You will only be eligible if you were sold a PCP finance product, so please check your paperwork first. With PCP deals customers pay a deposit on the car they want and make monthly repayments until the end of a fixed term. When the term ends, customers can either make a lump sum payment – known as a balloon payment – in order to purchase the vehicle outright, or they can use any equity they have in the deal – if the car has maintained more of its value than expected – to put down as a deposit on a new vehicle through a new PCP arrangement.