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Model specific boards => Golf mk7 => Topic started by: Sootchucker on 30 July 2015, 17:01
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Just a quick question from those that know please.
A mate of mine and I were just chatting and the subject of PCP's finance in general and deposit amounts came up when dealing with VAG cars.
I know that with Audi, you can contribute a much greater amount as a deposit (think it's up to 50%), whereas VW limit you to only 30%. Obviously if you have the money, putting a larger deposit down could reduce your monthly payments or reduce the amount of interest paid. I have hit this limit a few times with VW where I've wanted to put down a larger amount that they would allow. However, he tells me there's a trick that some VW dealers can use where any options you might apply to the car you can pay for in cash, still leaving the full 30% available to deposit on the car ?
So say for example you were costing a £35k Golf. £29K base and £6k options. Using standard VW finance, it would allow a max of £10,500 deposit (30% of £35k, including any dealer or finance contributions). However if you were to pay the options separately at £6k, leaving the car at £29k, then paying the full 30% on that (@ £8,700), that would theoretically allow a deposit of £14,700 (£4,200 more than you would normally be allowed).
Is this true as I've never heard of this before - surely not ?
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Suppose they would just finance the naked car and you get a second invoice that you pay in cash; i.e. options won't be on the invoice to financing. Sounds dodgy though.
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Does sound iffy. How would you get any GFV enhancement on your finance plan for your options if they weren't there (assuming you are relying on GFV and don't expect much/any equity at the end of your term).
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I paid for a couple of options after I had already agreed the price of the car on my MK6 and didn't want the monthlys to go up any more.
However rather than another invoice it was just added to my deposit if that makes sense.
You can pay additional payments once its set up so in effect are paying a larger deposit.
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I did the same with mine. I added the service pack and warranty after I'd ordered and paid for them the day i picked the car up.