Picking up a dealer 2nd hand car this weekend. In process of looking a different dealers member of staff advised if buying putting at least £2500 on HP/PCP to qualify for offer of 24mths instead of basic 12 for warranty and breakdown cover and bonus of 2 services in the 24 mths.

When I said it wasn’t worth it for us with finance at almost 9% and interest over £3000 total and would rather pay cash he said if cancel in the 14 day period you’d lose the benefits but if taken out and make the 1st months repayment and then ask finance company for a settlement figure you retain the benefits and they charge no penalty just the interest for the month you’ve had the money pro-rata.

Hard to see why they’d allow that but before wading through small print of 5 emailed documents wondering if it is possible and risk free to go past the 14 day cancellation and wait over a month then seek to clear the finance?

Anyone got any recent experience of this?  Thanks 

Someone can tell you hopefully.  Ask for settlement figure right away I think.  Still keep the benefits. But those that have done it know best.    The salesperson does not want you doing it. 

Thanks, Yeah, the one we’re actually buying off didn’t mention it - have to read the small print and like you say maybe suggest to finance co want a settlement figure cos May have money in a month and see what they say 

Hi. I used to favour buying cars outright but ever since 2015 have always bought my cars on PCP then settled.

 

Don't know about HP rules but if you buy on PCP then just get a settlement figure - you don't even have to speak to anyone these days, it's all done online thru VWFS ( VW financial services ).

 

You've been advised wrong re: the 14 days and the benefits. 14days is the period everyone has by law to cancel an agreement. This is were lots of people get confused. You are NOT cancelling the PCP agreement, (If you cancel an agreement after 14 days there can be harsh penallties), what you're doing is settling it. As for the benefits - it's up to you. Perhaps some folk want to be cautious and wait a month but you can settle an agreement next day and still keep the benefits. And why not? The benefits apply if you purchase the car on PCP, which you have done. You're perfectly entitled to settle so you haven't broken any rules.

 

On my most recent purchase I bought the car on PCP and settled within a few days. What happens is VWFS will charge you a minimum fee ( which in my case was around £27 ) otherwise it's the amount of interest you owe.

 

And that's it. As I say this time round I didn't even need to speak to anyone, just logged in to VWFS website, entered my details, received a settlement figure and paid them. ( can't remember if it was bank transfer or by cheque ).

 

VWFS settlement

 

Quite cool that Bentley and Lamborghini drivers use the same process   Hope that helps.

 

 

 

 

Edited 1 October, 20223 yr by kodiaqsportline

3 minutes ago, kodiaqsportline said:

The benefits apply because you purchase the car on PCP, which you have done.

Edit inline, underscore. Otherwise agreed (and FWIW I've done this myself).

15 hours ago, KenONeill said:

Edit inline, underscore. Otherwise agreed (and FWIW I've done this myself).

 

Edit inline, underscore?  Sorry haven't a clue what you're trying to say.

6 hours ago, kodiaqsportline said:

 

Edit inline, underscore?  Sorry haven't a clue what you're trying to say.

There is an edit in your text (inline) highlighted by underscoring the edit.

Thanks for that advice and the link - it’s reassuring 

7 hours ago, KenONeill said:

There is an edit in your text (inline) highlighted by underscoring the edit.

 

I'm obviously missing a few brain cells tonight because I can't even take an educated guess what you're talking about.  Any chance explaining what the problem is in plain English?

 

There's an edit in my text???  Inline???  highlighted by underscoring the edit???  WTF. 

 

 

Edited 2 October, 20223 yr by kodiaqsportline