VW Solutions Finance

Trebor16

triniscope wrote: »

Following trebor 16's advice , i repaid capital this week before my first repayment and it was even easier as they took payment by debit card. 20 minute wait to speak to adviser though. Also asked if i wanted to reduce the term or reduce the monthly repayments. Selected the former. Worked out i now only have one monthly repayment before final balloon repayment so doesnt seem much point in phoning again to get a final settlement figure any sooner. Great advice trebor16 and thanks Mr VW for the 1500 quid.

A nice result for you and thanks for letting us know how you did.

ShakeyStuff

Hello all

I'm considering using the VW Solutions package too, then paying it off early - as recommended by the a VW dealer today.

However, on my written quote there's a section called 'Add Charges' which adds 1500quid to the total balance.

I'm going to contact the dealer about this tomorrow, but does anyone know what this additional charge relates to?

At first I assumed it was the total charge for credit but it seems too high and comes before the balance/cash price given.

Many thanks. Great thread.

triniscope

The "add charges" will be interest plus in my case approx £100 for inclusive service package plus there is a setup charge of about £145.
I had CHARGES of £1,270 on a cash balance [loan] of £13,400.
Strangely after paying back 12,000 of capital , my "statuary rebate of interest" was greater than £1,270.
The other consideration is that the loan must reflect a certain ratio of the cars value..If the loan is not a big enough % , then the dealer may be able to provide some creative accounting to enable this.

Loganfire

I took out this and for the most part its ok, but check two things that it is free insurance for a year as we got a blue-motion polo and it was not, even when they told us it was and secondl, ours worked out at 6.8 APR so my advise go to another VW garage and ask then if they can they beat the offer from the first garage as we made an extra saving of £700.

darbydoo

Does anyone know what happens if you just want to give the car back to end the agreement? I.e if I took out a solutions plan for 3 years but then decided after a year that I no longer want the car?

adam60

To all those who cancelled their credit arrangement did you get to keep your deposit contribution? Am I reading that correctly?

triniscope

Yes you do..i kept the VW contribution of £1,500 and only had to pay £39.95 all in for interest and settling early..I had calculated i would also have to reimburse the setup fee and a closing/option to purchase fee , but although these fees adding up to £185 did seem to be deducted , i ended up only paying back £39.95 more than the "balance of cash/ price of credit" . i have checked the past 6 months and no other fees have been deducted.. It also does not invalidate the 3 years servicing deal for £99-that sum being hiden in the finace package somewhere.

anotherbaldrick

adam60 wrote: »

To all those who cancelled their credit arrangement did you get to keep your deposit contribution? Am I reading that correctly?

Yes! I paid back before the first payment was due and kept the 1 K (as it was then)deposit contribution .

Loganfire

We bought a polo blue-motion from a vw dealer and i told them i was not interested in there finance deal as i could get a better APR of 6.9. This was a lie they did my APR at 6.8 to beat it, also play one garage of with another we played Bradford VW of with Huddersfield and Huddersfield gave us the best price.

They also co-k up as they said the VW polo blue-motion came with free insurance it never did which i knew about and played them on that after we put a deposit down on it and got it in writing. hehe.

trenners

This is a very good thread to discover!

My current car, a Skoda Fabia, is very nearly clapped out - and repairs on it will be more than the car is worth.

I have therefore been looking at new cars, as for one thing then I will at least know where the car in question has been and it's warranty etc.

I have seen and liked a VW polo 60 match in the showroom of a local dealer, and I have also taken a lesser model for a test drive which I liked.

I nearly ended up buying one from the dealer but didn't commit straight away and researched on the internet, before find the websites drive the deal, and orange wheels, who have been able to find me the exact same model new on the new plate, for very nearly £1,000 less than quoted. And both the original one at the dealer and the new offer are deals where volkswagen solutions are involved as VW's current scheme is that if you buy a new car using this then they will contribute £1,000 too.

I'm thinking of putting the maximum deposit down that I can - say £2k, which would leave about £7800 that I would need on the solutions.

Reading this forum, is there a limit on how quickly you can settle the solutions deal? I'm sure I saw that you had to keep it going for 28 days at least, in order to keep the £1k dealers contribution, but after that am I correct in assuming I could settle the rest of the deal?

I.e. I could in theory get the £1k off the product from the second dealer, through using solutions, then potentially wait a month or 2, before then getting a loan for the remainder from a parent / bank and thus massively saving on interest and then own the car out right?