I traded my octavia in early for a superb recently. Octy was on a pcp, payments taken on 28th of each month. I picked up the new car on 27th Sept and wasn’t surprised that I still made a payment for the Octy the following day, I was advised VW finance would refund me any over payments. I was surprised however to find that they’ve taken another payment today. I’ll be calling them tomorrow but can anyone with previous experience advise how long it usually takes them to settle an account?

Presumably you are relying on the dealer to settle the existing finance? I would contact them and make sure they have done so. I'm not surprised they might delay this a few days as it's £1000s still in the dealers account, but a month is worrying.

 

If they say yes contact VWFS to ask if they have received settlement and if so why they are still taking payments.

It is up to the dealer to settle the outstanding finance on your trade in. If I were you I would contact VW finance to find out is your account has been settled they can provide you with an email to confirm this and will refund any overpayments made. If VW finance say your account has not been settled then its back to where you traded your car in to ask them why after over a month later they have still not settled your finance. Remember your the one with the outstanding finance not the dealer so chase them  to ascertain why then have not paid it off, they legally can't sell your trade in until they clear the finance.

Thanks for the replies, I phoned Skoda Finance after work there, who confirmed that my account has not been settled. So it’ll be interesting to find out 2moro what excuse the dealer has for leaving me out of pocket to the tune of £600 so far! 

35 minutes ago, Corrida15 said:

Thanks for the replies, I phoned Skoda Finance after work there, who confirmed that my account has not been settled. So it’ll be interesting to find out 2moro what excuse the dealer has for leaving me out of pocket to the tune of £600 so far! 

The exact same thing happened to me when I traded my Fabia in. The Skoda dealer forgot to pay the car off... Little worse for me as I canceled the direct debit so I technically defaulted .....

 

Got a free service as a sorry lol

2 minutes ago, daveface said:

The exact same thing happened to me when I traded my Fabia in. The Skoda dealer forgot to pay the car off... Little worse for me as I canceled the direct debit so I technically defaulted .....

 

Got a free service as a sorry lol

 

And maybe a missed payment marker on your credit file for 6 years?

5 minutes ago, xman said:

 

And maybe a missed payment marker on your credit file for 6 years?

Luckily no (or not that I can see) it was removed once the finance was cleared. my credit rating was effected for about a month then returned to what it was previously... 

On 29/10/2018 at 19:44, Corrida15 said:

Thanks for the replies, I phoned Skoda Finance after work there, who confirmed that my account has not been settled. So it’ll be interesting to find out 2moro what excuse the dealer has for leaving me out of pocket to the tune of £600 so far! 

 

Don't panic but you are potentially out of pocket by the entire settlement amount at the moment as that debt is still in your name. Hope the dealer sorts it out quickly.

Edited 31 October, 20187 yr by juan27