FAQ - Personal Contract Purchase

Private customer:
To apply, you must:

• Be at least 18 years of age
• Reside in the UK at point of delivery
• Hold a valid full driving licence
• Have a UK income paid in GBP
• Have a UK bank account
  Whilst this product is currently not available for Partnerships, we are working on a solution.

Volvo Car Financial Services Limited is Volvo Cars’ chosen financial services provider. For more information, please visit www.vcfsuk.co.uk 

As part of the application process, Volvo Car Financial Services UK Ltd will perform a creditworthiness, affordability and identity-verification assessment.
The creditworthiness and affordability assessment are performed on your personal financial position. 
Volvo Car Financial Services UK Ltd use a third-party credit-reference agency, Experian, as part of our creditworthiness and affordability check. This process will involve a hard credit search and leave a footprint on your credit file showing that we have reviewed your credit report.
If you’d like an understanding about your credit file, or if you wish to obtain a copy, then please contact Experian. You can contact them via:
Telephone: 0800 013 8888 Website: www.experian.co.uk

Private customers
You will need to provide the following:

• Your full name, address and date of birth. 
• Number of dependents and living arrangements.
• Your personal sort code and bank account number details. This is where your monthly payments will be deducted from.
  

To give you the best chance of quick acceptance, you should:

• Ensure your address is accurate and up to date.
• Use your full legal name.
• Use a UK bank account which is registered in the same name as the applicant.
• If asked for proof of income, identity or banking details during the application process, provide all required information in the requested format within the requested timeframe.
• In some cases, we may ask you to provide additional documentation to substantiate the information provided. Examples of these requests could include the following:
• A copy of your driver's licence, passport or other documentation to prove your address: e.g. your most recent payslips, an employment contract, HMRC tax return, pension P60 or statement, or registered accountant letter.
  

Note: The documents listed above act as a guide only; it is not an exhaustive list. Volvo Car Financial Services UK Limited reserves the right to decline applications if applicants are unable to satisfy our lending criteria.

Volvo Car Financial Services UK Ltd works with the credit bureau Experian UK. The credit decision is based on our internal assessment, part of which takes into consideration the data provided to us by Experian. It is important to understand that the credit score itself is only one factor among many in the assessment of an application, and that our Customer Relations agents do not have access to the factors by which decisions are made.
To give us the best chance of accepting your order, you should:

• Register to vote. By being visible on the Electoral Register you will increase your chances of a lender confirming your identity electronically.
• Ensure your credit information is up-to-date and accurate.
• Check your credit score regularly and ensure it is as high as possible.
• Before you begin your application, if you have locked your Experian credit file, please make sure it is unlocked and remains so for the duration of your application and until the car has been delivered and the contract activated. If your credit file is locked, we will be unable to complete your finance application and you may need to start the process again.

One of the requirements set by our regulator (the Financial Conduct Authority) is for lenders to act responsibly. As a responsible lender, we have a duty to ensure that our agreement is affordable and fits into an applicant’s financial life comfortably.
The creditworthiness and affordability assessment for a private applicant determines if an applicant’s monthly disposable income can support the selected Personal Contract Purchase (PCP) product.
The monthly disposable income is calculated using a combination of the information provided by the applicant in their application, along with data provided by Experian. We assess all the information you provide within your application, any additional information you provide at our request, and all the information received from Experian to determine whether your monthly disposable income can support the selected monthly fee.

If the delivery of your order surpasses 180 days from your application date, we will complete two credit risk assessments. This is to ensure you remain eligible for our products according to Volvo Car Financial Services UK Limited's credit criteria; ultimately ensuring that we are providing credit responsibly.
The first credit assessment will be conducted at point of application, with the second shortly before handover. Both assessments will include hard credit searches that will leave a footprint on your credit report.
If the vehicle is delivered within 180 days of the original acceptance, there will be no requirement for the second credit risk assessment.
For private customers:  Apart from a deposit change, an additional credit search will be required if you change your order at any time, such as changing the contract length or the vehicle specification.

No, all payments must be made directly to Volvo Car UK Limited.

Your application may be referred for several reasons. For example, Volvo Car Financial Services UK Ltd may not have been able to verify your identity electronically. Referrals require a manual review by their underwriting department. As a responsible lender, Volvo Car Financial Services UK Ltd takes steps to ensure they continuously comply with the FCA’s requirements, and it is of equal importance to understand the customer’s financial position.
Volvo Car Financial Services UK Ltd underwriting team will contact you if they need any additional information or documentation from you to progress your order. For your vehicle to remain reserved, we ask that you provide your documents within the requested timeframe.

While we’d love to help all our applicants drive a Volvo, certain circumstances prevent us from progressing with some applications. Unfortunately, we are unable to provide individual feedback about why an application has been declined. This is because our specific lending criteria, and the information we receive from Experian about an applicant, is classed as being both commercially and personally sensitive data. We understand that this may be disappointing. However, we have a duty to act responsibly and adhere to regulatory guidelines as set out by the FCA.
As our Customer Relations team is unable to comment on the decision, you may wish to contact Experian instead to learn more about the information held by them. You can view their ‘Credit Refused Guide’ here, or contact them directly using the details provided:
Telephone: 0800 013 8888 Website: www.experian.co.uk

This will depend on how your company car allowance is administered. Where it is an increase on the monetary value paid to you directly, and any Personal Contract Purchase (PCP) agreement would be directly with you, we have no restrictions on receiving your application.

You can share your car with whoever you wish, as long as the person is named on an applicable comprehensive insurance policy. For avoidance of doubt, you are responsible for ensuring all drivers of your car comply with the terms. Holders of a provisional valid driving licence may use the car, provided that such driving takes place in a non-commercial setting.

You will select an annual mileage allowance when you order a Personal Contract Purchase (PCP). You will have the option to choose mileage between 6,000 and 30,000 miles/year with a maximum of 100,000 miles in total over the contract term. 
If you exceed your new total mileage at the end of the contract, you will be charged an excess mileage fee of 14.9 pence per mile. Please be aware that you will not receive a reimbursement for mileage you do not use.

You are allowed to enter and/or transit the vehicle to the following countries: Austria, Belgium, Bulgaria, Cyprus (applies only to areas under the control of the Republic of Cyprus), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Iceland, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Norway, Portugal, Poland, Romania, Slovak Republic, Spain, Sweden, Switzerland, United Kingdom. If you wish to travel to a country not listed, please contact our Customer Relation Centre in advance.
If you take your car abroad, please ensure you refer to the terms and conditions of your finance agreement. Whilst taking the vehicle abroad for a short period to go on holiday for example is likely to be acceptable, moving the vehicle abroad without prior written consent from Volvo Car Financial Services UK Ltd is not permitted.

Yes, you are allowed to carry animals in your vehicle. However you are liable for any damage they may cause (for example a rip in the material). On selected cars we offer a pet package that contains accessories that will help you transport your pets safely.

Yes, we offer different packages and a range of individual accessories that you can add to your car. Some you will pay for and keep (outright purchase). Other accessories will remain with the car, and these will be added to your monthly payment. If you wish to buy more accessories, these can be purchased directly from the retailer and will not be included in the lease.

You can add accessories that will remain with the car (packages and optional equipment) while configuring your car. During the next step in the order process (additional) you can add essential accessories that you will pay the full price for and own afterwards.
A summary of the above will be listed before you complete your online order, and will be classified and listed in the order confirmation email.