PCP Early repayment
Discussion
Technically think you need to do it after the withdrawal period, so you need to 'settle' rather than withdraw from the finance. This means you will pay a certain amount of interest but much smaller than it would be if the agreement ran for the term and obviously much smaller than the PCP incentive.
It seems a bit of a gamble, but it's very routine with VWFS to Withdraw - I did it, although 3.5yrs ago now.
I did get VWFS to confirm that the amount would be full and final, nothing more to pay etc etc. They gave 28 days to actually make the payment. There was a few days interest to pay, about £30. If you wait and settle, the interest will be a couple of hundred pounds.
I did get VWFS to confirm that the amount would be full and final, nothing more to pay etc etc. They gave 28 days to actually make the payment. There was a few days interest to pay, about £30. If you wait and settle, the interest will be a couple of hundred pounds.
Sheepshanks said:
It seems a bit of a gamble, but it's very routine with VWFS to Withdraw - I did it, although 3.5yrs ago now.
I did get VWFS to confirm that the amount would be full and final, nothing more to pay etc etc. They gave 28 days to actually make the payment. There was a few days interest to pay, about £30. If you wait and settle, the interest will be a couple of hundred pounds.
Excellent. I did get VWFS to confirm that the amount would be full and final, nothing more to pay etc etc. They gave 28 days to actually make the payment. There was a few days interest to pay, about £30. If you wait and settle, the interest will be a couple of hundred pounds.
No quibble about the deposit contribution?
Exactly what Sheepshanks said.
Just for your peace of mind, this advice is still absolutely current. I've just done it last week (I've got an Audi, but it's all the same, VWFS)
Got a huge discount and a free service plan by taking PCP. You need to "withdraw" within 14 days, otherwise you'd be "settling" and will incur more interest charges.
I signed up on 1st March, rang VWFS on the 5th March advising that I wanted to "withdraw". They gave me a final figure (around £30 in interest charges) and then I was given 28 days to pay the amount in full. I paid it the next day. Job done.
Easy as anything. No quibbles about anything. Kept the contribution, kept the service plan. Saved thousands.
Absolute no brainer.
Just for your peace of mind, this advice is still absolutely current. I've just done it last week (I've got an Audi, but it's all the same, VWFS)
Got a huge discount and a free service plan by taking PCP. You need to "withdraw" within 14 days, otherwise you'd be "settling" and will incur more interest charges.
I signed up on 1st March, rang VWFS on the 5th March advising that I wanted to "withdraw". They gave me a final figure (around £30 in interest charges) and then I was given 28 days to pay the amount in full. I paid it the next day. Job done.
Easy as anything. No quibbles about anything. Kept the contribution, kept the service plan. Saved thousands.
Absolute no brainer.
loftylad said:
Exactly what Sheepshanks said.
Just for your peace of mind, this advice is still absolutely current. I've just done it last week (I've got an Audi, but it's all the same, VWFS)
Got a huge discount and a free service plan by taking PCP. You need to "withdraw" within 14 days, otherwise you'd be "settling" and will incur more interest charges.
I signed up on 1st March, rang VWFS on the 5th March advising that I wanted to "withdraw". They gave me a final figure (around £30 in interest charges) and then I was given 28 days to pay the amount in full. I paid it the next day. Job done.
Easy as anything. No quibbles about anything. Kept the contribution, kept the service plan. Saved thousands.
Absolute no brainer.
Thats brilliant Just for your peace of mind, this advice is still absolutely current. I've just done it last week (I've got an Audi, but it's all the same, VWFS)
Got a huge discount and a free service plan by taking PCP. You need to "withdraw" within 14 days, otherwise you'd be "settling" and will incur more interest charges.
I signed up on 1st March, rang VWFS on the 5th March advising that I wanted to "withdraw". They gave me a final figure (around £30 in interest charges) and then I was given 28 days to pay the amount in full. I paid it the next day. Job done.
Easy as anything. No quibbles about anything. Kept the contribution, kept the service plan. Saved thousands.
Absolute no brainer.
I'm buying a citigo for my daughter so the skoda contributions are fairly significant compared to the price of the car.
Read/Verify the contract with the dealership before signing.
There was a post on SPL a few weeks back re. exactly this whereby the dealership tried to come after the OP. A search will find it.
Apparently there is kick backs from the finance company, monthly? annually? which the dealership lose out on.
There was a post on SPL a few weeks back re. exactly this whereby the dealership tried to come after the OP. A search will find it.
Apparently there is kick backs from the finance company, monthly? annually? which the dealership lose out on.
I suppose it's critical where the deposit contribution comes from - if the dealership is chucking it in then they're not going to be very happy.
With VWFS it seems to come from them, although I do recall the dealer covers part of it.
I find it a bit odd that they don't try and recover the contribution - I'm sure VW would if they could, so there must be some legal basis that is forcing them to suck it up.
With VWFS it seems to come from them, although I do recall the dealer covers part of it.
I find it a bit odd that they don't try and recover the contribution - I'm sure VW would if they could, so there must be some legal basis that is forcing them to suck it up.
I was 100% upfront with my intention of paying off the PCP within the 14 day withdrawal period.
I certainly wouldn't have been comfortable trying to do this "behind the dealers back", but that's just how I am.
I also wanted to be 100% sure that there was no issue with this type of thing and that nothing would be lost (incentives, service plans) beacuse I didn't want to rely on "Dave from the internet said....."
The dealer couldn't care less - in fact I'd go as far to say he actually encouraged it!
I got a fantastic deal, they got a sale. Win-Win. The other suckers who actually take on these finance deals can pay my share. haha.
(As an aside, the Dealer did say that a lot of people talk about paying the PCP off, and then only about 10% of people actually do!)
I certainly wouldn't have been comfortable trying to do this "behind the dealers back", but that's just how I am.
I also wanted to be 100% sure that there was no issue with this type of thing and that nothing would be lost (incentives, service plans) beacuse I didn't want to rely on "Dave from the internet said....."
The dealer couldn't care less - in fact I'd go as far to say he actually encouraged it!
I got a fantastic deal, they got a sale. Win-Win. The other suckers who actually take on these finance deals can pay my share. haha.
(As an aside, the Dealer did say that a lot of people talk about paying the PCP off, and then only about 10% of people actually do!)
Just to close up.
Picked the car up on Saturday. Rang vwfs on Monday to get a settlement figure for withdrawal and paid off. Just had confirmation that its all gone through. Paid about £3 to save £1500.
I was upfront with the dealer that we would be taking pcp just for the skoda contribution, he then offered an extra £1250 discount for a cash sale which makes me think that skoda/vw are willing to subsidise all sales not just those on pcp.
Picked the car up on Saturday. Rang vwfs on Monday to get a settlement figure for withdrawal and paid off. Just had confirmation that its all gone through. Paid about £3 to save £1500.
I was upfront with the dealer that we would be taking pcp just for the skoda contribution, he then offered an extra £1250 discount for a cash sale which makes me think that skoda/vw are willing to subsidise all sales not just those on pcp.
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