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    • Sara Jussab
    • By Sara Jussab 29th Aug 17, 12:13 AM
    • 1Posts
    • 0Thanks
    Sara Jussab
    VW PCP finance
    • #1
    • 29th Aug 17, 12:13 AM
    VW PCP finance 29th Aug 17 at 12:13 AM
    I am 21 years old and I have a VW polo 1.0 petrol se on finance (65 plate) 2015 model so ive had it on finance for two years on PCP. I pay around £174.07 a month , so far ive paid £4176 for two years and i recently got a letter from of a settlement figure of around £9000 approx , and my agreement is for 4 years but I want to part exchange with a new model but im confused what to do and when to part exchange, like wait another year. I dont quite understand how I save money and when i recently went to the showroom to enquire about the new polo beats version they told me for £500 deposit towards it and £210 a month which i found was expensive as my current mileage for my car is only £5000 for the past two years, so surely they shud be already taking the deposit from what my balance is , but i dont know how it works? Anyone can help me how it works, quite confused?
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    • Mercdriver
    • By Mercdriver 7th Sep 17, 11:37 PM
    • 1,373 Posts
    • 912 Thanks
    No one can predict their future job and circumstances changed hence the questions
    Nothing to do with maturity
    Originally posted by DD1A
    This post has nothing to do with maturity and everything to do with immaturity:

    Cut a story short 2 vwfs payments each month over £700 is becoming a bit annoying just gathering some possible options.
    Originally posted by DD1A
    You made the decision to enter the agreements. No-one held a gun to your head to make you sign yourself up to payments of £700 a month. Take some responsibility for your own free decisions.

    Educate yourself on what the financial agreements mean and what is likely to happen in certain circumstances. Then make a decision based on that.

    You are 21 now. If you simply walk away from it at this stage, VWFS will come after you for the money. They will apply for and attain a County Court Judgement against you. This will put you in a very difficult position for credit for 6 years, and then you will still have problems because of your lack of credit.

    You meet the partner of your dreams and want to move in together. Problem: You can't get a mortgage, and decent landlords won't rent to you because of a poor credit score as found via an agency doing a credit check on you.

    Believe me, I've been there. I had difficulties paying university fees for postgraduate studies, and the CCJ I got meant I couldn't get any credit until I was 29. Then I had a blank credit history, which at that age has lenders wondering why I had no credit - one assumption might be previous credit history issues. Which left me at the mercy of Capital One's basic card with its 30% APR. I wouldn't have got a mortgage if I tried.

    Think very carefully about your next step. Study car deals. Get wise. You need to get this deal at least to its VT stage, and even that can affect your credit history. Having said that on PCPs the VT stage can be only a few months before the end of the term, and might be just as well to take it to the end of the PCP period and hand the car back.
    • DD1A
    • By DD1A 8th Sep 17, 12:55 AM
    • 54 Posts
    • 22 Thanks
    There was nothing said that the pcp could not be met each month, the dream lady is in my life and holding a mortgage already thanks for your input.
    • bigadaj
    • By bigadaj 8th Sep 17, 6:03 AM
    • 10,006 Posts
    • 6,404 Thanks
    There was nothing said that the pcp could not be met each month, the dream lady is in my life and holding a mortgage already thanks for your input.
    Originally posted by DD1A
    Well all sounds fine and dandy then, what are you complaining about.

    The solution is to use this experience as a moderately expensive lesson, read up on what you are financially committing to and assess whether you can afford things in your current situation but also if something changes.

    It ain't rocket science.
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