Pay off PCP WITH 0% card

laura_isherwood

We aren’t in a position to get a PCP due to high annual mileage.
I asked the car dealer if we could pay using a credit card (intend to be 0%) and he was non commital.

The dealer has instead suggested I take the £1000 finance contribution and take out PCP but then pay this off ASAP (he says can be done within 3 days) with the 0% credit card. He also says if I held on to the PCP for 3 months the ‘paperwork’ would have gone through and I’d get the 2 years free servicing even if Id paid off the PCP.

This would be with Renault finance. All sounds a bit too good to be true, can anyone clarify please?
Thanks.

TadleyBaggie

Only if the finance company accepts credit cards for settlements, the last one I dealt with (RCI) wouldn't even accept debit card payments to settle the finance, only bank transfers.

RCI finance Renault and Nissan, so you may be out of luck.

DrEskimo

I bought a used Renault last Feb.

I had the cash, but bought it using the PCP finance to get the £1000 finance contribution and the 2 free services. I paid off the finance within a couple of weeks and kept the £1000 contribution and the 2 free services (booked the first service at the end of the month). The idea you have to keep the finance for a certain period is simply not true. You will find no mention of it on any of the T&C's.

I doubt you will be able to pay off using a credit card though. I actually can't remember how I settled it...! Sorry! I think I rang them and and did a bank transfer. You get access to an online portal where you can make payments and get settlement figures. You might be able to pay the loan down using a Credit Card, then settle the remaining in full with a bank transfer, but I'm not sure on that at all, sorry.

Scrapit

3 months is probably long enough for the salesman to get his commission.

Nebulous2

You could get a 0% money transfer card and pay the loan off using that.

I had a Dacia from RCI finance and was told I needed to keep it for 3 months to get the extended warranty (5 years instead of 3) Two days after the third payment a warranty certificate was emailed to me.

born_again

Scrapit wrote: »

3 months is probably long enough for the salesman to get his commission.

And also for you to incur a decent bit of interest.

Also need to check how Finance co process the transaction.
As a purchase or as a cash transaction.