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Hello and welcome to this Moneybox podcast Extra. I'm Ben Carter, one of the producers on the programme. And last Saturday, we looked at the new Financial Conduct Authority guidance

for people with car finance who are struggling to pay it due to

coronavirus. 80% of all private new car buyers take out finance at the dealership. That's around

£48 billion a year and there's currently 110 billion outstanding. We get lots of questions

from listeners about car finance so we thought we'd do

this special podcast to try and answer more queries than we could typically get through in a normal

program. And we also want to look at that FCA guidance in a bit more detail. Stuart Masson,

editor of thecarexpert.comco.uk, is going to be our guide. Welcome, Stuart. Hello, Ben.

And Stuart, this's this amazing stat

that you mentioned to me off air that 90% of people who take out car finance don't understand

how it works, which is pretty amazing. So what we want to do to start with is go back to basics.

Under normal circumstances, pre-coronavirus, which is already quite hard to remember,

if I went into a dealership, the person selling me a car would very likely offer me a car

finance option called PCP. What is PCP? PCP stands for personal contract purchase. It is one of

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