Has anyone here who's nearing the end of their Yeti PCH contract been offered an extension to their term? If so, can you give me an idea of how much the monthlies change?

Also, has anyone got experience of handing a PCP car back before the end of the term?

 

John

 

14 minutes ago, jst_at_home said:

Also, has anyone got experience of handing a PCP car back before the end of the term?

 

John

 

 

With PCP you have four options usually:

 

• Let it run its term and hand the car back
• Let it run its term. Pay the final figure and own the car
• Trade the car in at any dealer and at any time during the term for another car - what I did with the Nissan for the Yeti
• Voluntary termination - where if you have paid at least 50% of the cars value you can hand it back

The first three are the common options. VT being part of you consumer rights. More here:

 

http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/

 

Cheers

 

S

 

Many thanks.  My wife's Yeti will reach 50% later this year.  As I've recently retired, we don't need it and can use the cash!

 

john 

To answer my own question, as I don't think anyone has posted figures for PCH ( not PCP) extension on here as yet:

 

I had the promised phone call from Skoda Finance a couple of weeks ago to discuss options at the end (late Jan 2018) of my current PCH deal. They don't give you the figures on the phone so I had to wait a couple of weeks for the offers to arrive in the post. They landed on the doormat yesterday.

 

I had been told in a previous phone call that no matter what Skoda offer in the way of longer-term contract extensions, I could extend the current 2 year deal (£124/month for a Yeti L&K 1.4 with a few small options) by a further 3 months simply by calling them and saying that I want to keep the car a while longer. Those 3 months are charged at the same monthly rate. The little gotcha is that I'll immediately cop for the second service by extending the contract, which I'm lead to believe will be around £260. So in effect that option is a 3 month extension for 5 months rental.

 

The first of yesterday's letters (yes - they send them in separate envelopes. Skoda efficiency hasn't reached their mailing department, it seems) offered me 6 months extension of contract @ £122.63 / month - less than the current deal. As above, I'll have to factor in the second service but I must admit, at that price it's a very tempting offer. There is a £60 admin fee to be paid up front. You get 7 days to make up your mind. The letter doesn't say what happens after that if one wants to extend the contract nearer the end of the deal. I assume they send you a revised quote?

 

The second letter offered me 12 months extension of contract @ £254.02 / month. That's more than double the current deal! There is also the same £60 admin fee to be paid up front. Somehow, I don't think I'll be taking them up on that one. What happens in that second six months that runs up such a large bill?

 

Discuss.

Thank you for posting Citigopher.

 

Of those 3 deals, first one (3 months) is ok, but the extra service kills it.  The 6 month is by far the best deal (and probably a lot cheaper than a new deal short term), the expensive 12 month extension is clearly poor value vs a new deal.

 

My thoughts are if you like the L&K, go for 6 months.  Hopefully by summer 2018 a decent alternative (at a reasonable price) will be available.

23 hours ago, Citigopher said:

To answer my own question, as I don't think anyone has posted figures for PCH ( not PCP) extension on here as yet:

 

I had the promised phone call from Skoda Finance a couple of weeks ago to discuss options at the end (late Jan 2018) of my current PCH deal. They don't give you the figures on the phone so I had to wait a couple of weeks for the offers to arrive in the post. They landed on the doormat yesterday.

 

I had been told in a previous phone call that no matter what Skoda offer in the way of longer-term contract extensions, I could extend the current 2 year deal (£124/month for a Yeti L&K 1.4 with a few small options) by a further 3 months simply by calling them and saying that I want to keep the car a while longer. Those 3 months are charged at the same monthly rate. The little gotcha is that I'll immediately cop for the second service by extending the contract, which I'm lead to believe will be around £260. So in effect that option is a 3 month extension for 5 months rental.

 

The first of yesterday's letters (yes - they send them in separate envelopes. Skoda efficiency hasn't reached their mailing department, it seems) offered me 6 months extension of contract @ £122.63 / month - less than the current deal. As above, I'll have to factor in the second service but I must admit, at that price it's a very tempting offer. There is a £60 admin fee to be paid up front. You get 7 days to make up your mind. The letter doesn't say what happens after that if one wants to extend the contract nearer the end of the deal. I assume they send you a revised quote?

 

The second letter offered me 12 months extension of contract @ £254.02 / month. That's more than double the current deal! There is also the same £60 admin fee to be paid up front. Somehow, I don't think I'll be taking them up on that one. What happens in that second six months that runs up such a large bill?

 

Discuss.

Thanks for that info. My current Yeti L&K is also on PCH finishing in January (£133pm 10000miles pa). I'm waiting to hear from Skoda as to what my options will be in January.

I may move over to an Octavia next, and have a test drive booked for this morning.

It looks as if Simpsons can do SE technology on PCH deals even though they do not qualify for any of the discounts offered against other Skodas, I don't think that my local dealer will be able to match their figures.

Interesting drive in the Octavia 1.0 tsi SE dsg this morning.

Very impressed by the dsg, and the 1.0 engine seemed okay, I'll take it out for a 'proper test drive' once it has been registered.

I'm even more confused/unsure of what to do when my PCH deal runs out.

Decisions, decisions ;-)

5 hours ago, DaveLees said:

Interesting drive in the Octavia 1.0 tsi SE dsg this morning.

Very impressed by the dsg, and the 1.0 engine seemed okay, I'll take it out for a 'proper test drive' once it has been registered.

I'm even more confused/unsure of what to do when my PCH deal runs out.

Decisions, decisions ;-)

People who look at the 1 litre option are surely likely to be considering just when a battery vehicle will satisfy their needs?.

They might if they do not want to be in a position to fill the tank put 4 or 5 people in the car and then be able to drive 450 miles without the need to stop and charge the batteries maybe 3 times.

Or even just set off to go someplace without much forward planning or knowledge of places on the route or at the destination.

Just now, Awayoffski said:

They might if they do not want to be in a position to fill the tank put 4 or 5 people in the car and then be able to drive 450 miles without the need to stop and charge the batteries maybe 3 times.

Or even just set off to go someplace without much forward planning or knowledge of places on the route or at the destination.

G'day George 

just planting the seed ))))

Now I'm nearing the end of my contract, I've had a bit more information sent to me by VWFS and this thread seems as good a place as any to post it, to keep all the relevant stuff in one place for anyone that's interested.

 

Although the letter I received is headed Volkswagen Financial Services, it looks very much as though hand back/disposal of the car is managed by BCA and the car goes straight to auction - not a Skoda dealer's forecourt. When I called the number on the letter, it connected to BCA staff. BCA carry out the vehicle inspection immediately prior to collection and they also take the car away.

 

I've decided not to extend the existing contract and I've already bought the replacement so I won't be buying the Yeti either, but out of curiosity I called the helpline to obtain a purchase cost. I won't print the price here, but it was less (a lot less) than I was expecting. The combined sum of the settlement figure and the full outlay I've made for the full term of the PCH is considerably less than the original list price and also a lot less than any discounted price I could have hoped to achieve had I walked into the dealers with a suitcase full of cash in the first place. The settlement figure I was given was valid for that day & 2 weeks thereafter; that was two months before the end of the PCH and with around 1,400 miles still to be put on the car, so the purchase price at the very end of the contract will be even less. If you want to buy yourself a Yeti as a long term ownership proposition (as well as a short-term one, which is what I was after), I can say without a shadow of doubt that this is the way to do it. Whoever it was that posted their recommendation on here to take up a PCH for a Yeti in preference to a PCP on a Fabia, you know what you're on and I'm very grateful to you.

 

Anybody want to buy a well cared-for 2 year old Yeti L&K in almost perfect condition ? Only joking.....

28 minutes ago, Citigopher said:

Now I'm nearing the end of my contract, I've had a bit more information sent to me by VWFS and this thread seems as good a place as any to post it, to keep all the relevant stuff in one place for anyone that's interested.

 

Although the letter I received is headed Volkswagen Financial Services, it looks very much as though hand back/disposal of the car is managed by BCA and the car goes straight to auction - not a Skoda dealer's forecourt. When I called the number on the letter, it connected to BCA staff. BCA carry out the vehicle inspection immediately prior to collection and they also take the car away.

 

I've decided not to extend the existing contract and I've already bought the replacement so I won't be buying the Yeti either, but out of curiosity I called the helpline to obtain a purchase cost. I won't print the price here, but it was less (a lot less) than I was expecting. The combined sum of the settlement figure and the full outlay I've made for the full term of the PCH is considerably less than the original list price and also a lot less than any discounted price I could have hoped to achieve had I walked into the dealers with a suitcase full of cash in the first place. The settlement figure I was given was valid for that day & 2 weeks thereafter; that was two months before the end of the PCH and with around 1,400 miles still to be put on the car, so the purchase price at the very end of the contract will be even less. If you want to buy yourself a Yeti as a long term ownership proposition (as well as a short-term one, which is what I was after), I can say without a shadow of doubt that this is the way to do it. Whoever it was that posted their recommendation on here to take up a PCH for a Yeti in preference to a PCP on a Fabia, you know what you're on and I'm very grateful to you.

 

Anybody want to buy a well cared-for 2 year old Yeti L&K in almost perfect condition ? Only joking.....

After a couple of extended test drives I decided to purchase an Octavia (built this week) on PCH, so my Yeti will be going back next month (hopefully). I've had the letter from BCA re collection and will arrange a date to coincide with picking up the Octavia. I may use the Skoda free 5 day insurance to cover any overlap of having both vehicle.

If you don't mind, how much was the figure that you were quoted re purchasing the car (roughly)?

The five day insurance may be free but the first £1000 of a claim is down to you. I made sure to get my own more sensible insurance in place before collecting the car.

Were you given any figures for extending the existing PCH contract ?

Yes. See my post earlier in this thread (the 5th one down).

2 year old lease/finance/rentals are flooding the second hand market and destroying valuations for the private px new car buyer.

Its a financially wasteful indulgence buying new because the ‘trade’ accepts we are in the ‘white goods’ era.

6 hours ago, Citigopher said:

I've decided not to extend the existing contract and I've already bought the replacement so I won't be buying the Yeti either, but out of curiosity I called the helpline to obtain a purchase cost. I won't print the price here, but it was less (a lot less) than I was expecting. The combined sum of the settlement figure and the full outlay I've made for the full term of the PCH is considerably less than the original list price and also a lot less than any discounted price I could have hoped to achieve had I walked into the dealers with a suitcase full of cash in the first place. The settlement figure I was given was valid for that day & 2 weeks thereafter; that was two months before the end of the PCH and with around 1,400 miles still to be put on the car, so the purchase price at the very end of the contract will be even less. If you want to buy yourself a Yeti as a long term ownership proposition (as well as a short-term one, which is what I was after), I can say without a shadow of doubt that this is the way to do it. Whoever it was that posted their recommendation on here to take up a PCH for a Yeti in preference to a PCP on a Fabia, you know what you're on and I'm very grateful to you.

 

 

Could you give me an idea of the purchase price, its something im considering in 12 mths when my PCH ends, all in inc rental you have already paid what kind of percent discount against buying outright new. I have a monte carlo that had an OTR price of £20800, my PCH total = £3800 over 24 months, im hoping for a settlement of around £10000  = £13800 all in against £21800 outright = saving of 34%, is that realistic

9 hours ago, Citigopher said:

Yes. See my post earlier in this thread (the 5th one down).

Okay seen that, thought there might have been revised figures nearer the end of the lease.  Difficult call as you need to have a  car sorted out for the end of the lease one way or another. 

did the purchase option exclude you the leasee - ie has to be a spouse, relative, friend ? 

Has anybody else had quotes from VWFS recently for extending Yeti leases?

 

Our 2 year £2490 deposit, £159 a month L&K lease is ending at the end of June.

 

I've just had two ridiculous quotes back from VWFS for extending by 6 or 12 months. To extend by 6 months they want £396.30 a month!! To extend by 12 months they want £296.81 a month. Both of these would have a £60 quid processing fee and I'd have to give the car a 2 year service.

 

I had assumed based on other peoples experience in this  and other threads that I'd be looking at continuing at £159 a month or maybe even a few quid a month less.

Edited 8 May, 20188 yr by Nick P

The crazy thing is, factoring int the initial deposit, the car cost £256 a month for the first two years of its life. I don't understand how their financial model works. How can 2 year old car cost 16% more to hire for a year than a brand new one? It's nuts - It's further down its depreciation curve.

Edited 8 May, 20188 yr by Nick P

It suits them to have it to sell. Supply and demand. If the car was less desirable they'd let you have it cheap. They don't have to let you have it at all, your contract is done and they will make money whichever way. 

I guess. I'll get a quote to buy and unless it's very attractive, just get a lease on a Tiguan or whatever else there's a decent deal on at the moment.

3 hours ago, Nick P said:

Has anybody else had quotes from VWFS recently for extending Yeti leases?

 

Our 2 year £2490 deposit, £159 a month L&K lease is ending at the end of June.

 

I've just had two ridiculous quotes back from VWFS for extending by 6 or 12 months. To extend by 6 months they want £396.30 a month!! To extend by 12 months they want £296.81 a month. Both of these would have a £60 quid processing fee and I'd have to give the car a 2 year service.

 

I had assumed based on other peoples experience in this  and other threads that I'd be looking at continuing at £159 a month or maybe even a few quid a month less.

 

There appears to be an upto 3 month unofficial extension at same monthly

An extra 3 months might be possible with VW group new car order number

These seem to be a short term temporary if new car not ready

 

The official 6 and 12 month extensions are at a new rate chosen by VW finance, it’s a take it or leave it offer.

3 minutes ago, Nick P said:

I guess. I'll get a quote to buy and unless it's very attractive, just get a lease on a Tiguan or whatever else there's a decent deal on at the moment.

Elon's inertia is the root cause of your problems Nick!