Personal Contract Hire and Personal Contract Purchase are two popular long-term leasing options, allowing customers to lease the latest vehicles for a fixed monthly fee, typically 2-5 years. The way in which these two options differ is what occurs at the end of the contract. With PCH, you simply return the vehicle at the end of the leasing contract, with no option to purchase it. With PCP, you can return the vehicle to Meridian, or you have the option to buy the vehicle outright. If you wish to purchase the vehicle, you’ll need to pay a one-off lump sum known as the optional final payment.