Extend VW finance at the end of the term?

[daveyboydanger]

I’m about 26 months into a 42 month pcp finance deal with VW.
We’d love to keep the van for the long term but will struggle to pay the lump sum of £21k ish. A loan would be rather expensive too. I noticed that there is a paragraph on the website saying it is possible to chat to VW finance about extending. Has anyone done this?

 

[Georgiegirl]

My husband works in car finance and he doesn’t think you can extend the pcp. What VWFS are likely to offer you is a hire purchase agreement for the remaining balance which will probably be similar monthly payments to a loan

 

[daveyboydanger]

My husband works in car finance and he doesn’t think you can extend the pcp. What VWFS are likely to offer you is a hire purchase agreement for the remaining balance which will probably be similar monthly payments to a loan

That’s helpful to know. Thanks for the insight.

 

[Richard Hurst]

That’s what I was concerned with when looking at finance options and in the end went with the 10 year option knowing that if I wanted to trade in after 5 years I should be in positive equity at that stage

 

[daveyboydanger]

That’s what I was concerned with when looking at finance options and in the end went with the 10 year option knowing that if I wanted to trade in after 5 years I should be in positive equity at that stage

Just spoken to vw. @Georgiegirl was right - they can refinance the balloon payment changing you from a pcp to a hp agreement. You can choose between 1-5 years to do that.
That’s nice to know. Means we can keep the van!

 

[Richard Hurst]

That’s good then. Would be hard to give up my California