Next day withdrawal on VW Solutions (PCP)

[dickymint]

Will be ordering a VW T Roc R Line in the next couple of weeks. It'll be a factory order due to spec we want (mainly Park Assist.....dn't ask).

Wifey is not keen on PCP but it seems that cash is no longer King! We have the finances in place 50/50 bank loan and cash.

Is it still the case that we can take out the Solutions PCP offer via the dealer, withdraw within 14 days of signing and keeping the manufacturers discount and any other 'perks' ?

Sounds like a no brainer but any tips advice appreciated.

My gut feeling and to keep Wifey happy is to hammer out the best deal possible on PCP then be up front with the dealer (pen in hand) about withdrawing and paying in full or "can you get closer on a cash deal please".

[Krikkit]

Yes, I believe it's 14 days.

[Miserablegit]

The dealer will get a chunk of commission on pcp that they won’t do on a cash deal - on that basis I doubt they’d match it for a cash deal.

[Griff74]

Do not tell them you intend to pay off after 14 days, they might not get all their commision if you do and won't be the most helpful if they know.

[dickymint]

Griff74 said:

Do not tell them you intend to pay off after 14 days, they might not get all their commision if you do and won't be the most helpful if they know.

Did you mean to say before 14 days?

[jonwm]

Friends purchased from a car supermarket type affair last week, car was £17k they wanted to lay £16.5 and take away that day, they were paying cash / bank load and the place would not move a penny, they would however if they did PCP...

[HTP99]

Yep, sign up, sign the finance docs and withdraw within 14 days, no need to tell the dealer and if you do tell the dealer or they suggest to you that you sign up and then they say "pay off after 3 payments" just ignore them and withdraw within 14 days of the docs being signed.

[Far Cough]

If you exercise your right to withdraw from the contract then the dealer may exercise their right to rescind the discounts offered for said contract and ask for the extra to be paid. There was a thread where this happened but no idea how it turned out.

I have done this in the past and settled AFTER the 1st months instalment thus ensuring the salesperson is happy and gets the commission. Never know when you may need their help again if something goes wrong. The contract is then deemed fulfilled rather than potentially creating bad feeling. IMHO of course

[jjr1]

Sign up for pcp and pay within 14 days. Interest is negligible unlike if you pay after this period.

[anonymous-user]

jjr1 said:

Sign up for pcp and pay within 14 days. Interest is negligible unlike if you pay after this period.

Interest will be nil.

[anonymous-user]

Far Cough said:

If you exercise your right to withdraw from the contract then the dealer may exercise their right to rescind the discounts offered for said contract and ask for the extra to be paid. There was a thread where this happened but no idea how it turned out.

I have done this in the past and settled AFTER the 1st months instalment thus ensuring the salesperson is happy and gets the commission. Never know when you may need their help again if something goes wrong. The contract is then deemed fulfilled rather than potentially creating bad feeling. IMHO of course

What “right to rescind discounts” is this?

[HTP99]

Roman Rhodes said:

jjr1 said:

Sign up for pcp and pay within 14 days. Interest is negligible unlike if you pay after this period.

Interest will be nil.

Nope, you will need to pay a daily rate until it is paid off.

[lodeyM6]

Or rather than using a bank loan or PCP, look at what rate they can do a Hire Purchase on, usually the manufacture incentives are available on PCP and HP, that way you can still get the perks and not have to worry about a bank loan, Plus if its through VW FS then it becomes a tri partite agreement. Even better for yourself if the ar goes wrong.

[anonymous-user]

HTP99 said:

Roman Rhodes said:

jjr1 said:

Sign up for pcp and pay within 14 days. Interest is negligible unlike if you pay after this period.

Interest will be nil.

Nope, you will need to pay a daily rate until it is paid off.

Nope. Get home, ring VW finance and pay off. Nil interest.

[33q]

Paid my Karoq off in 4 days...cost about £15

[ZX10R NIN]

I see this a lot when sourcing I try to encourage my clients to leave it the three months especially if the sale person has given a good deal, with the small amount of interest you'll end up paying why take the sales persons bonus away?

They've earned it especially when your talking about incentives that are worth a couple of K to you, for the sake of a few hundred pounds you want to screw over the sales person who's helped you out?

Then they'll be people on here complaining the sales people weren't interested in getting a sale or helping them out with a warranty issue.

[stinkyspanner]

I bought a new Merc last year, the price was better for PCP so I asked the sales lady what the repercussions would be for her if I paid it off strsight away. She said it made no odds to her and it was no problem

[Sheepshanks]

Roman Rhodes said:

What “right to rescind discounts” is this?

It's a bit of grey area because Withdrawing is like the deal never happened so some manufacturers - I've seen Peugeot mentioned - reserve the right to ask you to repay the deposit contribution but in practice never do. The situation is also unclear if you get anything free, particularly servicing - I believe Toyata send a voucher just before the service is due but only if the PCP is still running.

The case that was on here was a used car and it was the dealers own discount that they wanted back. IIRC they dropped it in the end.

I've Withdrawn from VWFS with no issues - I left it a few days to make sure the car was OK (you're in a better position if the car is on finance) then rang and said I wanted to Withdraw. I made sure they said the amount was full and final. They freeze it at the point you call so the interest I had to pay was about £25. You then have 28 days to pay. We paid £150 for a two services deal as part of the PCP so because we'd paid for that I had no concerns it would continue.

There must be some reason why taking the deposit contribution back is a no no - VW is as hard-faced as they come and if they could demand it back then they would.

If you wait beyond 14 days and Settle then the cost is hundreds of pounds because the way it works is you make two months payments.

Watch the timing - strictly speaking it's 14 days from signing the docs and the dealer will usually ask you to do that a few days before collection.

[HTP99]

Roman Rhodes said:

HTP99 said:

Roman Rhodes said:

jjr1 said:

Sign up for pcp and pay within 14 days. Interest is negligible unlike if you pay after this period.

Interest will be nil.

Nope, you will need to pay a daily rate until it is paid off.

Nope. Get home, ring VW finance and pay off. Nil interest.

Actually you do, unless of course its 0%, have a look a few posts up, 2 people have mentioned having to pay a few days interest.

[dickymint]

ZX10R NIN said:

I see this a lot when sourcing I try to encourage my clients to leave it the three months especially if the sale person has given a good deal, with the small amount of interest you'll end up paying why take the sales persons bonus away?

They've earned it especially when your talking about incentives that are worth a couple of K to you, for the sake of a few hundred pounds you want to screw over the sales person who's helped you out?

Then they'll be people on here complaining the sales people weren't interested in getting a sale or helping them out with a warranty issue.

Cheers all

ZX10R's post seems to sum it up. I don't want to ps off the dealership for obvious reasons (the sales guy in particular as he came across as a really 'honest' and switched on lad). If we can agree on a best possible cash deal or wait a couple of months for them to get their kickback then happy days all round - if not then I'll press the button within forty days.

So i guess my next question is what are the consequences of waiting a couple of months before withdrawing?