That's was a waste of time as I thought. Went into Pcp 2 years ago, car was £22,300. Now only worth £11,500 so they couldn't do a good deal since I was in negative equity to the tune of £3,500. They wanted a deposit of £2500 and their £1000 contribution on top so a deposit of £3,500 in total. They payment were going to be approx £460 per month for 42 months. The vrs I was looking at had an otr price of just over 28k. So looks like I am stuffed with this current Pcp I am on. I not even be able to consider a VT route further down the line because I will be with out a car and we only have 1 in the family. Even if I managed to order a new one I would be carless for months.

Edited 9 July, 20169 yr by tigermad

That's was a waste of time as I thought. Went into Pcp 2 years ago, car was £22,300. Now only worth £11,500 so they couldn't do a good deal since I was in negative equity to the tune of £3,500. They wanted a deposit of £2500 and their £1000 contribution on top so a deposit of £3,500 in total. They payment were going to be approx £460 per month for 42 months. The vrs I was looking at had an otr price of just over 28k. So looks like I am stuffed with this current Pcp I am on. I not even be able to consider a VT route further down the line because I will be with out a car and we only have 1 in the family. Even if I managed to order a new one I would be carless for months.

Why not submit for a VT once you have a delivery date for your new one? Then you would have a little bit of overlap, but once you submit for VT you don't pay any further payments.

This is what VWFS have said about it:

Once we have processed that you want to do a Voluntary Termination, we would pass your details on to a company we use called British Car Auction (BCA) who would contact you within 5-7 days to make to appointments with you:

The first one to inspect the vehicle and the second appointment to collect the vehicle, this can take 2-3 weeks.

Why not submit for a VT once you have a delivery date for your new one? Then you would have a little bit of overlap, but once you submit for VT you don't pay any further payments.

This is what VWFS have said about it:

How do I do that. The garage I order the new one with will want the old car won't they?

The car belongs to the finance company, if you submit for VT they have to dispose of it and try to get some of their money back.

It doesn't go back to the dealer, unless that's where VWFS decide to send it once they have taken it off your hands.

You would order the new one from the dealer, without involving a part ex. It may be worth looking at a lease next time, unless you want this mess again.

Also make sure you check the finance paperwork, it will have the 50% figure printed in it. Once this has been paid you can request a VT.

Edited 9 July, 20169 yr by Hollinshead

The car belongs to the finance company, if you submit for VT they have to dispose of it and try to get some of their money back.

It doesn't go back to the dealer, unless that's where VWFS decide to send it once they have taken it off your hands.

You would order the new one from the dealer, without involving a part ex. It may be worth looking at a lease next time, unless you want this mess again.

Also make sure you check the finance paperwork, it will have the 50% figure printed in it. Once this has been paid you can request a VT.

Thanks for the advice. I am still not sure now that would work. I would need to pass a credit check and it will look like I am buying 2 cars at once so will probably fail it.

Looks like I will have to find the money for the deposit somehow. Do I have to pay it when I order or when the car is ready for collection, I can't remember.

Looks like I will have to find the money for the deposit somehow. Do I have to pay it when I order or when the car is ready for collection, I can't remember.

When I ordered mine, it was £500 deposit paid on order placement to the dealer.

When I ordered mine, it was £500 deposit paid on order placement to the dealer.

Thanks. I might be able to get it together when the car is ready. Oh well back to the drawing board.

@tigermad. How much excess mileage have you got?

If your mileage is high or very hard to predict, you might be best avoiding PCP and PCH and just get the cheapest personal loan you can find, then mileage isn't a worry.

Will VWFS deal with a customer again if you VT?

Being without a car isn't a huge issue, rent one for a bit, or buy something for £500 maybe?

@tigermad. How much excess mileage have you got?

If your mileage is high or very hard to predict, you might be best avoiding PCP and PCH and just get the cheapest personal loan you can find, then mileage isn't a worry.

Will VWFS deal with a customer again if you VT?

Being without a car isn't a huge issue, rent one for a bit, or buy something for £500 maybe?

I will be over by about 15k by the end. I'm over by nearly 10k now.

I'm sure they would deal with someone again after a VT. There are many people that have walked out with new cars after handing their other cars back. In fact it's says as part of my agreement that I will be entitled to return the goods after £11,100 has been paid and you will not have to pay any more. It's not even under a header of voluntary termination it just says termination, your rights.

So I will probably just make extra payments if I am allowed so I get to the 11,100 quicker.

I still don't understand how people walk away with a new car though. Until you hand in the old car you are still paying for it so how can they afford credit on a new order at the same time? I am guessing they must have a fantastic credit rating to have 2 expensive cars on finance at the same time.

I don't really want to go down the loan route because I don't ever want to own the car. I am happy with effectively leasing it. If I go the Pcp route again I will give a more correct estimate of my mileage this time.

Just been working out some figures for next year. By July/August next year I will have paid 50%. So I will go into the dealer in June and state that I will be using the termination option that is is clearly in my contract and that I want a new PCP. I will hopefully have a much larger deposit this time too so that will help.

Edited 10 July, 20169 yr by tigermad

Looks like I will have to find the money for the deposit somehow. Do I have to pay it when I order or when the car is ready for collection, I can't remember.

I have just done a 2 year PCH, they did a credit check before processing order, didn't want a deposit but suggested they will only prepare the paperwork and direct debit form and ask for the deposit when they have a VIN number which might be 8 weeks away. Need to make initial payment prior to delivery.

Deposits can often be put on a credit card for no extra fee, so no cost providing card is paid in full. (and you then get protection if supplying dealer goes bust or closes, it does happen, my local Skoda dealer in Isleworth shut suddenly and my local Seat dealer in Hampton Court went bust and closed forever one afternoon).

Edited 10 July, 20169 yr by SurreyJohn

Can you not just ask VWFS for a settlement figure at any time like any finance deal?

Excess mileage is only payable if you hand the car back to them. Just I guess you might get offered less in part ex than the settlement.

You did seem to pay a lot for your Elegance, they're banging them out for £19k now.

Can you not just ask VWFS for a settlement figure at any time like any finance deal?

Excess mileage is only payable if you hand the car back to them. Just I guess you might get offered less in part ex than the settlement.

You did seem to pay a lot for your Elegance, they're banging them out for £19k now.

you can't get a new elegance now so not sure what's 19k

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Edited 10 July, 20169 yr by tigermad

Hi

 

I am nearly ready to change my VRS manual which is on PCP finishes in April-17. Had i look at new vrs and with £1000 deposit from me and my trade in (Approx £11,500) it was £415 a month so no. Can get VW golf GTi for that

 

Then look at a 15 plate white VRS DSG (6,000 miles) which the garage as come up with £800 deposit and £322 per month for 42 months.

 

I am very happy with the car at presant except i would have preferred a DSG  

 

Is worth the change, wait a other 6 months and see whats around then or buy it with a bank loan at 3.4%

 

Milage is very near the agreed mileage 

 

So what to do ???

 

Cheers

you can't get a new elegance now so not sure what's 19k

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Manual Hatch SEL models start at £19k on Broadspeed.com

 

SEL replaced the Elegance.

Manual Hatch SEL models start at £19k on Broadspeed.com

SEL replaced the Elegance.

yes. none of the kit the elegance has as standard is available as standard now. it's all extras that bump the price up considerably. so you are not comparing like for like at all.

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Edited 11 July, 20169 yr by tigermad

Hi

 

I am nearly ready to change my VRS manual which is on PCP finishes in April-17. Had i look at new vrs and with £1000 deposit from me and my trade in (Approx £11,500) it was £415 a month so no. Can get VW golf GTi for that

 

Then look at a 15 plate white VRS DSG (6,000 miles) which the garage as come up with £800 deposit and £322 per month for 42 months.

 

I am very happy with the car at presant except i would have preferred a DSG  

 

Is worth the change, wait a other 6 months and see whats around then or buy it with a bank loan at 3.4%

 

Milage is very near the agreed mileage 

 

So what to do ???

 

Cheers

 

 

That's a whopping £14,324, for a used car!

 

Go for a PCH. Here you are:

 

Brand new vRS hatchback, diesel (184PS), manual with metallic paint, 8,000 miles per year...

 

http://www.parkvehicles.co.uk/skoda-offers/view/1110/Skoda-Octavia-20-TDI-VRS--pound161PM

 

£1,163 deposit, then 23 months at £193 per month so £5,607 over the full 2 year term, or £233.60 per month.

 

A no brainer. DSG if you must have it usually adds approx £20-30 per month.

 

The website says business only, but you just need to add 20% VAT on for personal.

 

Park's is a fronting site for Johnsons VW in Telford so a trusted VAG main dealer.

Edited 11 July, 20169 yr by silver1011

Hi

 

I am nearly ready to change my VRS manual which is on PCP finishes in April-17. Had i look at new vrs and with £1000 deposit from me and my trade in (Approx £11,500) it was £415 a month so no. Can get VW golf GTi for that

 

Then look at a 15 plate white VRS DSG (6,000 miles) which the garage as come up with £800 deposit and £322 per month for 42 months.

 

I am very happy with the car at presant except i would have preferred a DSG  

 

Is worth the change, wait a other 6 months and see whats around then or buy it with a bank loan at 3.4%

 

Milage is very near the agreed mileage 

 

So what to do ???

 

Cheers

 

Some of these Personal Contract Hire deals are very cheap:

 

http://www.carleasespecialoffers.co.uk/personal-lease-cars/skoda/octavia-hatchback/octavia-diesel-hatchback-20-tdi-cr-vrs-5dr-dsg-88381532

 

£265.03 incl VAT rental per month

£795.09 incl VAT initial rental

48 months

I think this is a cheaper option if you want a new car every 3-4 years, no negative equity etc, smaller deposits.

I will probably look at PCH when my pcp has finished.My dealer doesnt seem to do it though.

 

Some of these Personal Contract Hire deals are very cheap:

 

http://www.carleasespecialoffers.co.uk/personal-lease-cars/skoda/octavia-hatchback/octavia-diesel-hatchback-20-tdi-cr-vrs-5dr-dsg-88381532

 

£265.03 incl VAT rental per month

£795.09 incl VAT initial rental

48 months

I think this is a cheaper option if you want a new car every 3-4 years, no negative equity etc, smaller deposits.

 

 

Considering the low mileage i'd call that expensive

Hi 

 

thanks for info 

 

seem PCH is far better than PCP 

 

still Golf GTI or R seem to be calling

 

Cheers 

Take a look at the SEAT Leon Cupra's on PCH.

 

The Golf R is no longer as good a deal as it once was, the SEAT is now flavour of the month.

 

The Golf R hatch (DSG) is currently sitting around £270 per month. 

 

There are deals on the Leon Cupra 290PS manual at around £230 on a 1+23 (5,000 miles, no fees, excess at 7.2p/mile).

There are deals on the Leon Cupra 290PS manual at around £230 on a 1+23 (5,000 miles, no fees, excess at 7.2p/mile).

 

£230 and only 5k miles pa, that's pretty steep!

I lost £18k in depreciation on my last Passat bought new. £11k depreciation lost on our last Fabia bought new.

 

Last PCP deal we did on a 1 series BMW cost £13k over 3 years on a PCP with no equity.

 

So no more for me and I do have the money for a straight purchase.

 

Plenty of cheap PCH deals.

Just ordered two Yeti's on the £2190 deposit and £99 for 23 months incl Road Tax deal. £4467 total cost for two years. There is no cheaper way to buy the vehicle new.

 

Be a little careful with VT. It is not a default or negative on your credit score but is listed. It's very unlikely you will have problems but I do know of people that have VT's BMW's and tried to do another BMW PCP and have been refused. Not sure how VWFS view a VT, especially if you VT a car with large negative equity.

 

Lee

Edited 12 July, 20169 yr by logiclee

£230 and only 5k miles pa, that's pretty steep!

 

For a Leon yes, for a near 300bhp car no.