Finance

[phillme]

Hi ... i took out the vw finance to get the thousand pound vw contribution and intended to pay off the outstanding balance within the fourteen days Right of Withdrawal . It says in the agreement that I can make the payment by debit card over the telephone and the title in the vehicle will pass to me when I pay them these sums ..... Friday morning within the fourteen days i phoned vw with my debit card to clear my account , I was told that it wasn't vw policy to except full payment by phone and to go to a bank and pay by bank transfer . VW emailed me their bank details and a bit miffed i took the afternoon off work to pay vw ... at the bank they said that they couldn't guarantee that the email hadn't been hacked and would need oral conformation from vw ..... Two phones on hold for an hour and a half and an email latter and no answer . I got to the bank at twelve and left at three with no joy .... So my question is are vw in breech of contact and if so how can i make them take payment by phone and if they won't as they say they won't whot can I do apart from losing more time off work ... thanks ... hope that wasn't tooo boring !

 

[thehorse]

You don't need to go to a bank, just do the transfer online if you have internet banking.

I had to do several transfers as my banks limit is £10K a time, but the whole process took me around 5 minutes. Called them a few hours later to make sure they could see the payments in their account.

 

[CampervanTime]

Or just pay the small fee for a chaps or bacs transfer so it can all go in one transfer. Generally can be done via internet banking too.

 

[ChrisB]

My payment was made direct to VW Bank direct from the UK via international money transfer. I made 2 payments via the net to the money transfer company who then sent the final balance in one job lot. think every dealer throughout Europe has a separate code to use.

 

[Andy Foster]

I paid balance off via online banking. Rang them to ensure they’d received it and the woman denied they had and advised me to check with the bank.

What she meant is it hadn’t been allocated to the account, and she couldn’t be bothered to check with their bank

Insisted she checked, at which point she admitted they had the money. (Imagine the hours I could have wasted if I took her advice)

Didn’t stop them carrying on taking the next monthly payment which they then said could take 10 days to sort a refund.

Treat VW financial services with caution.

 

[Bellcrew]

I paid balance off via online banking. Rang them to ensure they’d received it and the woman denied they had and advised me to check with the bank.

What she meant is it hadn’t been allocated to the account, and she couldn’t be bothered to check with their bank

Insisted she checked, at which point she admitted they had the money. (Imagine the hours I could have wasted if I took her advice)

Didn’t stop them carrying on taking the next monthly payment which they then said could take 10 days to sort a refund.

Treat VW financial services with caution.

I had to ask three times to get something that resembled a bill of sale, just kept sending me the invoice even though I had the van and payment had been received.

 

[phillme]

thanks for replying , i understand that there are other ways to make the repayment . Do people think they are in breach of contract as they won't except payment as agreed on the contact (section 6 sub section 6.2) it also clearly states that they are entitled to terminate the agreement if i breach any of the terms of the agreement .... Do I have the same rights ?

 

[Collieboy]

i ve done it twice on different vehicles never had a problem. found them helpful on the phone and even advised I still had my 2 free services due
just be very careful you follow procedure and put the correct reference number in

 

[Andy Foster]

thanks for replying , i understand that there are other ways to make the repayment . Do people think they are in breach of contract as they won't except payment as agreed on the contact (section 6 sub section 6.2) it also clearly states that they are entitled to terminate the agreement if i breach any of the terms of the agreement .... Do I have the same rights ?

Of course you do. If either party breaches the contract the other party has the option to repudiate the contract (ie treat the contract as ended) and receive damages to put them in the same financial position as if no breach had occurred.

If you can be bothered is another issue.

 

[Tompoole]

Yes, absolutely no reason they can take debit payment

 

[mikeelawson]

I am interested in going down thus route. Does anyone have an extract of the contract they can post or send that covers this. Did vw ever ask for their additional contribution back. Mike

 

[Saesneg Shaun]

I am interested in going down thus route. Does anyone have an extract of the contract they can post or send that covers this. Did vw ever ask for their additional contribution back. Mike

I did this on an Audi purchase (still VW finance) with no issues at all.
Withdrew from the agreement 2 days after collecting the car. Paid what I owed by BT.
I paid about £20 interest for the short time the finance was live and kept the service pack, dealer discount and Audi deposit 'incentive'.

Easiest £8k i've ever made

When I did it VW had their own dedicated phone option menu for cancellations so it must have been popular.

 

[ANR]

I ordered as a cash purchase but was thinking about changing to the finance to get the deposit contribution and pay off straight away.

Has anyone had any experience with VW Of changing the payment method after ordering/applying the deposit contribution?

Thanks

 

[Bellcrew]

I did this on an Audi purchase (still VW finance) with no issues at all.
Withdrew from the agreement 2 days after collecting the car. Paid what I owed by BT.
I paid about £20 interest for the short time the finance was live and kept the service pack, dealer discount and Audi deposit 'incentive'.

Easiest £8k i've ever made

When I did it VW had their own dedicated phone option menu for cancellations so it must have been popular.

The salesmen are also super keen to tell you about the fiddle, presumably they keep their commission, why does VW persist in this money pit plan?

 

[Saesneg Shaun]

The salesmen are also super keen to tell you about the fiddle, presumably they keep their commission, why does VW persist in this money pit plan?

TBH when i did it the sales people told me I could this after a few months (presumbably to avoid commission clawback) but I was aware you can withdraw (not settle) from the agreement immeadiately which is what I did.

I don't think VW finance care a jot. Its probably a small percentage of new car buyers have the purchase cost in cash laying around and people are seemingly not willing to borrow at a lower interest rate than PCP because the lack of balloon payment initially makes the repayment more expensive monthly.

 

[mikeelawson]

Just checking presumably if the van is on back order you cancel when the van is delivered not when placing order? Regards Mike

 

[Saesneg Shaun]

Just checking presumably if the van is on back order you cancel when the van is delivered not when placing order? Regards Mike

As per the consumer credit act you need to withdraw (not cancel or settle) within 14 days of signing the finance agreement which is usually the day you collect the vehicle.
This means it was as if the finance never existed and there is no mention of it on your credit file.
You will need to pay nominal interest fees for the short time the finance product is in place.

 

[camp5]

I ordered as a cash purchase but was thinking about changing to the finance to get the deposit contribution and pay off straight away.

Has anyone had any experience with VW Of changing the payment method after ordering/applying the deposit contribution?

Thanks

I was wondering if you managed to change to finance at the end?