I only took the PCP to get the benefit of VW’s finance deposit contribution and always intended to exercise my right to withdraw within the 14 day cooling off period under UK consumer credit legislation.
I phoned VWFS three days after collecting the car to exercise my right to withdraw from the PCP, and I paid off the settlement figure (from memory) 7-10 days later - i.e. before making any monthly repayments. I retained the finance deposit contribution in full and only got charged three days interest from the start date of the PCP to the date I notified my intention to withdraw at a nominal rate of £2.07 per day.
Once you’ve notified VWFS of your intentions to with draw, you can’t change your mind. VWFS will provide the settlement figure over the phone when you notify the intention to withdraw and they confirm the settlement figure in writing, along with details of when it needs to be paid by, and the methods of payment they’ll accept. Once the settlement figure has been paid, they sent a letter to confirm they no longer have any financial interest in the car (I received the letter around three weeks after I paid the settlement figure).