PCP and the £2000 incentive - early repayment

[Sargan]

Interesting ... is this 14 day period from date of finance ... or date finance deal starts?

 

Asking in terms of having signed PCP agreement ... car is due to take 10 weeks to arrive ... so does cooling off period start day you get the car ... or day you place order.

Obviously with latter you don’t start monthly payments until car is handed over.

[Karman]

If I remember, and I may be wrong I signed the agreement later and after they shown me the t&cs on the screen which was before he printed the agreement to be signed, (I have to go the dealers soon for my karoq to view and sign the finance before they pdi it). I then got a  pack from VAG a week later. So I assume the finance at the moment is agreed in principle only, because I could have cancelled if I wanted. Otherwise I would have to start monthly payments before the car was built.

Edited 1 April, 2018 by Karman

[silver1011]

I've paid a £500 deposit to initiate the build.

 

I won't be signing any finance paperwork until I see the car.

[Yogi-Bear]

I signed the paperwork the day I collected the car. But in any case, the 14 days starts when you collect the car so it doesn’t matter when you sign the forms.

[aimlisted]

On ‎02‎/‎04‎/‎2018 at 12:49, WiggosSideburns said:

I signed the paperwork the day I collected the car. But in any case, the 14 days starts when you collect the car so it doesn’t matter when you sign the forms.

no its from when you sign the papers. just paid mine off today on day thirteen and picked up my car 3 days ago.

[Sargan]

That would mean anyone who orders a new car could never do this ... always a lead time in weeks not 14 days ?

[zamitaka]

31 minutes ago, aimlisted said:

no its from when you sign the papers. just paid mine off today on day thirteen and picked up my car 3 days ago.

Thank you very much everyone for information!!

 

Aimlisted, did you pay any interested for the 13 days as others have said?

[aimlisted]

9 minutes ago, zamitaka said:

Thank you very much everyone for information!!

 

Aimlisted, did you pay any interested for the 13 days as others have said?

yep was daily interest which was about £20

[aimlisted]

39 minutes ago, Sargan said:

That would mean anyone who orders a new car could never do this ... always a lead time in weeks not 14 days ?

you dont sign the finance until you are about to pick up the car.

[Sargan]

OK ... but you do sign contract in advance and place a deposit - to get them to order car.

Maybe that does not equate to PCP finance start 

[aimlisted]

3 hours ago, Sargan said:

OK ... but you do sign contract in advance and place a deposit - to get them to order car.

Maybe that does not equate to PCP finance start 

That has nothing to do with the finance, it’s just for the order

[Sargan]

The order I have which is when I paid deposit does state all of the PCP details, total ammount, monthly payments etc,  

That is what I signed.

[Defenderben]

Sargan.......it does not matter; the finance starts when the finance company release the funds to the dealership, which is the day you collect your car.

 

I signed all my paperwork a couple of days before I collected my car, the daily interest started from my collection day the same as it did on my previous 2 cars.

 

You really do seem to question everyone, even those that have done this several times????

 

Relax, sit back wait for your dealership to call you to collect your new car and simply pay off the outstanding monies (the bit the finance company have paid) the next day and move on 

 

No one is taking anything back the finance company are only interested in the amount they have financed!

Edited 3 April, 2018 by Defenderben

[Sargan]

Sorry my questioning was out of order.

 

Edited 3 April, 2018 by Sargan

[Karman]

It’s signed when you order your vehicle in principle to make sure they except you for finance and you agree at that rate of monthly payment etc, and then you sign the final agreement when you collect the car or in my case a couple of days before.

Edited 3 April, 2018 by Karman

[silver1011]

Signed the paperwork this morning, (all done electronically online, no need to visit the dealer), and expressed a request for my right of withdrawal over the phone straight after.

 

Zero interest to pay...

 

[T17]

I wanted to provide some input to the 'right of withdrawal' option, please note that this is only available to individuals that are looking to buy the vehicle for themselves and not through a company! I happened to do so through the company but the Finance company decided to charge me a years interest (or thereabouts) upfront because purchasing through the company is not protected by the same rights.  In my situation, as I could've technically gone for either option and was provided incorrect advice (due to this being a rarity and an unknown) the dealership paid the difference (approx £750) as VW Finance refused to make any concessions at all.

 

Hope it helps someone next time who may want to exercise this right and purchase the vehicle through their company.

[Yogi-Bear]

3 hours ago, T17 said:

please note that this is only available to individuals that are looking to buy the vehicle for themselves and not through a company!

 

I thought the whole finance deal was only available to individuals - and companies got different deals (usually on the SE Technology)? Surprised you got the £2000 deposit allowance at all.

[Kenny R]

The P in PCP is for personal, I too don’t understand how a company got a pcp deal. Businesses get totally different agreements, business lease and contract hire etc.

Edited 5 June, 2018 by Kenny R

[silver1011]

There is no mention of a PCP in his post? All we know is that the right of withdrawal appears to be applicable to personal finance agreements only.

 

I'm assuming Skoda UK might well offer financial incentives to business users that we don't get visibility of?

[Kenny R]

Skoda businesses deals here...

http://www.skoda.co.uk/finance-and-offers/finance-explained/contract-hire

[silver1011]

I'm sure they'll be some deals for those business users buying multiple vehicles that we might not be privy too.

 

Either way, it appears the right of withdrawal doesn't apply.

[Yogi-Bear]

44 minutes ago, silver1011 said:

There is no mention of a PCP in his post?

 

No, but this is a thread about PCP and the £2,000 deposit allowance, and settling early.

 

Posting something about not being able to do it when bought through a business makes sense, as long as he's still talking about PCP + keeping the £2,000 allowance. If he's talking about not being able to settle a business finance deal early, then quite frankly he's posting in the wrong topic, or needs to add more context / information to the post.

 

Yes, consumer protection and rights do not apply to businesses. I would have thought that was obvious, personally.

[silver1011]

Whilst the post initially focused on PCP's it has more recently discussed the right of withdrawal, so in this contect remains valid, especially when specific references between individuals and businesses were made clear.

 

Creating seperate threads each time a conversation changes direction could quickly get tiresome.

 

It should also be considered that what is obvious to one person may not be to others, if it is obvious to you then skip that particular post.

 

It wasn't obvious to me that the right of withdrawal falls under consumer protection and therefore isn't available to business users, so in that context the post was useful to me.

 

Anyway, that's at least another 7 posts that others will need to scroll past 

[T17]

Sorry all for any confusion, I had opted to take out the finance and hence become eligible for the £2,000 allowance, how the dealer had set about the paperwork I'm not entirely sure but he himself seemed a little puzzled as he mentioned it looked different.  In all honesty I'm not sure about the contractuals as don't have them to hand but the dealer and I were of the same understanding which was that I was eligible for the PCP Finance which had been accepted along with the £2k towards the car.  It may have been set out as a PCP and then changed somehow to be more business centric which then caused the issue.  But either way I discovered settling the Finance as a Business customer does not exclude you from saving on interest payments.