With my car sitting at Emden, I come to the tricky question of how to pay.

 

When I ordered in May, I paid a deposit, agreed a PX and signed to the finance deal at the time to get the 3 year servicing and £500 deposit. My intention was always to pay the balance on the finance as soon as I got the car, as other had done in another older thread.

 

That finance package has gone and there is now the 0% PCP, but I have already taken the £500 from the previous finance.

 

Can I swap to the 0% PCP or legally do I still have to use the previous package or should I just pay in balance, about £20k.

 

Please can a financial wizard guide me.

 

Last year I ordered a car in one 1/4 at one offer, then took delivery the following 1/4 when a better offer was on, they just adjusted the finance to the newer better offer and that was that, job done, simple, took 5 minutes.

 

In my opinion there is no reason why you cant switch to a better deal if one beocmes available.

There is another way (I think). But i suppose the biggest question will be what is the deal you have negotiated based on? if you have got a large discount because you are a cash buyer, then you will probably lose the discount to get the 0%. But only you know what your deal is.

If you don't want to blow all your stash in one go, and provided that switching your finance deal does not affect the value of the car and or trade in (apart from the £500 dealer contribution) then if you really want to buy the car outright then Skoda were doing a 50/50 deal where you pay 50% now and the remaining 50% over the following two years at 0% interest.

If however you go for the 0% PCP and again the only difference will be the £500, then you will have a number of choices. first will be the deposit of up to 30%. So if your trading in and its worth more than this they will owe you some cash. Any PCP deal will be cheap (especially at 0%) as all you will be paying is (Value of the car (less any discount) less your deposit less the GFV divided by the number of months the PCP is over). Then at the end of the term pay the GFV if that is what you wish to do.

I am in no way a financial advisor and this is just my view on the subject. Any decision you make is entirely your own.

You would not have signed the finance agreement, you only sign this on the day you pick the car up.  I was in exactly the same position as you, I ordered in May on the £500 contribution offer at 6.9% APR (I think) but when I picked the car up in July the 0% offer had started so I qualified to take that offer as the previous offer was no longer available.  This did not affect the price I'd agreed on the car or my p/x figure it just meant I didn't get the £500 towards my deposit.  I was a little lucky because my p/x had outstanding finance and my settlement value had reduced £400 by the payments I'd made while waiting for delivery so this went back into my deposit meaning I nearly got the £500 back.  By going on the 0% offer I saved £53/month which is £1855 over the 35 months (as the 36th payment is the balance if you decide to keep the car). So I think you'll have to go on the 0% PCP as the old offer doesn't exist anymore.

Thanks for all the information. Guess I have some thinking to do

With my car sitting at Emden, I come to the tricky question of how to pay.

 

When I ordered in May, I paid a deposit, agreed a PX and signed to the finance deal at the time to get the 3 year servicing and £500 deposit. My intention was always to pay the balance on the finance as soon as I got the car, as other had done in another older thread.

 

That finance package has gone and there is now the 0% PCP, but I have already taken the £500 from the previous finance.

 

Can I swap to the 0% PCP or legally do I still have to use the previous package or should I just pay in balance, about £20k.

 

Please can a financial wizard guide me.

I was in that position & did the deal on the basis of £500 deposit contribution plus 3 yrs free servicing. The document the dealer provided was only valid for 30 days, but if at the time Skoda Finance agreed your deal they lock that deal until you get the car. I enquired about changing to the 0% deal whilst I was waiting & was told that was not available to me. When my car arrived I went to the dealer & signed up as originally agreed on the original terms.

You have a 14 day cooling off period after signing when you can settle the amount owing & you still keep the incentives. Like others I got that in writing by email & then paid it off. You only pay £1.93 per day interest for each day between signing the finance document & paying it off. You do the maths.