With a Personal Contract Hire agreement you take control of a car for a contractual period (available either with or without maintenance), usually referred to as the ‘lease period’. Though the car is in your possession, it is not actually yours to own. Instead, you make fixed monthly payments to a leasing company for the duration of the contract. When the contract expires you simply return the car to the leasing company or take out a new lease. As a result you never have to worry about resale values of the car. You never own it, so you can simply return the keys and walk away.