Hi all,

 

I currently have Solutions PCP finance on my Octavia VRS 220 and have been extremely happy with the car. I have a couple years left on the finance and wondered whether anyone has moved to SEAT?

 

I quite like the look and performance of the SEAT Cupra 300 Estate 4Drive and don't fancy waiting 2 years to upgrade, so curious as to whether I could trade-in my Octavia and transfer the finance easily since it's all under the VW Finance group. 

 

Thanks,

 

Chris

You can go and trade your car in anywhere you like. Theyll give you a value they are prepared to give you for the car. If it’s more than you owe the balance can be used as a deposit for your new car. If it’s less, you’ll have to stump up the difference. 

Exactly as above, even if you wanted to chop it in for another Skoda it would be a whole new finance agreement.  So, the dealer would offer you whatever you agree for your car and settle the finance.  If it’s in negative equity the additional cost will be added to your deposit for the new car, if in positive equity, it would go towards your deposit.

Thanks for replying so quick

I take it the same process wouldn't be allowed with a Lease (PCH) agreement with Skoda Finance ? 

1 minute ago, JKW said:

I take it the same process wouldn't be allowed with a Lease (PCH) agreement with Skoda Finance ? 

 

Correct. If you’re 6 months into a 36 month contract you’ll have to stump up the remaining 30 months payment to get out of it.   If you request a settlement figure it may not total the whole 30 months, depending on how it’s calculated. 

1 minute ago, JKW said:

I take it the same process wouldn't be allowed with a Lease (PCH) agreement with Skoda Finance ? 

Yes you can but it's a bit more restrictive than a 'regular' finance/pcp/hp deal.  The dealer would have to be from within the VAG and also be willing to carry out a Preferential Early Termination of your existing lease. 

 

The dealer will request a settlement figure on your behalf; basically what's outstanding on the car, minus the payments you've made so far. The dealer then looks at the p/x value and condition of your car and decides whether or not they wish to buy the vehicle from VWFS.  If there is any shortfall to what VWFS are still owed and the p/x value then it's up to you to pay the difference.   The dealer then takes the car into their used stock and you have a choice of what to do next but I believe you must take out another VAG finance product and you must do it all through the dealer who buys the car. 

 

So it can be done but not all dealers are receptive to doing it and it's a little more restrictive.  

9 minutes ago, SC03OTT said:

 

Correct. If you’re 6 months into a 36 month contract you’ll have to stump up the remaining 30 months payment to get out of it.   If you request a settlement figure it may not total the whole 30 months, depending on how it’s calculated. 

It's usually 60% of the remaining payments in the first 12 months, 50% 12-24 months then 40% in the remaining 12 month (or thereabouts)

 

That's if, the finance/lease company agree to taking the vehicle back. 

Thanks for such prompt & informative replies - I really didn't think PCH deals could possibly be terminated without huge penalties. My problem ? I'm 18 months into my lease, owe about £4,500 in future payments, and although my car is in excellent condition (12k mileage), I did terminate my PCP deal on my other Octy early in order to get the current one. They may not view me as an ideal customer, however, I've certainly been given food for (serious) thought (have my eye on a Superb !).

On 19/02/2018 at 20:05, JKW said:

Thanks for such prompt & informative replies - I really didn't think PCH deals could possibly be terminated without huge penalties. My problem ? I'm 18 months into my lease, owe about £4,500 in future payments, and although my car is in excellent condition (12k mileage), I did terminate my PCP deal on my other Octy early in order to get the current one. They may not view me as an ideal customer, however, I've certainly been given food for (serious) thought (have my eye on a Superb !).

If you’ve made all your payments on time and are prepared to pay a substantial lump sum to get out of your current deal they will see you as a great customer!  It’s whether or not you can do the ‘man maths’ to justify the deal on a Superb.

Update !   On having a decent road test in both a Superb & Koraq, I  (we !) came down in favour of the Koraq, for many & varied reasons. I enquired about Preferential Termination with my dealership, having first got an Early Termination figure on my existing PCH deal with Skoda Finance. They all assured me that there is absolutely no adverse affects on my credit rating whichever course of action I select. With 18 months left on the current agreement, 65% of the remaining balance equalled £2848, the amount I'd need to pay in order to exit on Early Termination (something I have done previously). By striking up a good relationship with my excellent (NOT LOCAL) dealership, they've agreed to buy my car on the Preferential Termination scheme, clearing the finance bill of £2848 for me providing I cough up £800 in total towards it. On top of that, they've given me £230 towards my new order (Koraq Edition) on a new PCH  (a 3/35 deal). I personally believe it's a great offer, even paying the initial 3 months Lease Rental deposit plus the £800, I'm over £1000 better AND off with a new car on order. Obviously the dealers are letting me keep my Octy until I collect the Koraq which will be delivered from Grimsby Docks sometime in June, so I'm pleased to say, it looks like Happy Days ! My thanks for users on this Forum for the information regarding Preferential Terminations - I'd never heard of it before & am grateful for the knowledge gained - no doubt some will say "you should have held out for a better deal" etc, but I'm not greedy and wanted things sorting quickly. I'm happy, the dealership is happy, so what's not to like ? 

Is the Koraq an illegitimate lovechild of a Kodiak and a Karoq? 

It's a newer version with the latest updates, only available around here LOL !!