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Model specific boards => Golf mk7 => Topic started by: sukrw on 21 May 2017, 19:10

Title: PCP paying off in full in a couple of days?
Post by: sukrw on 21 May 2017, 19:10: HI all,

New to this forum and new to thinking of my first VW Golf.

Been looking at buying a new VW Golf GTI and taking out the PCP to take advantage of the £1000 contribution and have been told that once the PCP finance has been setup I could pay off the entire lot in one go e.g. 5 days after I set it up pay off the full amount so there are no monthly payments and no interest to pay.

Has anyone else done this, heard this etc. I did read their policy and it says you can within the first 28 days.

Any advice?

Thanks all
Title: Re: PCP paying off in full in a couple of days?
Post by: kalimon on 21 May 2017, 19:13: I did this along with many others on here. It's perfectly legit.
I paid in full the day after taking delivery of my car.
Title: Re: PCP paying off in full in a couple of days?
Post by: sukrw on 21 May 2017, 19:28: Ah that's brilliant news. Thank you for the reply.
This is a good option then.
Just need to "grow a pair" and buy it! gulp!
Title: Re: PCP paying off in full in a couple of days?
Post by: brown.jamesa on 21 May 2017, 19:33: I took out the finance as well and will pay off the full amount as soon as I get home from collecting it requesting the "Right of Withdrawal".

https://www.vwfinance.co.uk/en/privatecustomers/manage_agreement/ending_agreement_early.html

:smiley:
Title: Re: PCP paying off in full in a couple of days?
Post by: sukrw on 21 May 2017, 19:59: Are all PCP finance with VW done through the same company then regardless of where you buy the car from i.e. UK VW Dealer.
Title: Re: PCP paying off in full in a couple of days?
Post by: hog_hedge on 21 May 2017, 21:34: I also withdrew from the finance and paid in full after 2 days. They charge you £2.99 interest per day so do it ASAP.
Title: Re: PCP paying off in full in a couple of days?
Post by: sukrw on 21 May 2017, 21:49: Ah good info on the daily charge. Does the PCP finance start from the day of collection from the dealer then I'm guessing. So could phone them the next day or two
Title: Re: PCP paying off in full in a couple of days?
Post by: hog_hedge on 21 May 2017, 21:55: Quote from: sukrw on 21 May 2017, 21:49
Ah good info on the daily charge. Does the PCP finance start from the day of collection from the dealer then I'm guessing. So could phone them the next day or two

It starts from the day you collect the day.
Title: Re: PCP paying off in full in a couple of days?
Post by: Matt17121991 on 22 May 2017, 12:58: What happens to the balloon payment at the end? Or are you paying off the total amount of the car less the deposit contribution and any discounts you got?
Title: Re: PCP paying off in full in a couple of days?
Post by: hog_hedge on 22 May 2017, 13:03: Quote from: Matt17121991 on 22 May 2017, 12:58
What happens to the balloon payment at the end? Or are you paying off the total amount of the car less the deposit contribution and any discounts you got?

You pay off the total amount borrowed and then effectively erase the finance as though it never happened.
Title: Re: PCP paying off in full in a couple of days?
Post by: D Squared on 23 May 2017, 12:31: also did this...was quite worried about it, but all good..

I'm told the deal you agree stands despite paying it off within the 14 day period..so if you agreed free servicing etc as part of the deal, then that should stand...unfortunately I won't really know until a years time when mine is due..!
Title: Re: PCP paying off in full in a couple of days?
Post by: sukrw on 23 May 2017, 12:44: Ah this is great news.

To be honest I'm very worried something will not allow me to pay it off in full and I get stuck with a PCP package I don't want but others are saying they have paid it off in full so fingers crossed mine will be ok.

Find out mid June! gulp!
Title: Re: PCP paying off in full in a couple of days?
Post by: kalimon on 23 May 2017, 12:50: I got 2 years free servicing thrown in and this is still stands despite paying car off in full.
Title: Re: PCP paying off in full in a couple of days?
Post by: I wanted a GTi on 23 May 2017, 13:08: Yeah, no worries with paying it off. Some dealers will even tell you about it when your buying with cash to try to get you to do the deal.
Title: Re: PCP paying off in full in a couple of days?
Post by: mariamartinez on 01 July 2017, 09:19: so just to be clear you notify them on the day of delivery (not when signing the forms etc) and how do you process the payment, bank transfer? thanks
Title: Re: PCP paying off in full in a couple of days?
Post by: Pixwix on 01 July 2017, 09:50: I just made normal online bank transfer. Had to do I think in two chunks as value too high for the system otherwise. But this was all clearly explained to me by the person I spoke to at VW Finance. I
Just had my 'free service' this week. :smiley: