On 13/03/2019 at 21:22, maffyou said:

Not “at the moment” it’s a credit agreement which falls under strict financial regulations. There is nothing dealers or anyone else can do to stop it as it’s consumer law. 

Not correct. They have to explain the credit agreement. Or at least they have to provide you with the written information, as again this is due to the strict rules set out by the FSA. If there was evidence they had misled over credit agreements there could be heavy penalties imposed on them, to the point they could lose their ability to introduce you to the credit broker. 

Not a loophole, UK law. The only thing they could do is stop selling cars by credit which frankly would destroy the new car market as PCPs make up around 80% of all new car sales (although this is slowly declining). Virtually no one can afford to buy a new car outright. The average price of a C segment car is around £18k compared to the average full time salary of around £27k.

 

 

Sorry, not trying to nitpick but I think clear information is important. 

The loophole which they can close is to either stop offering big discounts (e.g. 3 grand on a Superb) only to PCP customers (and not cash ones), or offer the same discount to both. Until they do this, cash buyers who are "in the know" will take advantage of the PCP discount and then pay the finance off in full. Maybe they don't care if only a small fraction of the ~20% of cash buyers do this -- even if they did they could offer 2.5k off to everyone and not lose any money.

5 hours ago, IanJD said:

The loophole which they can close is to either stop offering big discounts (e.g. 3 grand on a Superb) only to PCP customers (and not cash ones), or offer the same discount to both. Until they do this, cash buyers who are "in the know" will take advantage of the PCP discount and then pay the finance off in full. Maybe they don't care if only a small fraction of the ~20% of cash buyers do this -- even if they did they could offer 2.5k off to everyone and not lose any money.

Unless many more people suddenly start being able to buy cars outright, nothing will change. The reason they can give big “deposit contributions” is because they make up for it in the interest on the finance repayments. Which is why cash buyers don’t get the deposit contribution - they wouldn’t make that money back. 

 

Take a £16k loan with £8k balloon payment over 36 months. At 5.9% interest that’s £282 but at 0% interest it’s only £222. A difference of £60 a month or £2160 over the agreement. 

There are threads on Pistonheads on the same subject.

 

AIUI

 

Cancelling the agreement within the cooling off period means the agreement (including incentives and discounts) never existed and you can be asked to repay the discount or lose the incentives.

 

Settling the agreement early (even after one day) - all discounts and incentives stand.

3 hours ago, IJWS15 said:

There are threads on Pistonheads on the same subject.

 

AIUI

 

Cancelling the agreement within the cooling off period means the agreement (including incentives and discounts) never existed and you can be asked to repay the discount or lose the incentives.

 

Settling the agreement early (even after one day) - all discounts and incentives stand.

Hmmm, sounds wrong to me...how can you 'repay' the discount. THe offer for a car is the offer, surely, they can't just ask for more money unless you are saying you are cancelling and handing the car back.

Edited 19 March, 20197 yr by TonyTonic

On 08/03/2019 at 09:57, CTRob said:

Absolutely nada from the Geneva motor show on the Superb facelift ☹️

I predict they will drop the Superb from the lineup once the larger Octavia in 2020 is in production and focus on SUVs/crossovers/hybrid/electric

7 hours ago, TonyTonic said:

Hmmm, sounds wrong to me...how can you 'repay' the discount. THe offer for a car is the offer, surely, they can't just ask for more money unless you are saying you are cancelling and handing the car back.

Agreed. In fact, cancelling means effectively the agreement never existed so there is nothing to pay - you return the car in as sold condition and no one owes anyone anything. 

I have just done this on a new Citigo 

 

You have 14 days to withdraw from the credit agreement. You then have 30 days to pay off the settlement figure (the balance plus one or more days interest, depending on how fast you phone them to tell them you’d like to withdraw from the agreement). They will tell you the amount on the phone and follow it up with a letter and the BACS account details. You pay it with a bank transfer and then about a week later you receive written confirmation that they have no financial interest in the car. 

You can do this at any point during the term of the agreement. 

8 hours ago, maffyou said:

You can do this at any point during the term of the agreement. 

 

You can certainly settle at any point during an agreement. But settling after the 14 day cooling off period allows the finance company to charge you additional fees or penalties. They can only charge for the interest if in the cooling off period and you do not have to give any reason (I don't know if they can force you to give a reason afterwards!).

1 hour ago, Ivan8192 said:

 

You can certainly settle at any point during an agreement. But settling after the 14 day cooling off period allows the finance company to charge you additional fees or penalties. They can only charge for the interest if in the cooling off period and you do not have to give any reason (I don't know if they can force you to give a reason afterwards!).

Not correct. They have no right to charge any penalties as it’s governed by the Consumer Credit Act. In fact, you should actually get a rebate as your payments are calculated based on the interest charged over the whole loan period. 

 

You are under no obligation to provide a reason for settling early. 

Will somebody please sort this topic out, I don't mind threads going off topic but this has got beyond a joke.

I keep clicking on the title to expect to see a new post on news of the facelift Superb which I am interested in and all I see is a debate on finance agreements, it is very annoying.

Please will someone in charge of this forum move all the finance stuff to it's own new topic.

 

When Skoda announce the MY2020 Skoda Superb there might be a new thread with the title 'MY2020 Skoda Superb'.

They have not made any announcements yet, and when they start wanting to tease they will leak to 'Autocar' and 'Auto Express' will have 'images' as well.

I predict they will drop the Superb from the lineup once the larger Octavia in 2020 is in production and focus on SUVs/crossovers/hybrid/electric muah muah muah muah

21 hours ago, TonyTonic said:

I predict they will drop the Superb from the lineup once the larger Octavia in 2020 is in production and focus on SUVs/crossovers/hybrid/electric

Ahhh yes now that does make sense.. I suppose.. but would be a real shame..  but if you think of the Octy as a 3 series and the superb as a 5. it still makes sense.. and they lead the class pretty much in the big value estate zone..  still be great to know when the new version is to be launched. I wonder how different it will be from the s3....

3 minutes ago, ChristianHoper said:

Ahhh yes now that does make sense.. I suppose.. but would be a real shame..  but if you think of the Octy as a 3 series and the superb as a 5. it still makes sense.. and they lead the class pretty much in the big value estate zone..  still be great to know when the new version is to be launched. I wonder how different it will be from the s3....

THe Superb was launched in 2015 I believe, usually a model has a 7/8 year lifespan and halfway are the facelifts (European manufactureres, Japanese are a bit different). I think you can work out the rest

Edited 20 March, 20197 yr by TonyTonic

Yes I expect it will be mainly cosmetic.. and a few extra toys thrown in to each spec to get some press..

 

Skoda live chat just now say it is anticipated 'mid year', but no launch date confirmed...

Cool thanks.. : )

2 hours ago, philsmith said:

Will somebody please sort this topic out, I don't mind threads going off topic but this has got beyond a joke.

I keep clicking on the title to expect to see a new post on news of the facelift Superb which I am interested in and all I see is a debate on finance agreements, it is very annoying.

Please will someone in charge of this forum move all the finance stuff to it's own new topic.

 

I agree wholeheartedly. I keep coming in expecting to have to correct someone else who’s written something incorrect that has already been cleared up earlier in the thread, and all I see are people repeatedly saying they still know nothing about the Superb facelift 

19 minutes ago, maffyou said:

I agree wholeheartedly. I keep coming in expecting to have to correct someone else who’s written something incorrect that has already been cleared up earlier in the thread, and all I see are people repeatedly saying they still know nothing about the Superb facelift 

 

@john999boy is a mod - maybe he can help 

3 hours ago, TonyTonic said:

I predict they will drop the Superb from the lineup once the larger Octavia in 2020 is in production and focus on SUVs/crossovers/hybrid/electric muah muah muah muah

 

Well the mk4 Octavia does look like a facelifted Superb!!!!

 

No need to predict, read AUTOCAR today on Skoda's plans and the plug in hybrid Superb. 

6 hours ago, pist0nbr0ke said:

 

@john999boy is a mod - maybe he can help 

Yes it would be nice if people stayed on topic but they invariably get excited with the thought of saving some extra dosh as well as getting a shiny new toy! 

I can’t really blame them for that would ask that each topic stays pertinent to the title as it makes finding things a lot easier for future readers. 

56 minutes ago, john999boy said:

Yes it would be nice if people stayed on topic but they invariably get excited with the thought of saving some extra dosh as well as getting a shiny new toy! 

I can’t really blame them for that would ask that each topic stays pertinent to the title as it makes finding things a lot easier for future readers. 

In all seriousness, I do agree with all of this. However it gets tricky when people start posting factually incorrect information, especially when it is something important like financial information/credit agreements, because worse than topics going off piste is people being given bad information, IMHO. 

 

And what’s even more frustrating is when the correct info has been provided (more than once) people still make new posts with incorrect info...

50 minutes ago, maffyou said:

It gets tricky when people start posting factually incorrect information, especially when it is something important like financial information/credit agreements, because worse than topics going off piste is people being given bad information, IMHO.

 

Ha! Welcome to the internet. For what it's worth, don't bet your house on a fact you've learned from the internet. I mean, you can learn how to do a facelift on YouTube!