Voluntary termination

[Mk1Macca]

As the title. Anyone done it? What's involved? What are the time scales?

My wife has ordered a new 7.5. Her current 7 1.6TDi is in negative equity and will have about 6 month six left on her her 4 year PCP when her new car arrives.

Dealer said VT was the best way to go?

[evo1986]

As the title. Anyone done it? What's involved? What are the time scales?

My wife has ordered a new 7.5. Her current 7 1.6TDi is in negative equity and will have about 6 month six left on her her 4 year PCP when her new car arrives.

Dealer said VT was the best way to go?

All you need to do is call Volkswagen finance customer services and they will advise the next steps.

Recent situation with one of our customers it took roughly 3-4 weeks to get there current car inspected and collected.

So my advice is get it organised well in advance of collection of the new car because otherwise it will possibly delay collection of the new one.

[Mk1Macca]

Are you still having to make a payment after you tell them you want to VT?

Also, as it's a separate agreement, how would it hold up delivery of the new car?

[evo1986]

Yes you will still need to make payments until collection.

The reason it may delay collection is because most of the time they will not activate the new agreement until the old car had been collected or at the very least a final time and date for collection has been agreed.

What you just need to be sure of is to keep in contact with your retailer regarding the collection of your old car and they can speak to VWFS to agree a suitable action. However most of the time you willl not be able to take collection of the new car until the old one has been collected or like I said earlier at the very least a collection time and date has been finally agreed.

[TurboTrev]

Re. VT, I keep hearing that if you've paid 50% or more then there is no money owing to VW (unless they try to bill you for excess mileage which is another story).  What is this 50% figure that keeps gets mentioned and how do you work out what your current % is?  Thanks.

Edit.  Since posting the above I've found this which explains:  http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/

[mcmaddy]

Should all be in your finance agreement paperwork.