Well my Mk3 has gone.

 

Was inspected and collected today.

 

The inspection was painless and the guy seemed like a nice fella. Not signed anything but I had nothing to pay, I took a photo from his iPad just in case. Said I would get an email as his printer wasn't working.

I was worried about some stonechips on the bonnet, one of which was quite big. I have applied some paint to at least show I have tried to protect them from getting any worse.

 

My wheels were all pristine with no damage whatsoever, that's something you do get charged for.

 

Hope everyone else who has  VT'd has gone smoothly would be good to hear others experiences

 

 

 

VT'd? 

Voluntary Terminated.

Ok. I'm doing the same with my Qashqai lease in the next couple of weeks. Did it a few years ago and it was fine, no additional charges. 

 

Always wonder about any mechanical damage made by the person collecting on the drive back.... 

This was a PCP. Figured that it wasn't worth keeping til the end so found out about VT. Good point about the drive back tho. Lol. 

I’ve heard who ever your finance was with will take a dim view of you in the future. 

Also a note goes on your credit file. 

 

Thays is what I was told off a car dealer friend 

Hmm. Car dealer. Honesty is their best known trait isn't it? Lol

 

I did my own research. Yes there's an entry that you ended the finance early. Just as there would be if you settled your mortgage early I assume or any other finance. 

 

But. VT is law. Under the consumer credit act. 

If you were to VT every year then I guess it could be frowned upon. But I have next to no mortgage and very little in the way of credit agreements that I would ever end early. I doubt very much that one VT in 30 odd years will cause me any issue whatsoever.

 

  Finance companies hate it. But as I say. It is the law. There's a lot of info on the legal beagles website about it. I suggest anyone considering it has a good read. 

 

 

 

 

Edited 31 January, 20188 yr by Guest
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57 minutes ago, Tim1631 said:

I’ve heard who ever your finance was with will take a dim view of you in the future. 

Also a note goes on your credit file. 

 

Thays is what I was told off a car dealer friend 

 

Is this a legend? Car dealers still have to sell/lease cars. My son VT'd his Leon FR  2 years early as he got a company A4. Resigned after 1 year, took a 67 reg Volvo on lease from Marshalls with no problem at all....oh and then got another job to pay for it. 

Nothing adverse on your credit rating as it just says finance term ended. We’ve done it twice, first time at the suggestion of the Nissan dealer. Wife did it with her Mini in September too, I coloured in the scratches on her black alloys with a sharpie.

Edited 31 January, 20188 yr by KevC_Derby

Don’t shoot the messenger. I’ve never had to VT a car. So no idea. I bet you guys could start an argument with yourselves haha

6 minutes ago, Tim1631 said:

Don’t shoot the messenger. I’ve never had to VT a car. So no idea. I bet you guys could start an argument with yourselves haha

 

Ha ha, no worries. Didn't mean to come across funny. But i find it very difficult to believe most things that any person in sales tells me (no offence to anyone) i like to find out for myself rather than just accepting what I'm told. Maybe thats why i am an engineer too lol. 

 

I don't think everyone realises that it is your right, in law to VT. So in my case, it would have been wait til the end of my current PCP and my car would be worth less than the balloon payment so worthless in terms of trade in. Thats where VT comes in handy, once you have reached the 50% mark in terms of the finance. Some stuff i have read indicated that when just handing the car back at the end of the PCP the inspection is more critical than when you VT, so that was also a factor for me. Plus a nice Mk2 vRS came up that i wanted ;-)

1 hour ago, roblatus said:

Hmm. Car dealer. Honesty is their best known trait isn't it? Lol

 

That made me laugh.

 

Regarding people collecting the car and driving it back - you MUST make sure of some formal agreement of the car's condition BEFORE letting any 3rd party drive it away. Let them check the car over.

 

I don't finance my cars so have no experience there, but when my new Volvo broke down many moons ago, I made sure the recovery driver signed a damage report before setting off. Same when I hire a car - some firms allow you 'quick drop off' - simply park the rental car, hand in the keys at reception and off you go. No way! I insist a representitive comes out with me, checks the car for damage and signs the form to say they've inspected the car. (It's also a good idea to take photos). Same when I collect a car - go over it with a fine-tooth combe and have the agency countersign every piece of damage. Just heard too many horror stories of people taking the blame for something that wasn't their fault. 

39 minutes ago, Tim1631 said:

Don’t shoot the messenger. I’ve never had to VT a car. So no idea. I bet you guys could start an argument with yourselves haha

 

Not shooting the messenger or starting an argument. You suggested a future credit problem. I replied with evidence based on somebody who has VT'd a car. I'll let the other readers decide who's right. 

As I already said, I ended a lease early and it didn't affect my (worryingly large) mortgage application not long after. Never even gave credit score a thought to be honest... 

2 hours ago, roblatus said:

Some stuff i have read indicated that when just handing the car back at the end of the PCP the inspection is more critical than when you VT, so that was also a factor for me. Plus a nice Mk2 vRS came up that i wanted ;-)

Depends what you send back at the end of the PCP & what it makes at auction, my O3 1.4 TSI DSG more than likely made way more than its 9 grand GFV last September. What makes me say that, when it went back it was 7k miles over its limit & the bumpers were extremely bumped & scuffed.

 

Skoda have never asked for a penny because they haven't lost any money

3 hours ago, Tim1631 said:

.......................... I bet you guys could start an argument with yourselves haha

 

On no we bl**dy couldn't.