Superb 2019/MY2020 facelift (again!)

[boydeee]

Just for info, I cleared my finance within 14 days of getting my car. 

Zero hassle. You are perfectly entitled to clear any financial product within the 14 days cooling off period. Job jobbed! 

[Martin201]

I also paid my pcp off in three weeks but I made two payments just to be sure as they said do I want to cancel the pcp, which I did not. So I collected the £4000 deposit contribution, two service (first one already done at 9 months/10000 miles free) at a total of around £90 interest only.

[CTRob]

Spoke to a dealer yesterday. They reckon the FL will be premiered next month at the Geneva motor show and will be available for order end of April/start of May

[Chas51]

On 24/01/2019 at 13:30, boydeee said:

Just for info, I cleared my finance within 14 days of getting my car. 

Zero hassle. You are perfectly entitled to clear any financial product within the 14 days cooling off period. Job jobbed! 

 

^^ ditto above.

 

If you ask the supplying dealer for the PCP T&Cs, they should be able to provide this up front (might be online also).  They are surprisingly clear and there was certainly no reference to any clawback etc. when I signed in Nov.  within any of the documents I had to sign.   Quick search online and lots of people making ref to doing this within the VW group.  The biggest concern I had was transferring the balance via BACS, as that is all on you if you make a mistake.  They don’t accept debit card payment over 15K IIRC.  They will verify receipt however if you phone them afterwards.  Send it CHAPS (fee usually) and it’s immediate. 

 

My guess is that VWFS/VW don’t bother trying to prevent it, as the % of people availing themselves of this is still tiny in the whole scheme of things, so they are still making good profit.

 

 

[Fantantonio]

On 16/02/2019 at 17:33, Chas51 said:

 

^^ ditto above.

 

If you ask the supplying dealer for the PCP T&Cs, they should be able to provide this up front (might be online also).  They are surprisingly clear and there was certainly no reference to any clawback etc. when I signed in Nov.  within any of the documents I had to sign.   Quick search online and lots of people making ref to doing this within the VW group.  The biggest concern I had was transferring the balance via BACS, as that is all on you if you make a mistake.  They don’t accept debit card payment over 15K IIRC.  They will verify receipt however if you phone them afterwards.  Send it CHAPS (fee usually) and it’s immediate. 

 

My guess is that VWFS/VW don’t bother trying to prevent it, as the % of people availing themselves of this is still tiny in the whole scheme of things, so they are still making good profit.

 

 

 

Planning on doing this too, inside the first 14 days. Just to be clear do you ask VW Finance to withdraw from the agreement or settle early?

[SurreyJohn]

7 hours ago, Fantantonio said:

 

Planning on doing this too, inside the first 14 days. Just to be clear do you ask VW Finance to withdraw from the agreement or settle early?

 

You phone up and ask to fully settle (must be done within the 14 day cooling off period), they then tell you how much to pay (including the handful of days interest).

 

Regarding clawing back (loss of perks), I suspect it is a commercial decision not to do it.  If they did would need to go in key facts, and would need to rely on sales agents (dealership staff) explaining it correctly.  Telling a customer of the discount, but failing to add that it is conditional, could get them in all sorts of trouble with finance regulators for misspelling.  So probably safer not to do it.

 

 

 

Edited 18 February, 2019 by SurreyJohn

[Chas51]

14 hours ago, Fantantonio said:

 

Planning on doing this too, inside the first 14 days. Just to be clear do you ask VW Finance to withdraw from the agreement or settle early?

 

'Withdrawl' is the term they use to exit the agreement completely within the 14 days cooling off period.   Ask the dealer for a draft finance agreement which has the T&Cs, relevant clause is 6.  IIRC when you call VWFS there is actually a menu option specifically for this.  

 

Clause 7 relates to 'Early Repayment' which is different and relates to either part or full payment once the finance agreement has started i.e. after the cooling off period.

 

 

[Sagalout]

Just a thought that perhaps someone could confirm. My logic head says that "withdrawal" may mean total withdrawal from the contract and thus include any allowance. Early closure is not withdrawal but using the rights within the relevant credit regs; thus the allowance still stands. Might attract some few pounds of interest accrued but nowhere near the allowance. You can also request a settlement figure on line at any point; details are in the paperwork that you get from VW finance.

[TonyTonic]

On 23/01/2019 at 21:22, IanJD said:

Not saying you didn't check, but are you absolutely sure about that? Did you either confirm it in writing with the dealer or get to read all the contract small print yourself?

 

It sounds unlikely that Skoda UK would just let you walk away with £3000 of their money in your pocket compared to a cash deal (which is effectively what you're getting). The Consumer Credit Directive (CCD) gives you the right to withdraw from any credit agreement and pay off the full amount within 14 days, but since the £3000 "deposit contribution" was paid by Skoda Finance as part of the credit agreement I'd expect that you'd have to pay it back when you withdraw from the agreement.

 

If not it's a great loophole which I'm surprised hasn't been plugged, because you'd think that lots of people would have done it and it would be costing the car companies a fortune...

 

P.S. I know about the test drive bonus, doesn't help me because car has to be delivered by March 31st :-(

Yes 100%

14 day cooling off period, Consumer credit act

And no, not many people do it as they dont have 30K lying around to pay off all of the car (just to clarify you need to pay off the  credit taken and the final baloon payment)

Edited 18 February, 2019 by TonyTonic

[TonyTonic]

On 23/01/2019 at 21:35, StuartH165 said:

Also planning on paying off early. I would suspect the finance actually has to start. So paying it off in the cooling off period wouldn’t count and they’d  want the £3000 back. Make at least a single payment and legally you have taken out the finance so no money back. 

NO the finance STARTS the moment you get the car handed over, and in that the 14 day cooling off period starts. And no they don't get the £3000 back

[boydeee]

2 hours ago, TonyTonic said:

Yes 100%

14 day cooling off period, Consumer credit act

And no, not many people do it as they dont have 30K lying around to pay off all of the car (just to clarify you need to pay off the  credit taken and the final baloon payment)

 

2 hours ago, TonyTonic said:

NO the finance STARTS the moment you get the car handed over, and in that the 14 day cooling off period starts. And no they don't get the £3000 back

100% this

 

I asked for my 'settlement' amount 

Was emailed the amount.

 

I paid that amount off.

 

The money owed obviously did not include the £4000 deposit contribution so it was not paid back. It is essentially a £4000 discount off the rrp. Plus the money off that the supplying dealer gave me. 

 

I kept my 2 free services and the breakdown cover.

 

Perfectly legal. Entirely within your rights to do so. As mentioned by others, not many will do this so it's not exactly taboo or frowned upon! 

[TonyTonic]

8 minutes ago, boydeee said:

 

100% this

 

I asked for my 'settlement' amount 

Was emailed the amount.

 

I paid that amount off.

 

The money owed obviously did not include the £4000 deposit contribution so it was not paid back. It is essentially a £4000 discount off the rrp. Plus the money off that the supplying dealer gave me. 

 

I kept my 2 free services and the breakdown cover.

 

Perfectly legal. Entirely within your rights to do so. As mentioned by others, not many will do this so it's not exactly taboo or frowned upon! 

just to clarify further, your contract is with VW financial services, they paid the dealer the 'amount' the car sold at (including all the discounts and contributions) already, in fact, the dealer has already bought the car on credit (if in stock) way before they made the deal with you so actually the dealer only in effect gets the profit on the car, essentially, the 'sold' price minus the 'dealer purchase price' from Skoda.

Remember, dealers are franchises who purchase stock and get credit from skoda on predicted sales.

P.S. I am not a dealer and have learnt this from others over time, so it may be correct or not , I'm sure some dealer employees have already explained this on the forum

Edited 18 February, 2019 by TonyTonic

[SuperbGlos]

Can I just confirm that I can pay off before or after the 14 day cooling off period? Either way they can't ask for the contribution money back?

[boydeee]

4 minutes ago, SuperbGlos said:

Can I just confirm that I can pay off before or after the 14 day cooling off period? Either way they can't ask for the contribution money back?

WITHIN the 14 days.

 

So, sign docs, collect car. Clock starts ticking from the day you sign it. 

 

If it is after, they can claim more fees from you. It may only be some interest, but I am not 100%. There could be other fees too.

 

They cannot ask for the contribution back 

[TonyTonic]

Just now, boydeee said:

WITHIN the 14 days.

 

So, sign docs, collect car. Clock starts ticking from the day you sign it. 

 

If it is after, they can claim more fees from you. It may only be some interest, but I am not 100%. There could be other fees too.

 

They cannot ask for the contribution back 

yes they can't ask for the contribution back as there was no 'contribution' money exchanged, noone got the money , it's just a tool to make it look like you're getting more money off, they still make a profit on the car regardless, a little more if you pay all the interest during the PCP a little less if not.

[boydeee]

2 minutes ago, TonyTonic said:

yes they can't ask for the contribution back as there was no 'contribution' money exchanged, noone got the money , it's just a tool to make it look like you're getting more money off, they still make a profit on the car regardless, a little more if you pay all the interest during the PCP a little less if not.

100%

 

I think the contribution I had was roughly what I'd have paid in interest if I'd stuck with the pcp. So when I took out a loan to cover most of the car cost, I instantly 'saved' 2.5k in interest 

[maffyou]

On 18/02/2019 at 21:45, SuperbGlos said:

Can I just confirm that I can pay off before or after the 14 day cooling off period? Either way they can't ask for the contribution money back?

You can settle any finance agreement - on anything, not just cars - at any point during your contract period. 

 

You ask for a settlement figure and from the date it’s provided you have 28 days to repay the stated amount. If you don’t repay in this time you would need to request a new settlement figure. 

 

The only charges for doing so would be some interest charges, but you are also due a rebate on some interest/charges already made. Regardless, it will be cheaper than paying the loan in full over the contract period. They cannot ask for a deposit contribution back because that was never anything to do with the credit agreement itself. 

 

The earlier you repay, the cheaper it will be. Paying within the 14 days is cancelling the agreement i.e. as if it had never existed, rather than paying off the debt itself. I think technically you could actually just return the car too and not owe any money within this period (I’m not 100% certain on this and why anyone may want to is beyond me). Either way, the dealer contribution still stands. 

[CTRob]

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

[lukas883]

Yea, im waiting for that too, we have Kamiq, some Vision ID (or whatever name) etc, but nothing about Superb FL :/

[driventodevon]

On 24/01/2019 at 13:44, Martin201 said:

I also paid my pcp off in three weeks but I made two payments just to be sure as they said do I want to cancel the pcp, which I did not. So I collected the £4000 deposit contribution, two service (first one already done at 9 months/10000 miles free) at a total of around £90 interest only.

 

I did this too (with the benefit of a PCP discount/incentive).  Lots of people on forums talk about "cancel within 14 days", which I imagine may be an option, but this is simply "pay the finance off early".  There is no 14-day limit for this, you just contact Skoda Finance for a settlement figure.   

 

Nothing to stop you doing this under a PCP agreement (atm, anyway). Bear in mind:

- Dealers are (understandably) not allowed to suggest/offer it, but should explain it if the customer asks.

- If everyone does it, the opportunity (or loophole?) will presumably be withdrawn or restructured in the future.

- Dealers are monitored for number of early terminations.

- My dealer asked me to pay at least one month's repayment to make his life a bit easier, which I did.

 

 

[Martin201]

My belief was if you made at least one monthly payment it meant the dealer got his PCP commission. 

[CTRob]

2 hours ago, lukas883 said:

Yea, im waiting for that too, we have Kamiq, some Vision ID (or whatever name) etc, but nothing about Superb FL :/

 

Ye man I think it is just you and me on here looking for a firm update to when the FL will be released

[philsmith]

No me too, my lease finishes on June 2nd and I am holding back on ordering a new one until the FL is announced, with a particular interest in looking at the hybrid.

 

While I am here could someone move all the chat about finance from this thread to it's own topic? please.

[CTRob]

39 minutes ago, philsmith said:

No me too, my lease finishes on June 2nd and I am holding back on ordering a new one until the FL is announced, with a particular interest in looking at the hybrid.

 

While I am here could someone move all the chat about finance from this thread to it's own topic? please.

 

Couldn't agree more

[maffyou]

On 11/03/2019 at 10:41, driventodevon said:

Nothing to stop you doing this under a PCP agreement (atm, anyway). Bear in mind:

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. 

Quote

- Dealers are (understandably) not allowed to suggest/offer it, but should explain it if the customer asks.

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. 

Quote

- If everyone does it, the opportunity (or loophole?) will presumably be withdrawn or restructured in the future.

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. 

Edited 13 March, 2019 by maffyou