PCP financing

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monkeyhanger
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Post by monkeyhanger »

Folkramfer wrote: Thu Apr 22, 2021 9:27 am Thanks Hartlepooler. Although I don't wish to deprive the dealer, I suppose I'll be settling up as early as is possible. After all the hassle we've had being without a car for 4 months, we deserve every penny.
Me too! I'm not going to deprive myself of the full £1750 to put 2/3 of it back in the dealership's pocket. If you feel that strongly about your salesperson and know them personally, you could drop a nice bite of whisky round their house!

They only get about £55 commission per car sold, plus a out another £50ish each in overpriced GAP.and Lifeshine/Supagard (which is why they push them so vigorously!).

I dare say if the dealership were told you wanted to pay cash, but that sale hinges on bagging that £1750 and withdrawing, most would be reluctantly fine with that to get the sale, but why make them aware when you can avoid that awkward conversation?
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Kelloggs
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Post by Kelloggs »

I took the pcp deal and asked for a settlement figure in writing when I picked up the car. Paid it off in full before the first month payment. Saved me £2k 👍
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Folkramfer
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Post by Folkramfer »

👍
HeidiFlowerpt Driver
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Post by HeidiFlowerpt Driver »

I borrowed £28500 from VWFS on 28th November over 4 years. I have paid £386.13 per month four times so far. So I have paid them £1544.52. I have a settlement quote of £27766.22 which indicates I have paid off £733.78 of the capital, and paid £810.74 interest.
I didn't have the money to buy the car outright last November, but I do now. I consider it a good result, since I got a very generous deposit contribution from VWFS.
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monkeyhanger
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Post by monkeyhanger »

HeidiFlowerpt Driver wrote: Fri Apr 23, 2021 9:12 am I borrowed £28500 from VWFS on 28th November over 4 years. I have paid £386.13 per month four times so far. So I have paid them £1544.52. I have a settlement quote of £27766.22 which indicates I have paid off £733.78 of the capital, and paid £810.74 interest.
I didn't have the money to buy the car outright last November, but I do now. I consider it a good result, since I got a very generous deposit contribution from VWFS.
Makes more sense when only 4 months have been paid so far. Just goes to show though - interest early on is a killer, when you're paying more interest than capital off (part of that will be that you're paying 6 month interest (4 months elapsed + 2 month "notice").

Fair do's that you weren't in a position to settle when you bought the car, but if you were, I'd not cop for unnecessary interest just to ensure the dealership gets their commission from VWFS.
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Folkramfer
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Post by Folkramfer »

So is their a definitive or legal time within which you can pay off pcp without incurring interest or penalty? I've seen one month, 14 days and before first payment quoted.
monkeyhanger
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Post by monkeyhanger »

Folkramfer wrote: Fri Apr 23, 2021 4:40 pm So is their a definitive or legal time within which you can pay off pcp without incurring interest or penalty? I've seen one month, 14 days and before first payment quoted.
It is 14 days to inform VWFS that you want to withdraw from your finance plan. Once they accept your withdrawal (and tell you it's a non-reversible decision) they allow you 30 days to settle up.

Every day you're into your finance (I.e. days since you picked the car up) before you call within your 14 days, you'll accrue a day's interest to pay on your settlement (around £3 a day). As soon as you call to withdraw, no more interest will be added.
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Folkramfer
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Post by Folkramfer »

monkeyhanger wrote: Fri Apr 23, 2021 6:16 pm
Folkramfer wrote: Fri Apr 23, 2021 4:40 pm So is their a definitive or legal time within which you can pay off pcp without incurring interest or penalty? I've seen one month, 14 days and before first payment quoted.
It is 14 days to inform VWFS that you want to withdraw from your finance plan. Once they accept your withdrawal (and tell you it's a non-reversible decision) they allow you 30 days to settle up.

Every day you're into your finance (I.e. days since you picked the car up) before you call within your 14 days, you'll accrue a day's interest to pay on your settlement (around £3 a day). As soon as you call to withdraw, no more interest will be added.
thanks
Folkramfer
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Post by Folkramfer »

Thanks for all the replies. One more question
What's the best way to tell them that you're withdrawing from the finance agreement?
Their website says phone or write.
I'm looking for the quickest way that is most certain. I'm sure I've seen someone mention triggering this on their website but cant remember where or what.
monkeyhanger
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Post by monkeyhanger »

Folkramfer wrote: Sun May 02, 2021 11:53 am Thanks for all the replies. One more question
What's the best way to tell them that you're withdrawing from the finance agreement?
Their website says phone or write.
I'm looking for the quickest way that is most certain. I'm sure I've seen someone mention triggering this on their website but cant remember where or what.
Collect the car from the dealership with your finance in place, call VWFS within a day or 2 of collecting your car and say you want to withdraw from your finance agreement. They will provide a settlement figure.
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Narked@50
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Post by Narked@50 »

What happens at the end of a PCP contract, If i decide to purchase a new car which wont be available for some weeks? Would the VW dealer take my existing Car and leave me without a car until the new one is available?
Folkramfer
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Post by Folkramfer »

monkeyhanger wrote: Sun May 02, 2021 12:56 pm
Folkramfer wrote: Sun May 02, 2021 11:53 am Thanks for all the replies. One more question
What's the best way to tell them that you're withdrawing from the finance agreement?
Their website says phone or write.
I'm looking for the quickest way that is most certain. I'm sure I've seen someone mention triggering this on their website but cant remember where or what.
Collect the car from the dealership with your finance in place, call VWFS within a day or 2 of collecting your car and say you want to withdraw from your finance agreement. They will provide a settlement figure.
I'll not be cancelling until into the second week and just want to make sure I get it done within the deadline. I've read of people being unable to get through on the phone.
monkeyhanger
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Post by monkeyhanger »

Folkramfer wrote: Sun May 02, 2021 4:04 pm
monkeyhanger wrote: Sun May 02, 2021 12:56 pm
Folkramfer wrote: Sun May 02, 2021 11:53 am Thanks for all the replies. One more question
What's the best way to tell them that you're withdrawing from the finance agreement?
Their website says phone or write.
I'm looking for the quickest way that is most certain. I'm sure I've seen someone mention triggering this on their website but cant remember where or what.
Collect the car from the dealership with your finance in place, call VWFS within a day or 2 of collecting your car and say you want to withdraw from your finance agreement. They will provide a settlement figure.
I'll not be cancelling until into the second week and just want to make sure I get it done within the deadline. I've read of people being unable to get through on the phone.
Why do you need to wait until second week? As soon as you make that withdrawal call, the daily interest stops and you have a month to pay up. Leave it to the second week and you'll be paying daily interest (which still won't be a lot).

Last time I did it, it took occasional tries over 2 days until I finally got through, so yes, you can sometimes wait a while to get through. I wouldn't want to leave it until day 13 and be sweating that you can't get through on day 14.
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Folkramfer
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Post by Folkramfer »

Thanks. But can't do it through website?
monkeyhanger
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Post by monkeyhanger »

I don't believe so. By post or over the phone.
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Folkramfer
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Post by Folkramfer »

👍
digital
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Post by digital »

Folkramfer wrote: Sun May 02, 2021 8:40 pm Thanks. But can't do it through website?
We did it through the website last December.
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Folkramfer
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Post by Folkramfer »

digital wrote: Mon May 03, 2021 9:28 am
Folkramfer wrote: Sun May 02, 2021 8:40 pm Thanks. But can't do it through website?
We did it through the website last December.
That would be VWFS website. Haven't found where to do this yet. Been in my account etc.
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