Volkswagon finance - can you pay extra lump sums??

anna42hmr

hi

does any one on here know if you can pay extra lump sums off volkswagon car finance during the course of the finance term so it finishes earlier or do they penalise for this (ie early repayment charges etc)

i have ordered a new car which has not arrived yet, so have not got all the finance papers from the garage yet with the small print, however i dont get the car until mid january,

my work have sent the paperwork out for profit share next year and i have to decide if i want it in shares or cash, i was intending on taking it in shares, but if VW finance allows extra payments/higher lump sums through the term, i am thinking that may be a better option, to take it in cash, and pay a bit extra each march to vw finance.

unfortunatly i have to fill in the forms to advise work on which i elect before i collect the car (and therefore get the rest of the loan paperwork) can any one advise as i cant find any info about it on the vw website or then net. so can i pay extra lump sums and if so, do i get penalised for this (as i know some places have early repayment charges etc)

smitchy73

Until you receive your finance documents you wouldn't know, but I would contact the sales people or the finance company you have arranged through and ask them straight up. It could be better to take the shares as you're bonus then in 6 months after you get you're car they could be worth more than the cash at the moment, but if it's the company you work for you'll know how much the shares are at the moment and what you might get in the future.
I doubt there will be an early repayment charge, that only tends to be on the likes of mortgages, but then again, who knows!

anna42hmr

thanks, i will try ringing them and see what they say.