25 minutes ago, vtec to vrs! said:

 

Sorry, probably didn't phrase that quite right.

 

I meant that your right to VT overrules the mileage clause, meaning if you are say 20k over your mileage limit at the point of VT, you are not liable to pay the excess mileage.

 

yes i see what you mean - i have only have  experience with VT with straight HP type agreements and i would expect some scrutiny of the small print in a limited mileage agreement would be well advised. i would guess that if your are 20k over mileage at point of VT there will be a hefty penalty due

35 minutes ago, johnrowley said:

 

yes i see what you mean - i have only have  experience with VT with straight HP type agreements and i would expect some scrutiny of the small print in a limited mileage agreement would be well advised. i would guess that if your are 20k over mileage at point of VT there will be a hefty penalty due

 

No that's my point re mileage on a PCP agreement - the VT clause will overrule that of the mileage, so if your were to exercise your right to VT after you had paid 50% of the total payable, the mileage won't come into it. There are quite a few people on here that have done it without issue.

 

Of course as you say, VT'ing  HP agreement is just straightforward as it's just after the 50% point, but in effect PCP is exactly the same, as it's still a finance agreement with the option to own the car at the end, meaning still has the same VT rights as a consumer that HP will.

 

The only agreement that doesn't is PCH...as I'm sorely about to find out when I change jobs and have to terminate my lease 11 months early!!

2 hours ago, vtec to vrs! said:

 

No that's my point re mileage on a PCP agreement - the VT clause will overrule that of the mileage, so if your were to exercise your right to VT after you had paid 50% of the total payable, the mileage won't come into it. There are quite a few people on here that have done it without issue.

 

Of course as you say, VT'ing  HP agreement is just straightforward as it's just after the 50% point, but in effect PCP is exactly the same, as it's still a finance agreement with the option to own the car at the end, meaning still has the same VT rights as a consumer that HP will.

 

The only agreement that doesn't is PCH...as I'm sorely about to find out when I change jobs and have to terminate my lease 11 months early!!

 

Thats interesting - learn something new every day

Thats why PCPs are sold with as little as 5k miles p.a. John, specifically designed for the financially aware and totally immoral 

37 minutes ago, themanwithnoaim said:

Thats why PCPs are sold with as little as 5k miles p.a. John, specifically designed for the financially aware and totally immoral 

 

And a way of advertising cars with low monthly payments to drive people into showrooms...typically underhand tactics by dealers.

1 hour ago, vtec to vrs! said:

 

And a way of advertising cars with low monthly payments to drive people into showrooms...typically underhand tactics by dealers.

 

My line manager must be on a mailing list of some sort (he has a PCP plan with Nissan) because he's always telling me he's been told of a top of the range <insert posh car here> that is £200 a month over 3 years......my response is always the same: "what deposit do you have to put down and what's your mileage allowance".

 

 

Agreed a great deal on a 2.0l diesel dsg L&K Quartz Grey. Will be swapping over from an Octy iii. Looking forward to trying all the new gadgets out :-). Now the long 13 week wait begins. 

 

 

 

3 hours ago, themanwithnoaim said:

Thats why PCPs are sold with as little as 5k miles p.a. John, specifically designed for the financially aware and totally immoral 

 

Im not sure I've got this right now and I do consider myself to be "financially aware" . I do 40-50k miles per year - are you saying that I could take out a pcp @ 5k per year say over 4 years and send it back after 2 @ maybe 100k ? I would normally hp over 4 and vt at 2 and a bit years 

44 minutes ago, SkodaVRS1963 said:

 

My line manager must be on a mailing list of some sort (he has a PCP plan with Nissan) because he's always telling me he's been told of a top of the range <insert posh car here> that is £200 a month over 3 years......my response is always the same: "what deposit do you have to put down and what's your mileage allowance".

 

 

 

Several thousand quid with several thousand less miles I'd have thought!

10 hours ago, tigermad said:

That sounds good. Im suprised BCA didn't want to collect the car sooner if you started it yesterday. It normally takes less then 2 weeks. Would be good if you could specify when. 

Do the garage know that you are vting your Octavia when you purchased your yeti then? I am hoping to do a similar thing today when I go for a test drive. I just hope my local garage can get me somewhere near he carwow figures for the car. 

Skoda finance said you can specify roughly when you want to hand the car back within 2 to 4 weeks, no sense in being left with no car seeing as I have paid for the Octavia right up until the next payment which would have been due about the 11th of March, so it suits me to make it the 1st of March and it will be much easier for

BCA to pick up the car from the garage in Glasgow than having to come out to where I stay, particularly with the state of the M8 right now, which is just about to be partially closed for months westbound too, the joys of SNP road planning, you really couldn't make it up to simultaneously anihilate the two main motorways in Scotland, there is a certain twisted genius in this approach to transport planning!

 

I had half hoped that the garage might have given me even a small amount on the Octavia, particularly as it was them that sold it to me in the first place but what they were talking about originally was them buying it off of Skoda when I brought the car back to collect the Yeti (but not paying me anything) but then they changed their mind and told me to VT the car, so that was their idea, not mine, speaks volumes for their faith in the residual values of the Octavia...

 

I'm kind of half wondering whether the garage might actually buy the car from the auction themselves but at rather less than I would have been able to via Skoda Finance, should be interesting, so if anyone sees SF63 GZN after March 1st on some dealers forecourt please let me know what they are asking for it!

 

1 hour ago, johnrowley said:

 

Im not sure I've got this right now and I do consider myself to be "financially aware" . I do 40-50k miles per year - are you saying that I could take out a pcp @ 5k per year say over 4 years and send it back after 2 @ maybe 100k ? I would normally hp over 4 and vt at 2 and a bit years 

 

As long as you've paid 50% of the sale price (NOT the amount borrowed, that's an important distinction) then you can VT.

3 minutes ago, AllanDJ said:

I'm kind of half wondering whether the garage might actually buy the car from the auction themselves but at rather less than I would have been able to via Skoda Finance, should be interesting, so if anyone sees SF63 GZN after March 1st on some dealers forecourt please let me know what they are asking for it!

 

 

I googled my reg plate after VT-ing and it eventually surfaced in a Skoda dealership in Rochdale for some ridiculously inflated sale price.

 

After about a month they dropped the price by a grand (still massively overpriced) but it disappeared off of the radar so I guess they sold it to some gullible sort.

 

Checking for the MOT status draws a blank so I guess whoever bought it put a personalised plate on it.

3 hours ago, johnrowley said:

 

Im not sure I've got this right now and I do consider myself to be "financially aware" . I do 40-50k miles per year - are you saying that I could take out a pcp @ 5k per year say over 4 years and send it back after 2 @ maybe 100k ? I would normally hp over 4 and vt at 2 and a bit years 

Yeah thats it John but, unless you throw down a huge deposit you won't get to 50% VT point in 2 years, 3 is more common by which time you'll be between 120 and 150k

7 minutes ago, themanwithnoaim said:

Yeah thats it John but, unless you throw down a huge deposit you won't get to 50% VT point in 2 years, 3 is more common by which time you'll be between 120 and 150k

 

of course as the payments repay  essentially the depreciation and finance cost , not the full value of the new vehicle, so monthly payments are consequently much lower gotcha!

21 minutes ago, themanwithnoaim said:

Yeah thats it John but, unless you throw down a huge deposit you won't get to 50% VT point in 2 years, 3 is more common by which time you'll be between 120 and 150k

That was my problem. Hardly any deposit and only specified 10k when I did more than 15k so haven't even got to 50 percent yet and nearly 3 years in. I didn't realise with Pcp that the amount on credit stays the same but the monthly payment and final vehicle value change depending on what mileage you choose. 

I think what you're both forgetting is the ballon payment which is between 40 and 45% hence, 50%VT point always gonna be near the end of the term

2 hours ago, SkodaVRS1963 said:

 

As long as you've paid 50% of the sale price (NOT the amount borrowed, that's an important distinction) then you can VT.

 

Its 50% of the "total amount payable" on your finance agreement, so it is on the total amount financed.

Edited 11 February, 20179 yr by vtec to vrs!

2 minutes ago, vtec to vrs! said:

 

Its 50% of the "total amount payable" on your finance agreement, so it is on the total amount financed.

Don't think it is. It includes the deposit too as part of it. 

1 minute ago, tigermad said:

Don't think it is. It includes the deposit too as part of it. 

 

Yes, sorry - deposit plus monthlies is total amount payable

1 hour ago, themanwithnoaim said:

I think what you're both forgetting is the ballon payment which is between 40 and 45% hence, 50%VT point always gonna be near the end of the term

 

 

Precisely young man !! 

18 hours ago, johnrowley said:

 

 

Precisely young man !! 

Assume a £25,000 car over 3 years at 0% with a GFV of £11,500.

 

Deposit = £500, 50% reached at 33.23 months

Deposit = £2,500, 50% reached at 32.72 months

Deposit = £5,000, 50% reached at 31.76 months

Deposit = £10,000, 50% deposit reached at 25.71 months

 

So, yes, unless you put down a ridiculously high deposit, you're at the tail end of the agreement before you can VT.

I intend to leave the old car to be picked up by finance company at the dealers when I pick up the new car. If it is there for a week or so I am concerned something might happen to it and I will receive a repair bill from them.  Is it best to be there when they pick it up or just take photos with a newspaper or similar on the day of the pickup? Can they email the condition report to you if you are not there?

 

16 minutes ago, tigermad said:

I intend to leave the old car to be picked up by finance company at the dealers when I pick up the new car. If it is there for a week or so I am concerned something might happen to it and I will receive a repair bill from them.  Is it best to be there when they pick it up or just take photos with a newspaper or similar on the day of the pickup? Can they email the condition report to you if you are not there?

 

I'm planning to do the same thing myself and leave my current car at the dealers when I collect my new car. Only thing to bear in mind is that Skoda insist that you keep up full insurance on your car, until the auction house collect it. So, ideally you would want your old car to be collected very soon after leaving it at the dealers or at least put into a secure compound and not left in the public car park. Whatever happens I will be taking lots of photographs of it when I bring it into the dealers and ideally would wish to be there when they do the inspection assuming that I can arrange for that to happen at the same time.

 

My only other option is to let the car auction collect the car the day before I get my new car from my workplace, so that I can witness the inspection and simply get the bus into Glasgow on March 1st, as the bus station is only a few minutes walk from the garage, might be easier that way, especially with the M8 shut westbound near Glasgow for 10 weeks!

15 hours ago, AllanDJ said:

My only other option is to let the car auction collect the car the day before I get my new car from my workplace

 

I don't think you'll have the option of specifying a collection date; when they phone you, they just say "our next available slot is....".  The guy told me they (BCA) are "snowed under" at the moment!

 

That was actually the only annoying thing about the VT process because it meant I had to take out temporary insurance for a fortnight on the VRS as my Focus ST had already arrived.

56 minutes ago, SkodaVRS1963 said:

 

I don't think you'll have the option of specifying a collection date; when they phone you, they just say "our next available slot is....".  The guy told me they (BCA) are "snowed under" at the moment!

 

That was actually the only annoying thing about the VT process because it meant I had to take out temporary insurance for a fortnight on the VRS as my Focus ST had already arrived.

What do you mean by slot? Not an actual day but a range of days they may collect on?