PCP settlement figure unfair/ possibly illegal?

[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)

[Mandat]

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. 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)

I don't know why Skoda can't or won't provide a settlement figure yet, but you will know how much the car cost (since you only bought it 8 days ago) therefore you can make a lump sum payment of the approximate purchase price, leaving a small balance to pay once the settlement figure is eventually issued.

[ashenfie]

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. 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)

You are in the 14 day cooling off period, so you could just ask for you money and return the car. Once the 14 day period is over you can settle the agreement. This is fairly common.

[Stupot123]

I don't think its a settlement figure you are needing, is it?

If you want to cancel the finance, you have 14 days to notify them, they will charge you a daily rate up to the 14 days, then you have 30 days to pay it.

You would only want a settlement figure after the 14 days had expired, at which point they are within their rights to charge you 2 months interest.

You shouldn't loose any perks.

[nick1871]

You want to ‘withdraw’ from the finance agreement, not ‘settle’.

[lornemalvo]

Does anyone know, with recent experience, that perks are retained if I withdraw within 14 days? Things have a habit of changing.

[RotorRambler]

lornemalvo said:

Does anyone know, with recent experience, that perks are retained if I withdraw within 14 days? Things have a habit of changing.

This time last year I did exactly that
Skoda (vwfs)
I withdrew from the finance, kept the £1k discount & 2 free services.
I did it after 3 or 4 days, cost say £25
I had 30 days to settle up.

Withdrawing was laid out in the t&c’s

[RotorRambler]

vwfs were great, maybe worth calling them to confirm too?

[this is my username]

I have just done it with VWFS. Logged on to the portal, applied for a settlement figure, got pointed to a webpage saying that what I needed to do was withdraw, phoned the number and got it all sorted in no time at all.

Top tip - if you pay by bank transfer then you have to phone them up a day or two later to get them to apply the transfer to your account - for some reason it doesn't happen automatically.

The confirmation email included a statement that the service deal I got with the car remains in place.

[g40steve]

nick1871 said:

You want to withdraw from the finance agreement, not settle .

This is what you need to say, not asking for settlement figure, you want to end the agreement.