The take pcp but pay it off immediately thing is only worth doing if vw are offering deposit contributions.
If they aren't then you just pay cash and be done with it.
Agree.
However, if VW aren’t offering a deposit contribution but are offering other incentives such as a free - or cheap - service plan, IMHO it might still worth taking the PCP and paying it off immediately to keep the benefit of those other incentives.
A quick question for a PCP noob. Never had it before. So the plan is to order and pay it off(withdraw) within a couple of weeks if possible. So the question is when exactly do you need to pay it off when you have to wait a year for the car. I had a wee snoop on vw website but couldnt see any info on this.
@theminty1; I took the PCP last year when I bought my car to get the benefit of the deposit contribution and cheap service plan, and I withdrew from the PCP contact within the 14 day cooling off period. From my own experience, it was a pretty straightforward process;
- Picked up the car on 09/09/2020 and phoned VWFS advising them of my intention to withdraw on 11/09/2020
- VWFS gave me the settlement figure which included interest of £6.21 (£2.07 per day for the three days 09/09 - 11/09). I was then sent a follow up confirmation letter by VWFS that included the settlement figure, the methods of payment VWFS would accept and the final date by which payment had to be received by VWFS (final date for payment was 30 days from the date of me notifying them of my intention to withdraw from the PCP)
Around three weeks after paying off the PCP I received a letter from VWFS advising they no longer had a financial interest in the vehicle.
Worth bearing in mind that once you’ve notified VWFS of your intention to withdraw, it’s final - you can’t then change your mind again.