PCP Exercising right to withdraw after signing the agreement but before collection

[Kenai]

im a little confused reading this, so i have a silly question for you all..

Why are you taking a car out on Finance and then paying it off immediately afterwards , paying a little more on top ?
why not get the best deal of them as possible and buy it out right?

Spec a car on something like carwow and you'll see all the PCP deals are for a lower figure than outright purchase.

What's being discussed in the thread is a way to secure the lower prices on offer for finance and then finance it yourself after the deal is done to retain the headline saving but avoid the interest.

 

[ShiWarrior]

thanks guys, understand now

 

[killswitch73]

I'm in for a new car and trying to get my head around things like PCP and HP .. a Focus ST-3 250 or the Focus RS .. both going through carwow ..the cash and PCP prices are the exact same . only difference with the 2 is the RS is 5.9% APR using PCP and the ST-3 is 0% APR ..only 1 single offer of 4.8% off the price on the RS which is basically the first years PCP interest charges .The ST-3 is another story as a 29k car going down to 25k.

Not booked any appointments yet just studying all the ins and out of PCP finance .. I also intend on keeping either car and paying the balloon at the end as not sure there will be a lot of equity in the ST-3 ..im pretty sure and confident the RS is very good in keeping it price up and will have great equity .if i chose the RS i would probably have to re-finance it after the initial 3 year PCP.

also are the prices quoted with carwow the actual price paid or is there like add on fees and will they try and blag me for included servicing for so much money .on some quotes it includes Carwow perks (whatever that is ) but some don't include scrapage scheme or even delivery which could be a pain.

has anybody done anything like this with ford?

Getting new PCP is all new to me as always bought cash ..but going through mid life crisis and want a new car all to myself haha.

 

[Richie]

1. Dont stress about Scrappage as both the ST and RS are excluded from the Scrappage Scheme.
2. Unless the dealer is seriously desperate to move a specific car, you (or CarWow ) will find it near impossible to get 4.8% off a new Focus RS.
3. The PCP interest rates you mention are through Ford Credit. These are fixed so the RS wont get any lower unless you go to a bank. There is also no manufacturer discount for taking their finance like has been talked about on this thread.

Whereabouts in Scotland?? i.e. what Ford Store will be you going to if you go any further in your process?? (Only Ford Stores can sell Focus RS)

 

[Mercenary Keyboard Warrior]

So a bump update on my experience.

I collected car just prior to xmas having had a significant manufacturer contribution (over 10%)
I competed all the "paperwork" online and via email etc, PCP was electronic online, a few bits of paper in the dealership on collection day, but this was their own internal stuff like signing I had been offered allow insurance, etc etc

After having the car almost 2 weeks and deciding I almost certainly won't be just handing it back in 3 years I found a personal loan for half the APR. Took this out for a longer term and got the funds into bank.
I then sent a message to Audi Finance (really VW finance) noting my intention to withdraw. I got slightly jittery they may not accept that as "written" so called them instead. Updated some details on their system over the phone and after reading a very short statement they asked to confirm I still wanted to withdraw, i confirmed and they said thats it, i would get an email (my choice as opposed to letter) with the details and I had 30 days to pay.

Emil didn't arrive so 24 hours later I rang again and it seems the first operator missed the email address so it couldn't email me, they took details and said would email me details, email arrived 5 mins later.
I realised this morning they hadn't said if I needed to quote something specific on the payment, but before I had the time to call them, they called me, they had conveniently picked up my initial message and were calling to confirm I wanted to withdraw, so I said yes but I already spoke to 2 operators, but could they confirm the reference to quote, they did.

So considering I spoke to 3 operators I must have spent max 5 minutes on the phone. At no point did I get any hard sell, and horror stories or anything to persuade me to not withdraw. Completely seamless and easy going.

So something I was a little nervous about ended up completely painless.

Saved half the interest and pay over 5 years rather than 3. Only took a loan as I am getting better returns on investments than the rate I am paying

 

[kindai]

See, easy

Why be such a woman over it all

 

[ixo]

I am looking to buy a new Skoda using PCP to get the manufacturer contribution to the deposit (VW Finance as part of same group). What concerns me though is that if I place an order for a new car with various options it will take about three months from order to delivery. The current Skoda deal for deposit contribution only applies to cars registered by 01 October so would likely have expired by the time I go to collect the car. If the finance is only signed and put in place when you collect the car surely I will loose out on the manufacturer contribution?

 

[tom_e]

I am looking to buy a new Skoda using PCP to get the manufacturer contribution to the deposit (VW Finance as part of same group). What concerns me though is that if I place an order for a new car with various options it will take about three months from order to delivery. The current Skoda deal for deposit contribution only applies to cars registered by 01 October so would likely have expired by the time I go to collect the car. If the finance is only signed and put in place when you collect the car surely I will loose out on the manufacturer contribution?

Ask Skoda is surely the sensible thing to do here?

 

[ixo]

Ask Skoda is surely the sensible thing to do here?

Agreed, but just wondered how the timing of events is handled - when you agree to the purchase I expect that you are credit checked for the finance at that stage, then sign to start the finance when you take delivery. When does the deposit contribution from finance company go to the dealer? On day sale is agreed?

 

[Joe T]

OcUK must be coming up high on Google's search results. This is the second time in just a few days that a new member has revived an old thread.

 

[Kenai]

I am looking to buy a new Skoda using PCP to get the manufacturer contribution to the deposit (VW Finance as part of same group). What concerns me though is that if I place an order for a new car with various options it will take about three months from order to delivery. The current Skoda deal for deposit contribution only applies to cars registered by 01 October so would likely have expired by the time I go to collect the car. If the finance is only signed and put in place when you collect the car surely I will loose out on the manufacturer contribution?

They're probably time limiting the deal to shift stuff they've got built already as a priority.