COVD-19 - Lease/PCP/Car finance Deferral Thread

[JS0]

sdh2903 said:

For those saying it wasn't as advertised, where were you getting your info? As all the vwfs faqs were so vague and didn't give a definitive answer as to how it would be handled. It never said 'you'll get 3 months free on us' it said your agreement may be extended and payments may increase?

Your right, It was ridiculously wishy washy. I rang up and the guy on the phone confirmed my new end date (3 months in advance of original end) and that the payments would continue as-is with the car remaining in my possession.

I’m not averse to the deal they’ve sent, it’s just not what I was told.

[sdh2903]

The only thing I'm not happy with is they haven't broken down what the extra charges are and how they've been calculated. Looking at what other people have been offered it looks like they've plucked the figures out of the air like they do when you ask for an extension quote.

[markhaines]

Have also just had paperwork through from VW. This is on a Golf which had 16 of 24mth deal remaining. They've granted 3mths payment holiday, extended lease by 3mths and upped the monthlies for remaining term by £20 a month. Simplest way to look at it is extending the lease by 3mths by £95 a month. Am happy with that although means have to do second service which we otherwise wouldn't have bothered with.

One thing that isn't clear is if the 3mth extension includes additional pro-rated miles (not that in reality its probably going to be an issue).

[sdh2903]

markhaines said:

although means have to do second service which we otherwise wouldn't have bothered with.

Should be on long life service? So still only 1 service required?

[UKADV]

JS0 said:

talksthetorque said:

UKADV said:

Qualified advice was posted on PH about what a payment holiday / deferral means contractually. These warnings were largely ignored.

Link please.

Irrelevant anyway as it was just hearsay from people who hadn’t called VWFS nor read any VWFS info.

I ignored the warnings and have got 3 months extra at half rate... lucky I don’t believe hearsay.

Those who did call and receive info didnt understand that information. PH, Naivety Matters.

[talksthetorque]

UKADV said:

JS0 said:

talksthetorque said:

UKADV said:

Qualified advice was posted on PH about what a payment holiday / deferral means contractually. These warnings were largely ignored.

Link please.

Irrelevant anyway as it was just hearsay from people who hadn’t called VWFS nor read any VWFS info.

I ignored the warnings and have got 3 months extra at half rate... lucky I don’t believe hearsay.

Those who did call and receive info didnt understand that information. PH, Naivety Matters.

Did you listen to the calls?
How do you know what others were told on the phone.

PH Presumptions to prove your point matters.


Link please?

[Andy665]

UKADV said:

Those who did call and receive info didnt understand that information. PH, Naivety Matters.

Really?

I called and was advised was that they would be looking at an extension of 3 months, a payment deferral of 3 months, a pro rata increase in mileage and a small increase in payments

What came through was a 3 month payment holiday, no extension to the term and a 20% increase in payments - did a quick number check and did not make sense to accept it

I was neither naive nor stupid but what was offered to me in writing was not what was verbalised on the call

[markhaines]

sdh2903 said:

Should be on long life service? So still only 1 service required?

That's a good point, I should double check but am pretty sure it's only Audi that still ship cars out on Long Life service schedule, I think VW use fixed interval?

[anonymous-user]

hueyfast said:

Same for me.

Just been emailed the new agreement from VWFS.

I only had 3 months of the contract remaining when I applied.

My payments will go up by an additional £75 per month for the last 3 months.

Like the poster above I will have had the car for an extra 3 months for £75 pm is the way I'm looking at it.

However it's not what I was told when I applied also.

Problem I have is my next lease is delayed and its going to be a close call that it will be here before this one is all paid up. May be a better bet for me to revert to the original contact and look to informally extend if needed. Off for a think

Did you apply for the payment holiday because you were short of money due to Covid-19, if so why have you ordered another lease car? Seems like a few people thought they would get the car for free for three months so why not just apply? Surely it is pretty obvious that if you don't pay three months payments the remaining payments would increase to cover this?

[sdh2903]

markhaines said:

sdh2903 said:

Should be on long life service? So still only 1 service required?

That's a good point, I should double check but am pretty sure it's only Audi that still ship cars out on Long Life service schedule, I think VW use fixed interval?

Nope. I've had a golf gti, Leon cupra and an a4 1.4 which have all been on longlife. The A4 has been extended from 2 to 3 years and only needed one service in 3 years.

[sdh2903]

Just on the phone to vwfs to query something on my modified agreement and they really are a bunch of rank amateurs.

The guy answering the phone initially openly admitted that vwfs had moved the goalposts from an extension or increased payments to both and that they were only informed when these contracts came out. Secondly this chap couldn't answer any contractual questions as he's not trained. So back in another queue for for 45 mins and counting. Why not put the people who can answer the questions on the correct phonelines?

This will be my last vehicle through vwfs as they are a complete pain in the hole to deal with.

[AbuHaneefah]

I wasn't eligible for the payment holiday and didn't really need it either as I am still working.

I picked my car up from Nissan a week before lockdown and the lease is with Nissan Finance.
I now don't need anywhere near the mileage that I agreed (15k pa) as I have been working from home and will continue to do so for the rest of the year.

Nissan say it is not possible to adjust the mileage once the contract has started (upwards or downwards), I was certainly able to adjust my Volvo mileage upwards after I moved jobs and my mileage shot up.

At the moment it looks like I will be giving my LEAF back with 15k to 20k less than the agreed mileage due to COVID19.

The reason I bought an electric car was because I get free charging at work and my overall costs work out less, as it happens now my overall costs are more (even though I am not travelling) as I am paying for mileage that I will never need.

Anyone know if there is anything I can do about this?

[lovethenhs]

The FCA have just finished a consultation on extending the forebearance/deferral process for another 3 months and one of the recommendations is that customers at the end on an initial deferment are contacted to see if they require further assistance. Could be an opportunity to double dip VWFS and get low cost additional time in the car.

[spaceship]

AbuHaneefah said:

I wasn't eligible for the payment holiday and didn't really need it either as I am still working.

I picked my car up from Nissan a week before lockdown and the lease is with Nissan Finance.
I now don't need anywhere near the mileage that I agreed (15k pa) as I have been working from home and will continue to do so for the rest of the year.

Nissan say it is not possible to adjust the mileage once the contract has started (upwards or downwards), I was certainly able to adjust my Volvo mileage upwards after I moved jobs and my mileage shot up.

At the moment it looks like I will be giving my LEAF back with 15k to 20k less than the agreed mileage due to COVID19.

The reason I bought an electric car was because I get free charging at work and my overall costs work out less, as it happens now my overall costs are more (even though I am not travelling) as I am paying for mileage that I will never need.

Anyone know if there is anything I can do about this?

I’ve had this issue, except I’m the opposite - my mileage has increased! Can’t really work from home and had to stop the carpool so my weekly mileage is four times what it used to be. Barclays Partner Finance say same thing - not possible to adjust mileage.

Some companies do allow it. You’d think given the circumstances, it would be reconsidered. I might press the issue again.

[AbuHaneefah]

spaceship said:

I’ve had this issue, except I’m the opposite - my mileage has increased! Can’t really work from home and had to stop the carpool so my weekly mileage is four times what it used to be. Barclays Partner Finance say same thing - not possible to adjust mileage.

Some companies do allow it. You’d think given the circumstances, it would be reconsidered. I might press the issue again.

Santander allowed me to increase the mileage of my Volvo from 10k pa to 15k pa , I still ended up paying excess mileage but it wasn't too bad at 8p per mile.

The issue here is that I am not going to be using the mileage agreed due to the Pandemic and I will be handing the car back worth more than expected (I also have servicing included and won't be using the extra service).

If it was the other way around, I could pay excess mileage - but there is no money back for not using the mileage.

Do you know your excess mileage rate?

[spaceship]

8p per mile. So not too bad. But still an extra expense should I choose to walk away at the end of the term.

[AbuHaneefah]

spaceship said:

8p per mile. So not too bad. But still an extra expense should I choose to walk away at the end of the term.

Mine's a lease so I have no option but to walk away at the end of the term, I could understand if it was a PCP as I would get to keep the value.
Only Nissan Finance benefit out of this.

[Dwh8611]

Joey Deacon said:

hueyfast said:

Same for me.

Just been emailed the new agreement from VWFS.

I only had 3 months of the contract remaining when I applied.

My payments will go up by an additional £75 per month for the last 3 months.

Like the poster above I will have had the car for an extra 3 months for £75 pm is the way I'm looking at it.

However it's not what I was told when I applied also.

Problem I have is my next lease is delayed and its going to be a close call that it will be here before this one is all paid up. May be a better bet for me to revert to the original contact and look to informally extend if needed. Off for a think

Did you apply for the payment holiday because you were short of money due to Covid-19, if so why have you ordered another lease car? Seems like a few people thought they would get the car for free for three months so why not just apply? Surely it is pretty obvious that if you don't pay three months payments the remaining payments would increase to cover this?

Like myself I think many just tried their luck hoping to get a 3 month break for nothing knowing it won’t affect their credit rating. In most cases it sounds like it has still benefited people with basically a 3 month extension for a reduced price. In my case It has saved me £285 overall so I can’t complain. Although check total mileage allowance as mine stays the same which (luckily) works out ok for me.

[talksthetorque]

Joey Deacon said:

Did you apply for the payment holiday because you were short of money due to Covid-19, if so why have you ordered another lease car? Seems like a few people thought they would get the car for free for three months so why not just apply? Surely it is pretty obvious that if you don't pay three months payments the remaining payments would increase to cover this?

It's not pretty obvious because it isn't always true. Here's my Covid extension letter from Santander

[UKADV]

talksthetorque said:

Joey Deacon said:

Did you apply for the payment holiday because you were short of money due to Covid-19, if so why have you ordered another lease car? Seems like a few people thought they would get the car for free for three months so why not just apply? Surely it is pretty obvious that if you don't pay three months payments the remaining payments would increase to cover this?

It's not pretty obvious because it isn't always true. Here's my Covid extension letter from Santander

This letter specifically states deferred payments will be made and at no point states you will not be charged for the extention period.