GolfGTIforum.co.uk
Model specific boards => Golf mk7 => Topic started by: JamesR27 on 07 March 2018, 15:12
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Hi, I picked up my new car on Monday and just called up the vw finance to withdraw and they said I would have to check if my gap and service plan are affected.
Would they be if I pay off the finance?
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If you're paying it off then how can it? You'll have paid for the services when paying off the car.... :undecided:
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GAP might be because you'll have chosen a plan for PCP.... call your GAP insurer...
Service plan, no way, you've just paid VW up front for servicing costs for a fixed duration.
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GAP might be because you'll have chosen a plan for PCP.... call your GAP insurer...
There's only three types of GAP insurance:
Finance GAP insurance - If there's no finance outstanding on finance at the time of claim, the JamesR27's policy would effectively be useless.
Invoice GAP insurance - Aims to pay the difference between motor insurance payout and original invoice price (regardless as to whether there's finance outstanding at the time of claim or not)
Replacement GAP insurance - Aims to pay the difference between motor insurance and what it would cost at the time of claim to buy a new equivalent vehicle (regardless as to whether there's finance outstanding at the time of claim or not).
There are then policies which are combinations of the above. E.g. a combined Finance & Invoice GAP insurance policy would aim to pay the difference between your motor insurance payout and the higher of the amount (if any) outstanding on finance at the time of claim or the original invoice price paid. Etc etc
In short though, JamesR27, you settling the finance early shouldn't have any bearing on the GAP or service plan that you bought from the dealer if you've already taken delivery of the vehicle.
That said, if you *did* buy GAP insurance from the dealer, you've almost certainly paid through the nose for what is probably Invoice GAP insurance at best. I'd be looking to cancel it within your initial cooling off period (at least 14 days, but usually 30) take a refund of what you paid for it and then buy a better (e.g. Replacement GAP insurance), far cheaper policy online from the likes of GAPinsurance.co.uk (https://www.gapinsurance.co.uk) or ALA.co.uk (http://www.ala.co.uk) etc
HTH
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I’ve confirmed with VW finance - your servicing stays with your car...so you will not lose it if you pay off the PCP!
GAP I am not sure but wouldn’t get it with the car anyway through the dealer. All my cars have had it through ala and they are fantastic.