Withdrawing from VW Finance

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dinky77
Posts: 16
Joined: Mon Feb 04, 2019 2:31 pm

Withdrawing from VW Finance

Post by dinky77 » Tue Jun 11, 2019 11:53 am

Hi,

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?

Thanks


JK-VWTiguanR
Posts: 2124
Joined: Sun Nov 26, 2017 6:36 pm

Re: Withdrawing from VW Finance

Post by JK-VWTiguanR » 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.
2019 19-Plate 230hp Tiguan R-Line Tech in White with Loads of Extras
Replaced: 2018 18-Plate 240hp Tiguan R-Line in White with Loads of Extras.


chrisb
Posts: 152
Joined: Fri Sep 28, 2018 12:58 pm

Re: Withdrawing from VW Finance

Post by chrisb » Tue Jun 11, 2019 12:18 pm

dinky77 wrote:
Tue Jun 11, 2019 11:53 am
Hi,

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?

Thanks
I would wait till paperwork done on collection day, if you withdraw a few days after collection it will only cost you a few pounds anyway so not worth the risk.
2019 SE-NAV 2WD TDI 150PS MANUAL IN TUNGSTEN SILVER, TITAN BLACK
VIENNA LEATHER.


dinky77
Posts: 16
Joined: Mon Feb 04, 2019 2:31 pm

Re: Withdrawing from VW Finance

Post by dinky77 » Tue Jun 11, 2019 12:21 pm

Cheers for the advice


Bruce287
Posts: 232
Joined: Sat Oct 13, 2018 3:07 am

Re: Withdrawing from VW Finance

Post by Bruce287 » Tue Jun 11, 2019 12:26 pm

dinky77 wrote:
Tue Jun 11, 2019 12:21 pm
Cheers for the advice
Yeah wait a few days to sign paperwork and make sure there is nothing wrong with the car then withdraw within 14 days without incurring a bigger fee. Once you call VWFS you can bank transfer and cheque. They prefer one lump sum but I did it in 3,took a bit longer to clear apparently....think it’s about £2-£3 a day interest. If you call them to settle you have up to 30 days then pay for it all
Previous car - 2017 R Line, 240 BiTDI, white, leathers
Own - 2019, R LIne Tech 230 TSI, white, TMS, Dynaudio and leathers


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ozone456
Posts: 302
Joined: Sun Aug 12, 2018 12:57 pm
Location: Hampshire, UK

Re: Withdrawing from VW Finance

Post by ozone456 » Tue Jun 11, 2019 1:19 pm

As stated previously by others here - Phone VWFS within 14 day “cool off period” and say you want to withdraw from the finance. This wording is important. It freezes the interest (you'll pay number of day's worth up to call day) and they'll tell you how much you owe. (May have changed but was around £3.92/day during 14 day cool off period). You then have a set amount of time to pay (30days) but you won't accrue any further interest. You’ll also get a letter as well detailing the sum you owe.
After I had received the car, giving it a shakedown day test drive and got things sorted I called.
Like Bruce287 I paid off in a few chucks - some banks operate things like online banking daily payments limits or have a fee for anything above a certain amount ..check with your bank.
Once paid off should get further letter acknowledging that fact from VWFS. And that’s it...
18/04: MY19 2.0 TSI 230 4Motion R-Line Tech DSG - White, Dynaudio, Emergency Assists , Headlight Washer, Tyre Pressure Monitor.


Nkc1
Posts: 20
Joined: Sat Feb 23, 2019 9:29 am

Re: Withdrawing from VW Finance

Post by Nkc1 » Tue Jun 11, 2019 1:26 pm

This *is* a timely post - I just logged on and was going to ask the very same 'when' question. Love this forum, it's been a real use! :)


PokeItWithAStick
Posts: 56
Joined: Sat May 04, 2019 7:37 am

Re: Withdrawing from VW Finance

Post by PokeItWithAStick » 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
Tiguan Allspace 1.5 TSI DSG SEL 2WD. Black, grey leather seating, Dynaudio.


Kugaman1
Posts: 292
Joined: Tue Mar 27, 2018 8:37 am

Re: Withdrawing from VW Finance

Post by Kugaman1 » Tue Jun 11, 2019 2:14 pm

I think what JK meant was that you might lose out if you withdraw before collecting the car as the finance hasn’t really kicked in yet.

As others have mentioned. Do it a day or 2 after collecting. I’ve done this with numerous VW/Seat over the years, never paid over £20 in interest.
Silver R Line Tech 230.....2.0TSi with Dynaudio, sidescan and TPMS as options.Lovely Jubbly


Papalazarou
Posts: 123
Joined: Wed Feb 06, 2019 1:48 pm

Re: Withdrawing from VW Finance

Post by Papalazarou » Tue Jun 11, 2019 3:34 pm

I need to do the same. Collecting car Friday, so will drive it about over the weekend then call up on Monday.

Do VW Finance just give you a bank account and sort number? If so I'll just call my bank and get them to transfer.
19-Plate 1.5 Tiguan R-Line TECH EVO: Indium Grey / Leather / NavPro & DynAudio / TPMS / Debadged
Lead time from March19 was 3 months. Collected June19.


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