Can I Pay PCP Off the Next Day?
Discussion
DonkeyApple said:
All debt sales should be removed so that they can have no influence. Buyers will have to have pre-arranged their financial requirements with independent financial agents who are not tied to providers.
Only by removing the whole act of financing can you have a level playing field where those in need of debt are not exploited and those not in need are pushed into it. But while the car salesman I'd directly incentivised and rewarded for selling debt and is not offering appropriate product advice or selection then it will remain an absolute rip off.
I can't think of another area of retail financial services where this sort of behaviour and activity is still permitted. It really is quite shocking.
This would be brilliant - for those of us who like to pay cash. The private new car market would be absolutely decimated!Only by removing the whole act of financing can you have a level playing field where those in need of debt are not exploited and those not in need are pushed into it. But while the car salesman I'd directly incentivised and rewarded for selling debt and is not offering appropriate product advice or selection then it will remain an absolute rip off.
I can't think of another area of retail financial services where this sort of behaviour and activity is still permitted. It really is quite shocking.
Sheepshanks said:
This would be brilliant - for those of us who like to pay cash. The private new car market would be absolutely decimated!
It shouldn't be though. It shouldn't stop any type of purchase just remove the ability and incentive of the vendor to manipulate 'deals' to achieve commission on financial products. Customers will simply arrange their requirements with the equivalent of an IFA in advance (could be done all online where lenders bid for the customer's business). When they then buy the car the funding is supplied to the vendor as cash. The vendor plays no part in arranging the funds and receives no cut.
The additional upside is that the manufacturers can return to focussing on customer care and support rather than dodgy weekly numbers.
Little Bob said:
Just checking to see if anyone has withdrawn from a VW PCP with no issues recently?
Looking to go through this process shortly - take advantage of the deposit contribution and discounted servicing, and then settle the PCP within two weeks.
Should I expect any problems?
I doubt much has changed from when I did a few months ago. VWFS were perfectly fine to deal with and the only cost was interest for the days before I withdrew (didn't suit me to do a next day special). Looking to go through this process shortly - take advantage of the deposit contribution and discounted servicing, and then settle the PCP within two weeks.
Should I expect any problems?
Little Bob said:
Just checking to see if anyone has withdrawn from a VW PCP with no issues recently?
Looking to go through this process shortly - take advantage of the deposit contribution and discounted servicing, and then settle the PCP within two weeks.
Should I expect any problems?
Yes, we withdrew from Audi (VW) finance in 6 days after collecting our new car in Nov 17. Looking to go through this process shortly - take advantage of the deposit contribution and discounted servicing, and then settle the PCP within two weeks.
Should I expect any problems?
Kept the £4500 Audi contribution and £3500 dealer discount and pay'd about £30 in interest for the 6 days the agreement was in place.
VW Finance were great. They even had a dedicated operator dealing with withdrawals when we called them, easy peasy £8k discount.
R8VBV said:
xxChrisxx said:
Because the vast majority of people in the country can't get a loan of £25k, let alone one at 3%. Finance (in situations such as this) is not a personalised product, the same way insurance isn't. You are lumped into a pool of people of similar risk.
Without trying to sound like a pretentious tw@t but if your finances are so bad you can't get approved a loan by Sainsbury's, maybe you shouldn't be buying a £25k car in the first place. How anyone can think paying 10.9% interest is acceptable, in a country where the base rate in 0.25 is beyond me. Not only do you loose c£10k in deprciation, but your paying over £5k in finance charges for the privilege or to break it another way £416pm, based on a £25k car over 3 years. If you can't afford £416pm in your budget or don't think it's worth it, don't buy the car. Edited by xxChrisxx on Thursday 30th March 22:21
Schools really need to start teaching financial planning as a core subject as so many people are clueless or in denial of their situation.
Rather than drama or media studies, or whatever topic is the latest flavour-of-the-month, some basic sums and finance issues would be a good start and actually provide people with something useful and which will benefit them and their families.
Having recently spent ages in a shop whilst staff tried to work out how to reduce the price of something by 30%, I left feeling despair at the lack of basic knowledge. It ended up with three of them using two calculators between them and they still couldn't do it.
Having quickly worked it out in my head, I'd told them what it should be, but they wouldn't accept that. So I suggested finding out what 10% was (how do you do that?) multiply by 3 and subtract that from the original cost.
Eventually they got the hang of it, sort of. Only they decided it was 30% of the original price and couldn't understand when I said it should be more.
That's pretty basic yet seemed completely beyond them. Is it any wonder people sign up for deals without the faintest idea what they've actually signed up for?
Sorry to dig up an old thread, but I'm looking to do the same now. 10 point something percent APR on used PCP but includes 2 free services. Got the cash though. Is the buy on PCP and settle straight away still a valid way of getting freebies?
VW are doing 3.6% on new Golf PCPs too right now...
VW are doing 3.6% on new Golf PCPs too right now...
ritchieee said:
Sorry to dig up an old thread, but I'm looking to do the same now. 10 point something percent APR on used PCP but includes 2 free services. Got the cash though. Is the buy on PCP and settle straight away still a valid way of getting freebies?
VW are doing 3.6% on new Golf PCPs too right now...
I paid my Karoq off in 4 days at a cost of about £15. Still get the free servicesVW are doing 3.6% on new Golf PCPs too right now...
Pay it off within 14 days....and use the words cancellation....if you leave it longer the fees will be added....cancellation...no fees...just a bit of interest.
I offered to pay it off there and then on the phone but they wouldn't take a debit card over £5k so I had to pay it by cheque of bank transfer within 30 days.
33q said:
I paid my Karoq off in 4 days at a cost of about £15. Still get the free services
Pay it off within 14 days....and use the words cancellation....if you leave it longer the fees will be added....cancellation...no fees...just a bit of interest.
I offered to pay it off there and then on the phone but they wouldn't take a debit card over £5k so I had to pay it by cheque of bank transfer within 30 days.
Thanks 33q. I did also confirm with the garage and they said it's fine. Pay it off within 14 days....and use the words cancellation....if you leave it longer the fees will be added....cancellation...no fees...just a bit of interest.
I offered to pay it off there and then on the phone but they wouldn't take a debit card over £5k so I had to pay it by cheque of bank transfer within 30 days.
Hi,
does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
MatthewD1985 said:
Hi,
does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
It's paid as part of the settlement. does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
MatthewD1985 said:
Hi,
does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
It's really interesting to see questions like this. It's the second similar one in a few days - the other poster wondered if he could replace the PCP with a loan but still return the car after 3 years.does anyone know if this still works? What happens about the balloon payment?
A friend mentioned that he previously did this at Audi. They offered PCP, load of extras and also a large audi contribution - he took out the PCP, then applied for a separate loan, cancelled within 3 days, and paid off the funds - but what happens with the final b.payment??
Gassing Station | Car Buying | Top of Page | What's New | My Stuff