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Right of withdrawal from PCP car finance
Hello,
i have just bought a used VW on PCP finance. I took the PCP primarily to get a £500 deposit contribution and three years servicing (I would have preferred paying outright). If I withdraw from the finance within the first 14 days will I still receive the 3 years servicing and can the dealer claim the £500 deposit? Anyones experience gratefully received!
Thanks for your time and comments!
HMTrott
i have just bought a used VW on PCP finance. I took the PCP primarily to get a £500 deposit contribution and three years servicing (I would have preferred paying outright). If I withdraw from the finance within the first 14 days will I still receive the 3 years servicing and can the dealer claim the £500 deposit? Anyones experience gratefully received!
Thanks for your time and comments!
HMTrott
0
Comments
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I would imagine its in the T&C's of your PCP?£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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No okay to do it but check the termsDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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You'll lose the servicing as it's part of the finance agreement.
You are still liable to pay for the vehicle.0 -
Thrugelmir wrote: »You'll lose the servicing as it's part of the finance agreement.
You are still liable to pay for the vehicle.
Its not, its separate I have the seat versionDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0 -
thanks everyone for your comments. Chanz4 - do you mean I would keep the servicing and deposit contribution and you have done this with your seat?
Thanks0 -
If you withdraw from the the finance, the dealer is likely to withdraw the deposit contribution and the servicing.
If it were me, I would allow the first direct debit to go through, then settle the agreement as opposed to withdrawing from the agreement. You will be charged an additional 58/59 days interest from the date you request the settlement figure, but I would imagine the interest charge, would amount to less than the £500 deposit contribution and the 3 years servicing and you will have honoured your agreement with the dealer and the finance company.0 -
yes I have, and no they didn't withdraw anything the service pack is registered with seatDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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