VW financial services

[rayaans]

So our mk8 is in the country but unfortunately, and with a good helping of sods law appears that we can't collect till June due to a planned holiday.

The dealer has registered it and sent me the VWFS documents to sign but I've not paid a deposit yet etc.

As it's my first lease vehicle, and as it's been nearly 2 years since order, I fully intend to pay the car off completely.

My question is when does the 14 days actually start. Is it from delivery day or from the day it's been registered in the UK?

TIA

 

[SRGTD]

This is the relevant clause from my PCP contract from September 2020;

‘6. Right of Withdrawal
6.1 If the Amount of Credit does not exceed £60,260, you have the right to withdraw from this Agreement, without having to give any reason. Should you
wish to exercise this right, you must notify us in writing or orally within the withdrawal period at our address, VOLKSWAGEN FINANCIAL SERVICES (UK) LIMITED, Brunswick Court, Yeomans Drive, Blakelands, Milton Keynes, MK14 5LR, or by telephoning us on 0870 0102022. The withdrawal period is 14 days, beginning with the day after the day on which this agreement is made.’

So for me, the right to withdraw from the PCP finance agreement (and I did exercise my right to withdraw - by phoning VWFS) needed to be done within 14 days after the day on which I signed the agreement (I signed electronically as it was during COVID). I doubt this clause in the current version of the PCP agreement will be much - if any - different to what it was in the 2020 version.

 

[rayaans]

This is the relevant clause from my PCP contract from September 2020;

‘6. Right of Withdrawal
6.1 If the Amount of Credit does not exceed £60,260, you have the right to withdraw from this Agreement, without having to give any reason. Should you
wish to exercise this right, you must notify us in writing or orally within the withdrawal period at our address, VOLKSWAGEN FINANCIAL SERVICES (UK) LIMITED, Brunswick Court, Yeomans Drive, Blakelands, Milton Keynes, MK14 5LR, or by telephoning us on 0870 0102022. The withdrawal period is 14 days, beginning with the day after the day on which this agreement is made.’

So for me, the right to withdraw from the PCP finance agreement (and I did exercise my right to withdraw - by phoning VWFS) needed to be done within 14 days after the day on which I signed the agreement (I signed electronically as it was during COVID). I doubt this clause in the current version of the PCP agreement will be much - if any - different to what it was in the 2020 version.

Yes so ours has this exact clause in it. I signed it on the 3rd of May but I haven't paid the deposit yet to the dealer as I've not picked the car up

Do I just contact VWFS by 17th of May and pay the full balance?

 

[SRGTD]

Once you’ve notified VWFS that you wish to exercise your right to withdraw, VWFS will provide you with the settlement figure - they gave me the figure over the phone and advised the acceptable methods of payment and when payment needed to be made by. They confirmed all of the above details in a letter.

Once you’ve exercised your right to withdraw you can’t change your mind.

 

[rayaans]

Once you’ve notified VWFS that you wish to exercise your right to withdraw, VWFS will provide you with the settlement figure - they gave me the figure over the phone and advised the acceptable methods of payment and when payment needed to be made by. They confirmed all of the above details in a letter.

Once you’ve exercised your right to withdraw you can’t change your mind.

Makes sense

Only add on question to that is. If I've not paid the deposit yet or picked up the car, I presume I just pay the full amount to VWFS and then just pick up the car when convenient?

 

[SRGTD]

As I part exchanged my previous car, part of the trade-in value of that car was used as the deposit, so I didn’t physically pay a deposit.

 

[rayaans]

As I part exchanged my previous car, part of the trade-in value of that car was used as the deposit, so I didn’t physically pay a deposit.

Fair enough,

I think the difference in my situation is that Im away so the agreement has basically started despite me not having the car. Ill try to contact VWFS tomorrow and see what they have to say if anything

 

[C0TT1S]

Fair enough,

I think the difference in my situation is that Im away so the agreement has basically started despite me not having the car. Ill try to contact VWFS tomorrow and see what they have to say if anything

Give them a call by my agreement didn’t start until I picked the car up. The VWFS paperwork should have the expect date you will pick the car up if that helps. My expected date was the Monday after I picked the car up so I had the weekend with the car before the agreement started. Give the dealer a call and explain but this won’t be the first time it’s happened.

 

[rayaans]

Give them a call by my agreement didn’t start until I picked the car up. The VWFS paperwork should have the expect date you will pick the car up if that helps. My expected date was the Monday after I picked the car up so I had the weekend with the car before the agreement started. Give the dealer a call and explain but this won’t be the first time it’s happened.

Ive given VWFS a call and they cant find any agreement under the registration or agreement number. I don't know what is really going on at the moment so will wait for the dealer to respond to the email.

 

[C0TT1S]

Ive given VWFS a call and they cant find any agreement under the registration or agreement number. I don't know what is really going on at the moment so will wait for the dealer to respond to the email.

Sounds like the dealer is giving you the run around really. They shouldn’t have registered the car until the knee you were picking it up. Mine was registered a few days before I collected it.

 

[rayaans]

Sounds like the dealer is giving you the run around really. They shouldn’t have registered the car until the knee you were picking it up. Mine was registered a few days before I collected it.

So apparently it has to be registered in the month it arrives in the UK due to the VW finance contributions and mine landed on 28th April!

Anyway I've called the dealer and they've not activated the finance yet. It'll be activated this month and they'll let me know so I know when the 14 days right to withdrawal starts

 

[C0TT1S]

So apparently it has to be registered in the month it arrives in the UK due to the VW finance contributions and mine landed on 28th April!

Anyway I've called the dealer and they've not activated the finance yet. It'll be activated this month and they'll let me know so I know when the 14 days right to withdrawal starts

I suspect they had to register it before the spring sale came in or your be getting more money towards the car and two free services

 

[Handydave]

I wonder if we’re confusing two different things:
(a) the right to withdraw completely from the agreement within 14 days; and
(b) the right to terminate the agreement after 14 days and pay a settlement figure.

I’ve done (b) a couple of times after about a month. There was no penalty and the settlement figure was basically just what was owed including minimal interest. Importantly, they do not ask for the manufacturer contribution to be repaid.

You should check whether, in the case of (a), you are still able to keep the manufacturer contribution.

 

[SRGTD]

I wonder if we’re confusing two different things:
(a) the right to withdraw completely from the agreement within 14 days; and
(b) the right to terminate the agreement after 14 days and pay a settlement figure.

I’ve done (b) a couple of times after about a month. There was no penalty and the settlement figure was basically just what was owed including minimal interest. Importantly, they do not ask for the manufacturer contribution to be repaid.

You should check whether, in the case of (a), you are still able to keep the manufacturer contribution.

I exercised my right to withdraw from my PCP within the 14 cooling off period and kept the VW finance deposit contribution - there was no requirement by VWFS to repay it.

I read of forum members on other forums doing the same - i.e. withdrawing from the PCP contract within the initial 14 day period and keeping the finance deposit contribution.

 

[Promptly]

As Handydave has said the right to settle AFTER 14 days is an option, you don't have to withdraw or settle within a 14 day period.
I generally pay the first month installment, and then seek a final settlement and pay it.
That way you pay a very modest interest (a few pounds) and you get to keep the finance deposit contribution (a lot more pounds).