COVD-19 - Lease/PCP/Car finance Deferral Thread
Discussion
Burwood said:
Okay thanks Burwood for the quick reply. My contract is ending this month. I wonder if they will entertain my deferral request?I did see this in VWFS Deferral webpage:
If your agreement is due to end within 3 months a payment deferral may not be the best option for you. Please complete our financial difficulties form and we will get in touch to support you with an appropriate solution that suits your needs.
Edited by faysmax on Monday 11th May 14:00
With 1 month left you are a real edge case, might be too late - I had two months left with Volvo/Santander (as did my father with VW) and they both agreed to extend and defer the final 2 payments due.
Sounds like an extension to the contact is more what you want?
I'd say best bet is to contact VW via phone, the people on the phone have been very helpful in my experience.
Sounds like an extension to the contact is more what you want?
I'd say best bet is to contact VW via phone, the people on the phone have been very helpful in my experience.
Still waiting to hear back from BMWFS. Hour on phone first time last Monday with no reply. Half hour second time last Tuesday and then it cut to voice message so left one. Didn't hear back so filled in their online deferral form on Thursday (even though it says not for PCH). Got instant email back saying they will contact me but nothing as yet.
hoganscrogan said:
With 1 month left you are a real edge case, might be too late - I had two months left with Volvo/Santander (as did my father with VW) and they both agreed to extend and defer the final 2 payments due.
Sounds like an extension to the contact is more what you want?
I'd say best bet is to contact VW via phone, the people on the phone have been very helpful in my experience.
This is interesting and I'm guessing your monthly payments must be quite high. A 2-month extension will mean 2 months more on your car insurance (plus an admin fee when you stop it) - Also, does it take you into a car service or MOT territory?Sounds like an extension to the contact is more what you want?
I'd say best bet is to contact VW via phone, the people on the phone have been very helpful in my experience.
Needs must I guess.
maz8062 said:
This is interesting and I'm guessing your monthly payments must be quite high. A 2-month extension will mean 2 months more on your car insurance (plus an admin fee when you stop it) - Also, does it take you into a car service or MOT territory?
Needs must I guess.
£295 a month for Volvo (£240 I think for my Dad) the extension is actually the biggest benefit for me. 2 year lease so no MOT, service was due before return anyway and I'll get use of car now afterward! insurance is no issue as I'll do monthly and super cheap anyway. On balance cheaper and much easier than getting into a new lease with (usually) 3 upfront payments and not so many attractive deals at moment.Needs must I guess.
Edited by hoganscrogan on Tuesday 12th May 17:30
hoganscrogan said:
£295 a month for Volvo (£240 I think for my Dad) the extension is actually the biggest benefit for me. 2 year lease so no MOT, service was due before return anyway and I'll get use of car now afterward! insurance is no issue as I'll do monthly and super cheap anyway. On balance cheaper and much easier than getting into a new lease with (usually) 3 upfront payments and not so many attractive deals at moment.
Good thinking. It makes sense to get further use out of the car without having to worry about a new agreement during this uncertainty.Edited by hoganscrogan on Tuesday 12th May 17:30
Arval options:
1. Allowing you to repay the 3 monthly payments in a lump sum on your next monthly payment date after the payment holiday period.
2. Spreading the 3 monthly payments equally over the remaining monthly payments of your Agreemenot
3. In our discretion, extending the term of the Agreement by 6 months and waiving 3 monthly payments. This option means that your agreement will be extended but you will no longer need to pay us for the 3 amounts from the payment holiday.
No need to provide evidence of any financial impact from COVID-19.
1. Allowing you to repay the 3 monthly payments in a lump sum on your next monthly payment date after the payment holiday period.
2. Spreading the 3 monthly payments equally over the remaining monthly payments of your Agreemenot
3. In our discretion, extending the term of the Agreement by 6 months and waiving 3 monthly payments. This option means that your agreement will be extended but you will no longer need to pay us for the 3 amounts from the payment holiday.
No need to provide evidence of any financial impact from COVID-19.
Do you think lease VWFS will keep a record who had "financial difficulty" and may deny new contract in future? I don't need to defer payments, but if they are giving 3 months free, I don't mind asking for it.
I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
Begall said:
Arval options:
1. Allowing you to repay the 3 monthly payments in a lump sum on your next monthly payment date after the payment holiday period.
2. Spreading the 3 monthly payments equally over the remaining monthly payments of your Agreemenot
3. In our discretion, extending the term of the Agreement by 6 months and waiving 3 monthly payments. This option means that your agreement will be extended but you will no longer need to pay us for the 3 amounts from the payment holiday.
No need to provide evidence of any financial impact from COVID-19.
This sounds like the direction BMW are going, was still TBC and they have not confirmed result of deferral in writing, the extension would suit me best of course!1. Allowing you to repay the 3 monthly payments in a lump sum on your next monthly payment date after the payment holiday period.
2. Spreading the 3 monthly payments equally over the remaining monthly payments of your Agreemenot
3. In our discretion, extending the term of the Agreement by 6 months and waiving 3 monthly payments. This option means that your agreement will be extended but you will no longer need to pay us for the 3 amounts from the payment holiday.
No need to provide evidence of any financial impact from COVID-19.
PenelopaPitstop said:
Do you think lease VWFS will keep a record who had "financial difficulty" and may deny new contract in future? I don't need to defer payments, but if they are giving 3 months free, I don't mind asking for it.
I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
I’m amazed they don’t do this with VT but from reading around it doesn’t seem to effect people returning to the same funder. I know they can’t add it to credit file but like you say, an internal marker is both possible and legal. I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
Given the circumstances I’d say not. (I would say that though as I’ve applied for it)
hoganscrogan said:
Called Alphabet/BMW and just confirmed today that they will be deferring payments for the next 3 months. Had to call back as the person I spoke to last week on the number provided on BMW's COVID page (0370 5050 150) couldn't find my contract or car on their system! He did say I was only the second case he had dealt with and didn't usually work in this dept.
So today rang the invoice query number on my Alphabet online account (Invoicing Queries - 0370 5050 185) and got straight through to someone who found me on the system immediately and sorted my deferral really quickly, however....
They are currently working on their systems so outcome not as clear as VW/Santander, he did say there should be an option to;
End contract on same date and roll up deferred payments into remaining monthlies, extend contract for 3 months and/or reduce contracted miles to adjust monthly payment.
On the face of it not so generous as VW/Santander, they also pointed out I could make payments of what I could afford during the deferral period, I'd say the tone of all BMW COVID comms feels more on the 'keep paying' side of the fence.
Advised me to call back end of July, early August to update, will keep you posted.
Thanks for pulling all this together, I am sure it is really useful for a lot of people.So today rang the invoice query number on my Alphabet online account (Invoicing Queries - 0370 5050 185) and got straight through to someone who found me on the system immediately and sorted my deferral really quickly, however....
They are currently working on their systems so outcome not as clear as VW/Santander, he did say there should be an option to;
End contract on same date and roll up deferred payments into remaining monthlies, extend contract for 3 months and/or reduce contracted miles to adjust monthly payment.
On the face of it not so generous as VW/Santander, they also pointed out I could make payments of what I could afford during the deferral period, I'd say the tone of all BMW COVID comms feels more on the 'keep paying' side of the fence.
Advised me to call back end of July, early August to update, will keep you posted.
Edited by hoganscrogan on Monday 11th May 13:13
Just trying to get my head around the Alphabet stuff. When you say reduce contracted miles to adjust monthly payment, does these mean reduce the overall mileage agreement for the entire contract length? I have a M2 Comp that is sat on my drive 6 days a week at the moment and have gone from commuting 40 miles a day to 40 miles a week. I am in the very fortunate position where I know my job is secure and can continue to afford my monthlies but I wondered if it is worth contacting them to reduce my overall mileage contract so I don't end up paying for unused miles. At the moment it is 24,000 over two years but if they would let me I would be tempted to reduce it to 20,000 to reduce my monthlies.
JS0 said:
PenelopaPitstop said:
Do you think lease VWFS will keep a record who had "financial difficulty" and may deny new contract in future? I don't need to defer payments, but if they are giving 3 months free, I don't mind asking for it.
I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
I’m amazed they don’t do this with VT but from reading around it doesn’t seem to effect people returning to the same funder. I know they can’t add it to credit file but like you say, an internal marker is both possible and legal. I'm 4 months away from end of my contract, car is not used at the moment anyway, using weekend one.
Given the circumstances I’d say not. (I would say that though as I’ve applied for it)
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