26 minutes ago, SUP said:

I can’t see the earlier thread for how to set up an online account to check interest etc, do you have any more info on how to do this?

 

Half way down this thread...

 

 

10 hours ago, Sjh said:

I signed up for pcp 2weeks ago. £400 deposit allowance plus 2 years servicing. I cancelled it within 14days but they have cancelled my 2 year servicing (which did state Not to cancel before 1st payment even tho sales guy said 3mths at least) and are hounding me for £400 back saying it’s in the finance t&c but the finance said that don’t apply as it’s not finance contribution and it’s dowm to the dealership. I have no idea where I stand anymore

This is what we were worried about, although as much of this thread states this shouldn’t be the case.  I hope it gets sorted for you.

13 hours ago, Sjh said:

I signed up for pcp 2weeks ago. £400 deposit allowance plus 2 years servicing. I cancelled it within 14days but they have cancelled my 2 year servicing (which did state Not to cancel before 1st payment even tho sales guy said 3mths at least) and are hounding me for £400 back saying it’s in the finance t&c but the finance said that don’t apply as it’s not finance contribution and it’s dowm to the dealership. I have no idea where I stand anymore

Interesting, would like to hear others views on this.

 

Where does the £400 number come from ? this is unusual as the contribution is £2000(?) plus free serving, I think something is not right here.

Edited 28 March, 20197 yr by TonyTonic

Agreed, this doesn't sound like a Skoda Finance PCP.

 

Some franchised dealers use their own finance houses. Avoid would be my advice.

It's Better for Asia!!!

?

Bought my Kodiaq 2 weeks ago on PCP, with £2000 deposit contribution and 2 free services. Rang Skoda Finance yesterday to cancel PCP and get a final settlement price. This was equivalent to the balance owing plus about £35 to cover interest and the £10 purchase fee. I did not loose the £2000 contribution or the free services. By the way change the 0870 number to 0370 and you'll only pay the cost of a normal call.

How did everyone settle there account in 14days cool off period is it a cheque or do they take it  as direct debit out of your account ? 

1 hour ago, Stirlia said:

How did everyone settle there account in 14days cool off period is it a cheque or do they take it  as direct debit out of your account ? 

 

See silver1011 's response of 4 June 2018 - payment either by direct bank transfer or by cheque by post.

Also

 

you just have to notify them in 14 days

 

I believe you then have a further 28 days to pay

 

 

 

 

Correct, but the sooner you notify them, the less interest you pay, as its calculated daily.

 

I rang Skoda Finance on the day the finance was approved and exercised my right of withdrawal, zero interest charges.

 

We often forget how good Skoda UK are, they're not without their faults, but now having to deal with Mercedes-Benz Finance, if you exercise your right of withdrawal and clear the finance in full, they claw back the financial incentives.

 

Edited 5 May, 20197 yr by silver1011

On 05/05/2019 at 19:42, silver1011 said:

Correct, but the sooner you notify them, the less interest you pay, as its calculated daily.

 

I rang Skoda Finance on the day the finance was approved and exercised my right of withdrawal, zero interest charges.

 

We often forget how good Skoda UK are, they're not without their faults, but now having to deal with Mercedes-Benz Finance, if you exercise your right of withdrawal and clear the finance in full, they claw back the financial incentives.

 

So if Mercedes are 'allowed' to claw them back, Skoda could legally do the same. 

So the question remains, are they legally allowed to ask back for any incentives? What rights do we have?

After reading all the threads about this, it appeared to me that once they sell the car they cannot claw back anything.

Its a grey area, and one that the Financial Conduct Authority aren't overly clear on either, when I spoke to them on it recently.

 

My annoyance was that Mercedes-Benz weren't very clear on their position when buying the car. Had I not asked the right questions I (and others) could well have found themselves requesting a settlement figure only to find out the car / finance was about to get much more expensive. Let's hope that if the likes of Skoda Finance wanted to change their mind, that they are a little more transparent.

 

The key here is to do your homework and ask the right questions before agreeing the deal.

 

Just to note, that Mercedes-Benz let me keep the finance incentives, but rather than clear the finance in full I have to maintain a minimum monthly payment (£25) for 10 months, the idea being Mercedes-Benz Finance still get their chunk of interest payments off me. Again, if you do your homework in advance, you can work out whether it works for your own circumstances or not.

New information! After I called Mercedes-Benz Finance today to partially clear the finance, and leave the minimum amount remaining to ensure I kept the dealer incentives, they advised me that by clearing the finance in full would not affect the finance incentives offered.

 

I'm not happy. Both the dealer and Mercedes-Benz Finance both originally told me that I'd lose the incentives if I exercised my right of withdrawal, or settled in full early, so I didn't.

 

I've opened up a complaint with Mercedes-Benz Finance, as by asking to settle now, I've incurred £158's worth of unnecessary interest charges.

 

So going back to the original point, car finance isn't always as transparent as it should be, but rest assured that by clearing the finance early, the manufacturer or their fiance provider shouldn't be able to take back any finance incentives offered when you signed the deal.

 

Edited 7 May, 20197 yr by silver1011

Hi

 

I am considering exercising my right to withdrawal on my PCP within first 14 days

 

i note that they usually ask for bank transfer or cheque

 

my outstanding balance will be circa £20k

 

i ideally want to clear it in full with a credit card 

 

Will they accept credit card payments do  we know?

 

thanks

 

 

I doubt very much they will accept payment via a credit card as they would be liable to an additional cost / charge for the CC transaction anywhere between 0.75% and 3% of the transaction value depending on the type of card and card issuer

 

They will probably accept a payment by debit card which draws down immediately on your bank with no or minimal fees

 

but normally they want a BACS transfer

 

 

 

Edited 30 May, 20197 yr by SimonAudi

Balance transfer or cheque.

 

It's all already in this thread...