Evening Folks, as topic header suggests, the dealer has now reneged on their offer! After yesterday's test-drives, my wife and I had decided to opt for a new SE L! Rang the associated dealer earlier today, made the verbal agreement, which, as per agreement over the weeks was my Golf R as p/x (£17.5k), and the balance was to be paid either through pcp finance or cash!? I was abundantly clear over the past 2 weeks that we were still undecided to purchase through one or the other!? The negotiated deal, crystal clear, was Carwow price (VERY good), 1st 2 services free, and a full tank of fuel)! I'd said multiple times, and especially in recent calls, that I was edging towards paying balance with cash.. (still with a '?')

Anyway, 1st call today, ran over above deal, ALL still affirmative, so next stage was selfie with me holding my full licence (odd but I'm going with it lol), but next call 15 minutes later,  'sorry I've made a school-boy error, the 2 free services were only if you took out pcp!'

Anyway, bit of a stale-mate as we speak, grrr!! Has anyone 'recently' paid by pcp and then withdraw from the contract within a couple of days? If so, did you keep any associated offers like free servicing for 1/2/3 years?

This has hit us like a proverbial spanner as you can imagine, so just interested plse to know how Skoda treats withdrawals so soon after signing!?

Thanks in advance as we are very keen to proceed ASAP..

As far as I know all the offers associated with a PCP are valid even if you pay the balance off days after taking delivery.

16 minutes ago, john999boy said:

As far as I know all the offers associated with a PCP are valid even if you pay the balance off days after taking delivery.

Cheers, yes, that's what I've read, although wasn't sure if rules changed over past 12 months for example..

Yes, if it is VW Group finance, can be paid off keeping freebies

You don’t pay it off at dealership, you ring the finance Co

 

Give them a day or 2 for paperwork to be logged, then call before day 14 for full settlement amount.  You will pay few days interest.  If you leave it more than 14 days (after cooling off period) then you are also subject to any early settlement charges as per loan agreement.

 

I think you can pay by debit card on the call, or by bank transfer within few days  (but remember you will have maximum amount limits for both, depending on your bank).  You will also need to cancel direct debit at your bank.

For clarity, you use term withdraw immediately, but you need everything to set up, hence the day or 2 (not 1 minute after signing agreement)

 

Ultimately VW Finance then pays for the services, using the interest you are paying, but as only few pounds, they must get other customers to subsidise your few days of PCP.  They seem to rely on not many choosing to repay during cooling off period.

 

 

Edited 7 December, 20205 yr by SurreyJohn

Takes some time before they respond and slow to confirm once paid, but I cleared my agreement before first payment was due at end of the first 3 months which was free at the time.

You need their letter confirming they have no further interest in the car for legal proof of ownership.

I paid off my PCP 4 days after taking delivery of my Karoq.  

I took out the PCP specifically to qualify for a £1500 deposit contribution and 2 free services with the intention of paying it off straight away. 

4 days later I rang VW finance and asked for a settlement figure. They emailed it with their bank details and I paid it, it was as simple as that. 

They send you a letter that says they no longer have a financial interest in your car and you get to keep all the freebies! 

Yes, I paid my PCP on the day of signing the contract. I rang up VW finance and told them I wanted to withdraw from the finance agreement. They were very friendly and didn’t question it and I kept the free service. You have a statutory 14 days to withdraw. You only ask for a settlement if you go past the14 days and then enter into a contract. 
 

Search Right of Withdrawl karoq. See here https://www.briskoda.net/forums/topic/478306-pcp-cancelling-early/

 

👍

Cheers All!! Eventful day by all accounts!! After yesterday's debacle, salesman came back to me today and declared his Carwow quotation had in fact now expired, and new price (by Skoda) was c£350 more!! Twice in 24hrs he's screwed me over, and royally!!!!

I knew Skoda were increasing their prices on new vehicles early December, but the way I took it was for new build only, ie. didn't include stock already built vehicles!!

On 07/12/2020 at 07:37, SurreyJohn said:

Yes, if it is VW Group finance, can be paid off keeping freebies

You don’t pay it off at dealership, you ring the finance Co

 

Give them a day or 2 for paperwork to be logged, then call before day 14 for full settlement amount.  You will pay few days interest.  If you leave it more than 14 days (after cooling off period) then you are also subject to any early settlement charges as per loan agreement.

 

I think you can pay by debit card on the call, or by bank transfer within few days  (but remember you will have maximum amount limits for both, depending on your bank).  You will also need to cancel direct debit at your bank.

For clarity, you use term withdraw immediately, but you need everything to set up, hence the day or 2 (not 1 minute after signing agreement)

 

Ultimately VW Finance then pays for the services, using the interest you are paying, but as only few pounds, they must get other customers to subsidise your few days of PCP.  They seem to rely on not many choosing to repay during cooling off period.

 

 

 

"then call before day 14 for full settlement amount.  You will pay few days interest.  If you leave it more than 14 days (after cooling off period) then you are also subject to any early settlement charges as per loan agreement.

 

A common misconception - I really wish people would stop saying these things when discussing PCP settlements.  The next person who talks about a 14 day cooling off period and 'early settlement charges', simply ask the responder what those settlement charges are - and wait for tumbleweed to roll past.

 

Cooling off periods and charges apply to people who are terminating or cancelling their finance agreement - that's not what's happening here, the agreement is being 'settled'. You could settle after 13 days or after 15 days - makes no difference.

 

Once you're given a settlement figure, you are then given what I believe to be 28days ( it may be a month, dunno, but mine was 28days ) to settle the amount. That period will be interest free.

 

"You will also need to cancel direct debit at your bank."  Nooooooo !!!!!   Whatever you do, don't cancel the DD.   What happens is VWFS will collect payments on the agreed date until such time as they have the full settlement. As SurreyJohn correctly points out, that could take a few days depending on the withdrawal limitations or how you send monies from your own bank account.  If any monthly payment has been taken by VWFS in the meantime, those monies will be refunded to you.  VWFS will confirm in writing when the agreement has been settled - it typically takes up to 10 days working days.  VWFS will put a hold on the DD, there's no need to cancel.  The problem with cancelling is that if VWFS try to access the monthly payment and it's refused, it may be seen as defaulting on a payment and that's something you don't want against your name, especially if you intend on taking out future finance.  If you do want to cancel the DD, at least wait until you've received written proof the finance has been settled.

 

Gingola10 - They send you a letter that says they no longer have a financial interest in your car and you get to keep all the freebies!

 

There's nothing free about it - you've paid £159 for goods. 

 

PS - theres no need to speak to VWFS for the settlement figure - you can do this at anytime by registering with VWFS and managing your account online

 

Hope that clears things up. if it doesn't then argue amongst yourselves because I'm sick of reading misleading information.

 

 

Edited 8 December, 20205 yr by Guest

I wasn’t very clear about the direct debit, you shouldn’t prevent a draw unless it is already fully paid off.

 

Of course if there is a timing overlap, and payment goes out in error after being settled, you will get the funds back.  I believe any direct debit refused when there is nothing owing cannot go on a credit score (but wouldn’t put it past some automatic system to flag it)

 

You still need to close the direct debit (even if nothing is being drawn off it), otherwise your bank may still be showing it as open (active).  Perhaps a termination is now sent to your bank, but I have found debit debits in the past that are still active on my bank account even when last draw was 18 months ago.  

17 hours ago, gigolo456 said:

Cheers All!! Eventful day by all accounts!! After yesterday's debacle, salesman came back to me today and declared his Carwow quotation had in fact now expired, and new price (by Skoda) was c£350 more!! Twice in 24hrs he's screwed me over, and royally!!!!

I knew Skoda were increasing their prices on new vehicles early December, but the way I took it was for new build only, ie. didn't include stock already built vehicles!!

That works out to about the price of 2 services. 

I'm surprised that in the present climate they are willing to lose sales like this! 

 

My dealer was a right pain to contact while my order was being processed, and far too willing to bull**** me with 'facts' that proved to be incorrect, but didn't mess around with me financially. 

 

Back in June, I asked if the MY21 Karoqs would have Area View as an option like the Tiguan, Kodiaq and Ateca, and was assured they wouldn't. But the Sales Manager agreed to find out what they MY21 changes were. I ordered anyway, and a few weeks later found out that Area View WAS now included as an option for MY21. So I told my dealer I wanted it added to my order (he still didn't know it was coming!). When I could reconfigure it, I deleted another option I'd had on my order, resulting in price increase of £350 or so. Time passed, and when I finally collected my car in November, I still hadn't had a revised balance from the dealer, and was pleasantly surprised to find they were not going to hold to our originally agreed price. back in June and without Area View! 

 

But they still insisted that they didn't need to see my driving licence to validate the Connect app, when they do!

 

Chris

Cutting a long story short, I've gone with another local Skoda dealer who I'd had previous comms with!! 

Its a total cash deal, well p/x and cash i mean!! Still getting 1st 2 services thrown in, but paying a mere £20 more than revised offer from original sheisters!!!

However, I'm happy paying that extra 20 quid tbh, no messing around with endless finance forms, selfies etc lol, and probably only a few quid in it when you consider fees etc!!

Should be with me either later this month, or early Jan..

Don't f*ck with me lol!!!

Disgraceful that your original dealer has increased their price.  I would have said just walk away but you have already done that.  Good on you.  Maybe someday, dealers will learn that the customer is king but it will be a long time coming.  Like many other businesses, it seems to me that sellers don't want to deal with customers properly these days.  That's fine but they will pay the price.

16 minutes ago, nbramwel said:

Disgraceful that your original dealer has increased their price.  I would have said just walk away but you have already done that.  Good on you.  Maybe someday, dealers will learn that the customer is king but it will be a long time coming.  Like many other businesses, it seems to me that sellers don't want to deal with customers properly these days.  That's fine but they will pay the price.

The other side of the coin is, who'd want to be a dealer? Imagine having to barter regularly with Carwow-price toting knockdown merchants, some of whom squeeze every freebie and last drop of profit from the dealership and then don't patronise your business,  only turning up for help when the car has a fault 6 months out of warranty. There's a fair balance on each side and the dealer needs to make some profit, to keep staff employed and the lights on in the mandated glossy saleroom. I imagine anybody who reads this and runs a business, employing staff, will draw similar conclusions. Of course we can always buy cars online but then again, where would many of the tyre kickers and test pilots (who have no intention of buying from that dealership) actually go? 

Shall I get the violin out lol!? The world we live in I'm afraid..

17 minutes ago, gigolo456 said:

Shall I get the violin out lol!? The world we live in I'm afraid..

No violin needed.  Yes it's the blame somebody else, something for nothing unethical and dishonest world. Thankfully there are still people out there who are prepared to run dealerships. 

47 minutes ago, Redboy said:

No violin needed.  Yes it's the blame somebody else, something for nothing unethical and dishonest world. Thankfully there are still people out there who are prepared to run dealerships. 

Are you suggesting that in this day and age that we (the hard-working consumer) shouldn't use the likes of Carwow, and come forearmed with facts and figures??

One would hope that dealers actually expect it...

I bought my last yeti via car wow quote from Doncaster.

Salesman said he had to sell to me at that price, but could have done a better deal if I had gone in directly to him?

If I did it again I would get the quote in my wife’s name then try for a better deal for me.

5 minutes ago, kenfowler3966 said:

I bought my last yeti via car wow quote from Doncaster.

Salesman said he had to sell to me at that price, but could have done a better deal if I had gone in directly to him?

If I did it again I would get the quote in my wife’s name then try for a better deal for me.

I guess though that Carwow (or similar) is best place to start at! Then you have a figure to work from, and up to you what further bargaining you do!? Thing is the dealer i was originally going to purchase through came up as cheapest on EVERY quotation I asked for, and by some margin! And coincidentally they were also the closest lol!!

We had a gentleman's verbal agreement, and he then came back with, and I quote, 'I've made a school-boy error,  sorry '!!

Just so happened that another local dealer was willing to match original, AND balance in cash from p/x...

Swings and roundabouts though, because car is not coming until beginning of Jan now, so I'm not getting as much for p/x, what a bloody tangled web lol!!!

They won't bargain further as contravenes their agreement with Carwow, hence get the carwow quote in anothers name, and then negotiate as the final deal can't be related back to the carwow quote and thus be breaking their contract.

 

If you think about it they are paying carwow a commision and if they do a deal with you direct after they have quoted to you via carwow, they are effectively trying to sidestep their commision to carwow and use the saving in commision to sweeten the deal.