Drivethedeal / CarWow and VW Finance

Triggersbrush

Hi All,

I'm looking at buying a new VW Golf Match Edition 1.4 5Dr for the wife.
Drivethedeal and CarWow, broker sites who put you in touch with a VW dealer have come back with good prices, with VW adding a £1250 deposit contribution but only if you take out VW's PCP.

I've read on various forums that you can settle in full after a few weeks and still retain the deposit contribution.

Has anyone done this recently?

I just need to know if there would be any penalties to pay.

I'm happy to go to a local dealer to do the deal if they can get close to what drivethedeal and Carwow can offer.

Cheers,

Steve

Iceweasel

Check this thread:

https://forums.moneysavingexpert.com/discussion/5420812

loskie

as with Audi A3 there are no penalties just a wee bit of interest.
Have you also considered leasing?

Red_Tabby

You have the right to withdraw from a PCP credit agreement within 14 days of it being activated.

We did this last year; signed the forms got extra £1000 off for taking PCP, collected the car and drove away.
2 day later phoned up finance company asked to withdraw from agreement, they gave us a settlement figure, we paid it off in full and the only penalty was 2 days interest, approx £9.50.

No other consequences, it was all very straight forward and saved almost an extra £1000.

neilmcl

Red_Tabby wrote: »

You have the right to withdraw from a PCP credit agreement within 14 days of it being activated.

We did this last year; signed the forms got extra £1000 off for taking PCP, collected the car and drove away.
2 day later phoned up finance company asked to withdraw from agreement, they gave us a settlement figure, we paid it off in full and the only penalty was 2 days interest, approx £9.50.

No other consequences, it was all very straight forward and saved almost an extra £1000.

You can settle any time, you can only cancel within 14 days. The fact you paid interest suggests you settled rather than use the 14 day cooling off period to cancel the PCP.

FYI, it's 14 days from signing the agreement.

Iceweasel

neilmcl wrote: »

You can settle any time, you can only cancel within 14 days. The fact you paid interest suggests you settled rather than use the 14 day cooling off period to cancel the PCP.

FYI, it's 14 days from signing the agreement.

I would caution people to use the correct words when they contact the finance provider to 'finish' the finance deal.

I also settled early - I didn't cancel.

There is a slight risk that if you cancel the deal you may lose the extra finance incentive.

Settling early has no penalty - you just pay a few days interest - so the finance has been operative - albeit for days rather than months or years.

That maybe sounds pedantic or picky - but we are talking about £1000s of incentive here and to lose it on a technicality would be a major disaster.

Triggersbrush

Hi All,

Thanks for the replies.

I've just done a deal with my local dealer.
They matched the CarWow price, so fairly happy with that.

So what is the general consensus with regards the finance.

Phone up within 14 days and ask for a settlement figure?
Phone up within 14 days and pay all but £100, then let the first payment finish the deal?
Phone up after 14 days and settle in full paying a bit of interest.

I called VW Finance earlier and asked them about early settlement.
They said you could do it after day 2 and still retain the discount.
I would like it in writing though.

I've got a few months to think about though, cars going to take 10 weeks to deliver.

Iceweasel

Triggersbrush wrote: »

Hi All,

Thanks for the replies.

I've just done a deal with my local dealer.
They matched the CarWow price, so fairly happy with that.

So what is the general consensus with regards the finance.

Phone up within 14 days and ask for a settlement figure?
Phone up within 14 days and pay all but £100, then let the first payment finish the deal?
Phone up after 14 days and settle in full paying a bit of interest.

I called VW Finance earlier and asked them about early settlement.
They said you could do it after day 2 and still retain the discount.
I would like it in writing though.

I've got a few months to think about though, cars going to take 10 weeks to deliver.

You don't need to have anything in writing - just phone them up after 2 days and settle it all - so you pay only a few days interest.

jellie

Triggersbrush wrote: »

Phone up after 14 days and settle in full paying a bit of interest.

Don't do this - you'll pay more in interest than you will by settling before 14 days.

I did this with my Audi last year - also through VW Finance. I rang them up after 5 days for a figure and they sent it in writing.

Minrich

We were going to buy a VW Polo R Line locally , did a CarWow quote which worked out £1700 cheaper than our local dealer , they wouldn't match it ! So guess what ? We didn't buy it from them , we were also going to use the VW Finance Deposit and then pay it off in the 14 day period. Just need to sell our old car which is holding us up !

Iceweasel

Minrich wrote: »

We were going to buy a VW Polo R Line locally , did a CarWow quote which worked out £1700 cheaper than our local dealer , they wouldn't match it ! So guess what ? We didn't buy it from them , we were also going to use the VW Finance Deposit and then pay it off in the 14 day period. Just need to sell our old car which is holding us up !

You can pay it off (settle it) at any time.

The 14 days is the time allowed for you to change your mind and cancel it.