Hi, 

 

I financed part of my car so that I got the additional years used approved warrantY/MOT/service. 

 

Does anyone know how quickly I can pay off the remainder of my balance? The dealer advised 2 payments to ensure the 'admin' is done and the warranty is set up, but I'd like to pay it off ASAP. 

Edited 22 October, 20232 yr by cheezemonkhai

I paid mine off a few days after getting the car. Spoke to a lovely woman at VWFS who advised it would work out cheaper if I "Withdraw from the finance" rather than go down the early settlement route - All paid off by bank transfer later that day

 

I also asked her to check if the servicing, roadside assistance, warranty and MOT package would be affected by paying it off early and she said no, and confirmed that everything was in place.

 

Give them a ring, I found them very helpful and they will keep you right - apparently it happens all the time.

Edited 22 October, 20232 yr by geordiebloke
Spelling

Welcome.

 

The Dealer or the salesperson at the dealership is at it and should be ashamed for telling you what suits them.

Just get the settlement figure and pay it.  

11 hours ago, sophie123 said:

Hi, 

 

I financed part of my car so that I got the additional years used approved warrantY/MOT/service. 

 

Does anyone know how quickly I can pay off the remainder of my balance? The dealer advised 2 payments to ensure the 'admin' is done and the warranty is set up, but I'd like to pay it off ASAP. 

I believe you have 14 days cooling off period by law (but do check with appropriately qualified professionals)

On 22/10/2023 at 17:53, geordiebloke said:

I paid mine off a few days after getting the car. Spoke to a lovely woman at VWFS who advised it would work out cheaper if I "Withdraw from the finance" rather than go down the early settlement route - All paid off by bank transfer later that day

 

I also asked her to check if the servicing, roadside assistance, warranty and MOT package would be affected by paying it off early and she said no, and confirmed that everything was in place.

 

Give them a ring, I found them very helpful and they will keep you right - apparently it happens all the time.

 

I did exactly the same, paid it off within a week back in 2018, painless to do and all servicing etc were still in place. Completely painless. 

 

I'm not sure, but the 2 payments quoted by the dealership may be so they get their commission on the finance 

On 22/10/2023 at 08:28, sophie123 said:

Hi, 

 

I financed part of my car so that I got the additional years used approved warrantY/MOT/service. 

 

Does anyone know how quickly I can pay off the remainder of my balance? The dealer advised 2 payments to ensure the 'admin' is done and the warranty is set up, but I'd like to pay it off ASAP. 

 

Hi Sophie

 

I've written lots about this on the forum - you should easily find it if you search.

 

In short - You'll be able to access your finance agreement online within days of it being setup. Just select 'Skoda' from the login tab and register

 

https://customer.vwfs.co.uk/

 

From then you simply request a settlement figure and pay it off. You'll likely be charged a nominal admin fee of around £30 if the outstanding interest hasn't already covered it.

 

And thats it.  No need to speak to anyone.

 

There are so many people who really don't know how PCP operates - including salepeople.

 

Note: the above is true for any VWFS vehicle ( VW Financial Services ) but not all manufacturers finance schemes work like this. Some include a heafty settlement charge - don't ask, it's along story.

 

On 22/10/2023 at 20:12, cheezemonkhai said:

I believe you have 14 days cooling off period by law (but do check with appropriately qualified professionals)

 

I'm not a qualified professional but FYI any so called 'cooling off period' relates to canceling an agreement.  Sophie does not want to CANCEL her PCP, she want's to SETTLE it.  Cancelling and settling are two completely different entities.  If she cancelled her PCP then she would be liable to pay back any incentives she received. I'm pretty sure she doesn't want to do that

Edited 31 October, 20232 yr by kodiaqsportline

3 hours ago, kodiaqsportline said:

 

Hi Sophie

 

I've written lots about this on the forum - you should easily find it if you search.

 

In short - You'll be able to access your finance agreement online within days of it being setup. Just select 'Skoda' from the login tab and register

 

https://customer.vwfs.co.uk/

 

From then you simply request a settlement figure and pay it off. You'll likely be charged a nominal admin fee of around £30 if the outstanding interest hasn't already covered it.

 

And thats it.  No need to speak to anyone.

 

There are so many people who really don't know how PCP operates - including salepeople.

 

Note: the above is true for any VWFS vehicle ( VW Financial Services ) but not all manufacturers finance schemes work like this. Some include a heafty settlement charge - don't ask, it's along story.

 

 

I'm not a qualified professional but FYI any so called 'cooling off period' relates to canceling an agreement.  Sophie does not want to CANCEL her PCP, she want's to SETTLE it.  Cancelling and settling are two completely different entities.  If she cancelled her PCP then she would be liable to pay back any incentives she received. I'm pretty sure she doesn't want to do that

I’m not certain they can ask for incentives back, as there are rules around incentives to take on debt and they are tightly regulated, hence my asking. As IANAL
 

Also a previous poster states they were told by VWFS to withdraw would be cheaper, so I would suggest asking.

 

VWFS are legally required to answer questions accurately, so the OP could just call them and discuss.

Edited 31 October, 20232 yr by cheezemonkhai