I am planning to buy a new Kodiaq on PCP finance as Skoda are offering £2,500 deposit contribution. I intent to withdraw within the 14 days cooling off period. 

 

When does this 14 days cooling off period start? Is it from when you place the order on the car or from the day you collect your car? 

 

Could anyone who has done this before share their experience please?

I think you'll find that it's when you collect the car and do the final paperwork for it. 

There's a few other threads on Briskoda about doing a similar thing.

Search for "Right of Withdrawal".

 

I did it, the 14 days starts from the point at which the finance starts, so either before you collect the car (if you sign the paperwork electronically online), or the day of collection, if you sign for the car at the dealer prior to driving home.

 

Interest is still accrued daily throughout the 14 day cooling off period, so the sooner you ring Skoda Finance and ask to withdraw the better. I did it the day after I signed the paperwork online (it took a day to appear on their system) and paid £0.00 interest.

 

You don't have to clear the balance straight away or within the 14 days, you only have to tell them of your intent to withdraw from the finance, you then get 30 days to pay off the amount owed...

 

 

I've no doubt some manufacturers will start clamping down on this in the future.

 

Mercedes-Benz made me sign some paperwork to say that if I withdrew from the finance I would lose the manufacturer / dealer provided incentives. That was a year ago and I finally got confirmation last week that Mercedes-Benz will reinstate the incentives!

 

It's all about playing the game.

The above advice is spot on - there is no catch!

 

 I did it last year to get a £3k deposit contribution in the summer SUV event against my new Kodiaq.  Taking the PCP even got me the £159 deal for the first two services. I phoned Skoda Finance the day after collecting the car and got the settlement figure which included about £3.40 of interest. I was given 30 days to pay the settlement figure.

Thanks guys. Very helpful! 

 

Decided to go with PCP finance for the £2.5k deposit contribution. 

Don't forget to check out the discounted servicing packages too.