PCP settlement timing...

[superdon]

So its looking pretty likely now we will place an order for a Yeti in the next few days. Part of the deal is the dealer will take our fabia and pay the settlement on the PCP.

We have a settlement figure that we got from VWFS a week or two back, that says the figure expires on 7th July. However since then, today in fact, a further payment has been taken as normal to the PCP.

I am confused as to why the settlement figure is to 7th July. It would make more sense if it were to today's date, when another payment is made? Anyone know exactly how this works and the timing.

At the end of the day what I am trying to do is avoid making too many payments into the PCP. I want to time delivery of the new car to avoid extra payments. Hope that makes sense?

[Auric Goldfinger]

We have just traded the Wifes CitiGo to a Fabia 3, the dealer settledc the finnance on the Citigo based on the settlement figure but another payment has gone out of the bank.  We/you will get a refund for the extra payment, looks like your/ours crossed in the post.

[superdon]

Thanks. I know the dealer will be looking to get any penny they can back out of this potential deal.

They are being vague about the settlement, just saying they will settle it. My point is, if they can get away with settling less, because I have just made a further payment , they will be happy to do so.

So, what I want to do is set the delivery date before any additional payments are made

[33q]

Why don't you cancel the direct debit once you've set the delivery date. That way you have control

[Ryeman]

I would guess/hope that your final settlement amount will reflect and balance all monies paid.....in the same way it's done with a house.

(?)

[LeeHarrison]

As you have a settlement, say £6000, this is the amount that they will settle. Can I assume that the car is not worth more than this, if so, you could be having the wool pulled?!

With regards to another payment coming out, as the settlement figure is for 90 days you will, once the first figure is paid by Mr Dealer get back this payment (and you Andy), just make sure that the settlement is paid 1) as quick as poss and 2) you have some confirmation as if not, and the dealer leaves it a bit longer the next payment will come out and this will then, if left for more than the 30 days be your new settlement, thus you won't get back the latter payment.

HTH

[Paul52]

Why don't you cancel the direct debit once you've set the delivery date. That way you have control

 

I think you should be getting something in writing with the dealer even if it's "This is what I think should happen - tell me if I'm wrong". Whilst it's tempting to just stop the direct debit payments my concern would be if you do that and the finance company system tries to take a payment it could cause problems, inconvenience and delay and in the worst case even harm your credit score. People having problems with mobile phone and broadband providers etc. are always warned not to simply cancel the direct debit and I would have thought the same is likely to apply here. You have to bear in mind that your dealer and the finance company are separate entities and it's unlikely that one knows what the other is doing.