Personal Contract Purchase is a method of purchasing a car over a period of 12 to 60 months.
Instead of paying for a car in one payment you pay fixed monthly payments based on the value of the car, your annual mileage and contract length. At the end of the agreement you can pay an Optional Final Payment to take ownership of the vehicle. You essentially pay the difference between the cost of the car and what it will be worth at the end of the agreement.
At the end of the agreement you can pay an Optional Final Payment (OFP) to take ownership of the vehicle. If you choose not to pay the OFP then you just hand back the car and either enter into a new agreement or walk away.