PCP settlement unfair?

[lornemalvo]

So I'm 8 days into a PCP agreement and want a settlement figure. Skoda will not give me a figure until the 14 days cancellation period is up. I'm informed that on the 25th I'll get a settlement figure, which will have 58 days interest added. Not the end of the world but I've read the terms and conditions and there is no mention of this. I expect to pay a daily interest rate and that's it. I'm not arguing the point until the 25th, as there's no point. Anyone have any better information on this or thoughts? (I don't want to cancel as I may lose the perks)

[Jamescrs]

You can cancel the finance and you won't lose the perks, this is a common thing to do, the car sales man will warn you will lose the perks because they lose their comission but in reality I don't think it ever happens. Of course you will have to pay the finance company.

[Simpo Two]

lornemalvo said:

So I'm 8 days into a PCP agreement and want a settlement figure. Skoda will not give me a figure until the 14 days cancellation period is up. I'm informed that on the 25th I'll get a settlement figure, which will have 58 days interest added.

58 days interest in 14 days?

[goingonholiday]

You need to ring the finance company and tell them you would like to cancel / withdraw from the finance agreement , as is your right within 14 days. They will freeze the agreement and tell you what you owe. You will owe the amount of credit plus interest charged daily from start date to todays date. They will then give you X days to make the payment.

I suspect you got a poorly trained advisor that simply said what their computer screen said rather than realising you wanted to cancel or withdraw from the agreement.

[Edible Roadkill]

Is it VWFS? I just rang them and settled it up over the phone.

[lornemalvo]

If I use the 14 day cancellation period, I'm concerned I'll lose the perks that came with the PCP (a service plan)

[goingonholiday]

I've done this with skoda and vw, its fine. You should have already had the details of the serviceplan. It would be incredibly difficult for them to remove any benefits and not fall foul of the regs around financial agreements.

[JimmyConwayNW]

lornemalvo said:

If I use the 14 day cancellation period, I'm concerned I'll lose the perks that came with the PCP (a service plan)

You won't.
Just make sure you have the service plan details.
A lot of people withdraw the PCP agreement having took advantage of the discount.