lease purchase is Hire Purchase (HP) with a Balloon payment at the end of the agreement. Its a great new way to finance the car you want, with the payment flexibility you desire.
A 'balloon payment' is agreed, but is not paid until the end of the contract. The amount of the 'balloon payment' and the amount you wish to put down as a deposit are then set against the invoice value. Your monthly payments are then based on the remaining balance.
The benefits of Lease Purchase
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New Peugeot 307 S, 5Dr 1.4 16 valve
Cash Price £11,995
10% Deposit £1,199.50
Based on 15,000 miles per annum
1st payment of £425.81
47 payments of £225.81
Final payment of £2,860.00 APR 11.4%