Big Motoring World £750 EV offer

parody

Hi All

I purchased an EV from Big Motoring World with PCP finance to take advantage of the £750 offer they have.  T&C here https://www.bigmotoringworld.co.uk/news/make-the-jump-and-go-electric-with-this-limited-time-offer/

I'm happy with the car, but only took the finance to get the discount.  This was a few days ago so I'm still within the 14 day cooling off period.

The discount is applied pre finance, it is a deposit contribution.  The car was £20k.  I paid a £2k deposit, plus the £750, leaving £17250 on PCP.  In hindsight I should haver maxxed the deposit.

I can't find anywhere in any of the documents signed or their T&C page about what happens if you exercise your right to withdraw within 14days, or end the agreement early after 14 days.  I want to clear the finance (with cash).  Obviously I'm keen to keep the £750 discount and limit the damage from interest (about £5 /day).

I have spoken to the finance company (black horse) and they couldn't care less, the £750 didn't come from them.  I can't get a straight answer from Big Motoring World other than "keep it for 3 to 6 months or so" which I suspect is just nonsense to make sure they get their huge commission payment.

Does anyone know where I stand, will they able to claw back the £750 somehow afterwards?  The only wording that gives a clue is
"The Financial Company Deposit Contribution offer is available when purchasing a Battery Electric Vehicle only, when using PCP or HP finance with selected finance providers". 

• If I withdraw, then I "undone" the taking of finance - so technically its owed back? How would they reclaim it, and can they legally?

• If I pay it off on day 15 then technically I did take finance, but ended it early.  The issue with this is that black horse charge 2 months of interest (about £300).  But, it's still a good saving of £450 or so.

Either way there is no documentation to explain the consequences on the £750 with early finance repayment.

Thanks!

DrEskimo

I did the same on a used Renault Zoe I bought from a main dealer that also had a PCP finance deposit contribution and free service offer. 

Like you say, I just don’t understand how they will logistically have a way of reclaiming the money back as it’s simply added to your upfront payment. 

I just cleared the finance in full a few days later, paid minimal interest and had no issues with them clawing back the deposit and I got the free services too. I didn’t withdraw the finance though, just settled it. 

Grumpy_chap

Don't over-complicate things.

Ask the Finance Company for a Settlement Figure.
Pay the money.

Spies

Did you do this in the end, what was the outcome?

CaptainCrompers

What was the outcome of this? 

We have done the same and it appears they have added it onto the value of the finance when requesting the ESD. 

Eg we borrowed £6000 and the ESD value is £6750

I have questioned where the extra has come from and they couldn’t tell me. Have only been in contract 12 days. I wonder if we do as suggested and leave for a couple of months and take the interest on the chin we will be better off?