Voluntary termination on PCP

[OliR]

Has anyone had any experience of VT on their Skoda finance?

Due to changes in circumstances the car might have to be going  Currently 2 years into the 4 years I have the PCP over.

[matrix2020]

Not Skoda, but I have with VW, Seat and LR, just ask for a settlement and they will send you how much you owe to buy the car.... You can also sell the car (WBAC for example) and they will settle it as long as you have the formal settlement fee in a letter. It should be no big deal if you have money in the car, it only becomes an issues if you have to pay to get out of the PCP, you will know that when you get the settlement fee.

[WesternDuke]

I asked for a settlement figure at a given date, they advised me, I paid and that was that. Really easy.

[themanwithnoaim]

🤔🤔🤔 have either of you 2 read the OP because neither of you has answered it, he wants out not to buy the car.

 

Voluntarily Termination of a PCP (handing the car back) can only be done FOC when >50% of the total invoice value has been paid. Unless you put down a very large deposit in the 1st place you've got some money to pay, best approach is to call Skoda UK Customer Services & explain what's happened & asking them hows best to deal with the on-going charges.

 

Hope it all turns out well for you & your circumstances change in the near future 

[JKW]

I have successfully  VT'd with Skoda Finance in the past without any problems, but as "the man with no name" rightly states, 50% of the total invoice value (includes any deposit you've paid) needs to have been paid to exit FOC. An alternative might be to get the dealer to buy your car & arrange to settle the finance for you ( there's a name for this but I've forgotten it !) - I've also done this (with my last Octy 3), & especially if you've looked after the car as I had, the dealership  were more than happy to accommodate my request, although I did order another from them at the same time.

[SurreyJohn]

As the manwithnoname says you need to be over 50% for free of (extra) charges, but can ask for a settlement figure anytime, you just have to pay whatever the early settlement rules are in your finance agreement.

 

I have only ever heard of a dealer settling when doing a part exchange for newer car, not when selling outright, but if they want the car for stock they might buy it from you.

 

[logiclee]

As others have said with only 2 years paid of a 4 year agreement you would have had to pay a massive deposit to be at 50% of total finance paid.

 

 

[OliR]

Thanks for the replies, I paid a £5500 deposit when I had the car so including this with what I will have paid at the halfway stage and taking onto account the end balloon payment I think I will have paid at least half the car off if my calculations are correct.

As said though I will check the agreement terms and speak to the dealer when I take it in for a service in a couple of weeks and see what they say.

 

Another option I guess is using it against another (cheaper) car depending on what the dealer has?

As the finance is with VW financial services I would have thought you could go to a VW dealership and they would still be able to do a deal?

[matrix2020]

Why not get a settlement fee and see where you sit with your finances? You may find there is money in the car rather than just VT?? WBAC will give a valuation so its really easy to check before you VT.

[penguin17]

15 hours ago, JKW said:

I have successfully  VT'd with Skoda Finance in the past without any problems, but as "the man with no name" rightly states, 50% of the total invoice value (includes any deposit you've paid) needs to have been paid to exit FOC. An alternative might be to get the dealer to buy your car & arrange to settle the finance for you ( there's a name for this but I've forgotten it !) - 

Preferential Voluntary Termination perhaps (?) but that does entail that you take out another VWFS product with the dealer buying the car and settling the finance.  So it could be with anything from the VW group, doesn't have to be a Skoda for a Skoda etc.  

 

Or do you mean just getting the dealer to buy the car and settle the finance and you walk away ?