PCP paying off in full in a couple of days?

[sukrw]

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

[kalimon]

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.

[sukrw]

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!

[brown.jamesa]

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

 

[sukrw]

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.

[hog_hedge]

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.

[sukrw]

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

[hog_hedge]

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.

[Matt17121991]

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? 

[hog_hedge]

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.