Page 2 of 3

Re: Withdrawing from VW Finance

Posted: Tue Jun 11, 2019 5:59 pm
by DanJ-UK
VW will send you a letter confirming payment options.
I transferred the money via 2 separate bank transfers.

I signed up to PCP to get the additional 2k discount and withdrew after collecting the car.
Just remember you can only withdraw from the finance agreement within the first 14 days of its start date, the start date is usually the day you collect the vehicle and not the day you sign up. (VW finance can confirm this when you speak to them).

After 14 days, you can still settle up, but the settlement figure will be front loaded with something like 50 days interest, plus any interest incurred up to that point.

I withdrew 10 days after the start date and was charged around £30 interest (it’s was around £3 per day).

This didn’t impact my VW PCP 2k contribution or my 2 year service plan.

After confirming that you are withdrawing from the agreement, they will freeze the interest and send you a settlement letter, you will then need to settle up with in 30 days from withdrawal.

After confirming with VW that you want to withdraw, there’s no going back and you will need to settle the outstanding balance with in 30 days.

All this info was provided to me by VW finance when I spoke to them over the phone last week, they were super helpful and had no issues with supporting the process.

Hope that helps.

Re: Withdrawing from VW Finance

Posted: Tue Jun 11, 2019 8:47 pm
by Rory
dinky77 wrote:
Tue Jun 11, 2019 11:53 am
My new Tiguan is being delivered to me tomorrow. I signed the finance agreement electronically on the 30th May. I only took the finance option to get the £2k contribution and I have yet to pay the advance payment (£5k)

It states on the agreement 'You will have 14 days beginning with the day after the date of the credit Agreement to notify us that you want to withdraw'. I'm guessing I can withdraw from the finance before receiving the car?
I went through this with our Tiguan and it was "suggested" that although the 14 days is legally from the date you sign, in practice they go off the date you collect the car as that's the date the agreement starts.

I was dubious that's correct and I never managed to get confirmation either way.

In the end I delayed signing until a couple of days before collection so it wasn't an issue. I waited a few days to make sure the car was OK before Withdrawing.

Re: Withdrawing from VW Finance

Posted: Tue Jun 11, 2019 9:20 pm
by PanMan
In my case the interest was calculated from signature date, which was the day before collection. Although I 'withdrew' the afternoon of collecting the car I was still charged two day's interest.

Re: Withdrawing from VW Finance

Posted: Wed Jun 12, 2019 6:44 am
by happymal
PokeItWithAStick wrote:
Tue Jun 11, 2019 2:01 pm
JK-VWTiguanR wrote:
Tue Jun 11, 2019 12:14 pm
You may be able to withdraw but they may withdraw the 2K contribution as well to to be warned.
I was informed the deposit is not affected if you withdraw at any point from the finance deal. There's nothing I can see in the small print which allows provision for a reversal of the £2k discount

The £2000 is a contribution from VW finance towards the deposit NOT a discount.

Re: Withdrawing from VW Finance

Posted: Wed Jun 12, 2019 7:30 am
by xtrailman
dinky77 wrote:
Tue Jun 11, 2019 12:21 pm
Cheers for the advice
I waited until the next day then withdrew it cost around £5 (under) to cancel, they prefer a one off final payment.

Re: Withdrawing from VW Finance

Posted: Wed Jun 12, 2019 11:00 am
by Papalazarou
I just digitally signed my finance agreement today. You can adjust the date of the signature, so I dated it the day I pick up the car, i.e. Friday 14th.

Re: Withdrawing from VW Finance

Posted: Wed Jun 12, 2019 3:48 pm
by Rory
PanMan wrote:
Tue Jun 11, 2019 9:20 pm
In my case the interest was calculated from signature date, which was the day before collection. Although I 'withdrew' the afternoon of collecting the car I was still charged two day's interest.
I'd never thought of looking at that before!

Just pulled the docs out - signed 29th Aug, picked up 2nd Sept, although it was originally intended to collect it on the 1st so it could be everthing was dated 1st. Withdrew on the 8th and got charged 8 days interest.

Interesting. Obviously in the great scheme of things a day's interest isn't worth even thinking about, but I can't for the life of me imagine anyone would think it's reasonable to charge interest for days before you had the car. However the time frame for Withdrawing is a different matter.

Re: Withdrawing from VW Finance

Posted: Thu Jun 13, 2019 7:21 am
by andypj
I withdrew from the VW finance 4 days after picking the car up. My salesman knew what i was going to do because i told him when making the order. He told me it was best to wait until after the first payment was made and asked me if i was going to do that, i told him (at the time, as he asked me when i planned to do it) that I hadn’t decided when I’d do it. Needless to say, i think he was rather P****D off with me about it, as every time i go into the dealership now, he ignores me :roll:

Re: Withdrawing from VW Finance

Posted: Thu Jun 13, 2019 9:38 am
by Kugaman1
The very first time I did this, around 8 years ago, I rang VWFS to ask about withdrawing.

I told them that the woman in my VW dealer told me I had to make a payment before withdrawing.

The lady from VWFS was extremely annoyed that I had been told this and stated it was totally untrue, I could withdraw 5 mins after collecting the car.

I was asked for the name of the VW dealer finance woman as they would be contacting her manager to formally complain against her blatant lies.

You need to make a payment for the agreement to fully kick in and give the dealer their commission, that’s why they often lie about you having to make a payment.

Re: Withdrawing from VW Finance

Posted: Thu Jun 13, 2019 11:01 am
by Baldyjones
Ok this might be a silly question, as when I think about it I feel sure I know the answer, but if you'll appease the small doubt in me I'd be grateful.

When withdrawing from the finance do you have to settle the whole amount including the balloon payment or is it the amount excluding balloon payment? Also I assume that then lose the option to hand back or swap?

In my head I think it's the full amount and you then own the car and so the pcp options disappear, but I never like to assume.