Volkswagen Finance

Discussion in 'General VW T6 Chat' started by Tourershine, 25 Mar 2020 at 06:10.

  1. Tourershine

    Tourershine Senior Citizen. VIP Member T6 Legend

    Map
    I mentioned this in another thread, but thought it deserved it's own dedicated thread owing to the current situation.

    Like potentially most of us in here, I have my T6 on a hire purchase scheme to give me the option to keep my van at the end. I'm sure people have a variety of different purchase options through VW finance, so we should all pretty much fall under the same umbrella.

    Volkswagen commercial have this updated website for people that have direct financial difficulties due to the current situation here Contact Us | VWFS UK
    I personally sent them them an email as they are requesting this due to the high numbers of calls, but have yet to receive any kind of reply.
    A friend of mine that's in the same self employed position as myself with work totally on hold, but slightly more urgent financially, decided he wanted to talk to them instead. He sat for almost 2hrs on hold to finally get through to a call handler at VWFS. Now, this might of been an isolated case due to the stress the lady on the other end might be under, but I wanted to see if there were any other examples of this situation to gauge what Volkswagen are actually doing to help, as it says on the link above.
    He said the lady had very little empathy for his situation and wasn't really interested in hearing his reasons for potentially not having the money to make next months payment. She just told him that if he couldn't make this payment, then he should immediately sell his T6 to pay off what it sells for, and they would recalculate the remanding balance of what he then owed.
    This was obviously met with some shock, and explaining that there isn't an abundance of buyers in the current climate hunting for vans, plus this is only a temporary problem whist we are in this current situation, and once we are able to get back to work, things will resume as normal, but without a van, he couldn't actually work anyway, thus still being in this exact situation.
    She just went on to explain his terms and conditions and financial obligations to him, to which he hung up the phone.
    As I said, this could of been an isolated case, stressed operator that was at the end of a long day etc etc.

    Has anyone else actually had a more sensible option offered? Something more inline with the current mortgage payment measures
     
    Last edited: 25 Mar 2020 at 07:10
  2. Fish

    Fish Senior Member VIP Member T6 Legend

    Map
    There are a few finance advice currently circulating. Money Martin is a particularly good, currently going to be on good morning Britian.

    As easy as it is to say, try not to worry to much, it is a van! Yes it is integral to you business but not health or family. You and your friend won't be the only ones in this situation therefore VWF will have to offer a solution for the thousands. My best guess will be an extended loan period.. the missed payments / stop gap will be re-calculated and added to either the ballon payment or extend the monthly period.

    The VWF advisor will be at the end of her teather will the amount of calls from people in your situation and would have been given strict guidelines from VW.
     
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  3. ei-aprilia

    ei-aprilia Senior Member VIP Member T6 Pro

    I've also emailed regarding this, my partner and I are both self employed so no longer have any income. I'm on a HP agreement. I doubt this will be over in 3 weeks time 3 months is more likely. If I hear back I'll post here.
     
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  4. Tourershine

    Tourershine Senior Citizen. VIP Member T6 Legend

    Map
    That's not good news if the same is being reported elsewhere. I was hoping it was just an isolated case.

    As far as I'm aware, missed payment will be chased up and repossession would be the last resort after all other options are exhausted by the finance company, but that will vary I guess.

    As for it becoming their problem, I'd suggest that vehicle removal will not only leave you without your van, but also a screwed up credit rating and the possibly still the commitment to pay anything outstanding back to the finance company and everything that will come with that process.
    Let's hope manufacturers are on this, or the market will pretty much dry up due to so many people not being able to get finance in the future.
     
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  5. Dellmassive

    Dellmassive 204 T32 DSG LWB SPORTLINE PV MY18 VCDS User Moderator VIP Member T6 Legend

    Map
    Hmm, suppose we all in the same position.... Business, self employed, van on finance.

    I was hoping for a VWFS payment holiday......... but nothing yet......

    GOV and accountant had suggested trying for a business loan scheme to cover the financials.

    And heard from a few places that the self employed will be catered for like PAYE people, ie 80% up2 2.5k etc etc. . . . So.will have to wait a while longer for a solution..

    Not great from VW seeing as how massive a firm they are..... VW is global but they will let each locality deal with it in it's own way....... I'm sure when all the finance payments start bouncing they will have to look at a solution.....in the meantime I think they are waiting for the GOV to bail people out so the VWFS can be paid out of that bundle?
     
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  6. Dieseldonkey

    Dieseldonkey 150 DSG Shuttle Conversion VIP Member T6 Legend

    Map
    Personally, I think credit rating adjustments should be suspended for atleast a minimum of 3 months. However at the end of this, we might need a full on reset on credit rating.

    Turn it off.....turn it back on again. Ctl+Alt+Dlt
     
  7. VanDamMan

    VanDamMan Senior Member VIP Member T6 Pro

    Map
    Not in the same boat....but did have issue with Honda finance and was given advice to contact trading standards/ motor ombudsman if that in anyway helps:)
     
  8. BognorMotors

    BognorMotors Senior Member Trade Member T6 Legend

    Map
    Every finance company we deal with for customers and ourselves are offering payment holidays. I think you’ll find this will be across the board.

    Same with loans, credit card, mortgages etc

    HTH
     
    Last edited by a moderator: 25 Mar 2020 at 17:30
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  9. Samalang

    Samalang Member

    Map
    I think you will find you are one of about a million customers contacting vwfs currently so time frames may be longer than usual but rest assured you will get an answer. These are extraordinary times and while your case feels a priority the other people will have exactly the same feeling. It's a challenging time for everyone and like many large call centres and admin areas, these are exactly the situation that needs to be dealt with delicately at this time with regards to everyone's health and wellbeing.
     
  10. Tourershine

    Tourershine Senior Citizen. VIP Member T6 Legend

    Map
    Quick update:

    It look like Volkswagen have just added an new part to the page I linked above.
    If you click the 'Difficulty relating to Covid-19' link on the same page, you can now fill in a form that looks like they are giving several new options, including a payment break for up to 60 days.
     
  11. tubs

    tubs Senior Member VIP Member T6 Pro

    Thanks for the heads up , form is now been sent !
     
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  12. BognorMotors

    BognorMotors Senior Member Trade Member T6 Legend

    Map
    Great news.
     
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  13. Dellmassive

    Dellmassive 204 T32 DSG LWB SPORTLINE PV MY18 VCDS User Moderator VIP Member T6 Legend

    Map
    was just going to add,

    just off phone with VWCV, they pointed me to website above, and contact number.

    been told to fil out the form and send off, possible payment break.


    Collections 08009123558 mon-fri 9-5

    and

    Contact Us | VWFS UK



    upload_2020-3-26_19-18-15.png
     
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  14. ei-aprilia

    ei-aprilia Senior Member VIP Member T6 Pro

    Anyone had a reply to the form yet? They must be swamped with them I'm guessing.
     
  15. Tourershine

    Tourershine Senior Citizen. VIP Member T6 Legend

    Map
    Nothing yet, but I wonder if they were waiting to see what the government had planned for the self employed before they gave any real blanket decisions.
    Hopefully now they can see it won't be until June at the earliest that this will mean they are giving payment breaks.
     
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  16. ei-aprilia

    ei-aprilia Senior Member VIP Member T6 Pro

    Makes sense. I'm not going to see anything from the Government as they've said those that take a salary and dividends can't claim. A little help from vw now would be appreciated!
     
    Tourershine likes this.

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