PCP without affordability checks

Brad_Elliott

Hi All,

So I applied for a PCP through JCT 600, who use volkswagen financial services. They have sent my application off without any income or expenditure details, the finance was rejected. I spoke to VWFS who said they had based the application off my application for my current car, which was over a year ago, since then I have had a £4k pay rise. My questions is, surely they can't send an application off without any financial information first? I was under the impression that any application for credit would require at least some form of affordability questions before getting to approval stage? When I spoke to the dealer, they say that's how they do it and have never been asked to do any affordability checks?

jonesMUFCforever

Brad_Elliott wrote: »

Hi All,

So I applied for a PCP through JCT 600, who use volkswagen financial services. They have sent my application off without any income or expenditure details, the finance was rejected. I spoke to VWFS who said they had based the application off my application for my current car, which was over a year ago, since then I have had a £4k pay rise. My questions is, surely they can't send an application off without any financial information first? I was under the impression that any application for credit would require at least some form of affordability questions before getting to approval stage? When I spoke to the dealer, they say that's how they do it and have never been asked to do any affordability checks?

Yes they can if that is their business model.
If you are such a good risk then you should find other lenders without much trouble.