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.