Boring VW finance question...

[mk7gti]

This post couldn't have come at a better time guys. Im picking up my new GTI hopefully later this week and I was planning on taking the finance option and paying it off after month one as recommended by my dealer. It sounds like I need to do this as soon as I leave the showroom. Thanks for the info guys I guess I will sound well informed when running the numbers later this week.

https://www.vwfinance.co.uk/content/sites/vwbank/vwfinancecouk/en/privatecustomers/manage_agreement/ending_agreement_early.html

[monkeyhanger]

Can they take back the PCP incentive if you pay it off too quick? I'm in the process of buying a Ford for the wife and again the dealer has advised to leave it 2-3 months to ensure the incentive isn't clawed back...

Possibly BS??

Definitely BS. The dealership won't get their finance kickback if you pay it off very early. You can pay it off in the first 14 days and retain the deposit contribution, it isn't part of the settlement.

[mk7gti]

Thanks for the info guys you have just saved me a few pounds!

[Watts]

I left paying off the finance for 4 months due to laziness but also because the dealer said to hold off for 3 months. But as far as I recall, that was because they thought I would lose my 3 years servicing that was part of the finance deal, not the deposit contribution. Can't complain, still came out comfortably on top, would've been better though if I'd got my finger out Does anyone know for sure if they were right or could I have paid it off in the first 14 days?

[wantmygti]

Thanks for the info guys you have just saved me a few pounds!

Same here!!

[Gtiless]

I left paying off the finance for 4 months due to laziness but also because the dealer said to hold off for 3 months. But as far as I recall, that was because they thought I would lose my 3 years servicing that was part of the finance deal, not the deposit contribution. Can't complain, still came out comfortably on top, would've been better though if I'd got my finger out Does anyone know for sure if they were right or could I have paid it off in the first 14 days?

Well, I gave notice after 5 days and paid it after 15 days and I have not heard anything about having to give my deposit contribution or my 2 year service pack back. I think the dealer will probably try to BS you if he can if it means it runs long enough to get his kickback, I told my salesman I intended paying the PCP off straight away and he didnt  seem the slightest bit surprised and said we have had a few people do it.

[Watts]

Thanks Gtiless, so probably a load of rowlocks. Nevermind, not going to dwell on it but will keep it in mind for any future purchase.

[p3asa]

Do you have to officially inform them, or can you just pay a lump sum by transfer?

Dave

No.
I just paid the full amount into the bank details they provide giving my account number as a reference.
You can access your account online and see what your settlement figure is.
I received the letter through today saying that was the account closed and they no longer had any financial interest in the car. Not bad 6 days all in although just the 2 hours online.

[golfguyuk]

Careful though. I was under the impression that right of withdrawal is different from just settling early. I think just paying the amount you owe would be like settling early. Ideally people should be exercising right to withdrawal to cancel the deal within 14 days as per the contract that someone attached above! 

But it seems everyone's has worked out anyway! I will be doing this in a few days time. 😀