Volkswagen Finance

[Tourershine]

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

 

[Fish]

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.

 

[ei-aprilia]

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.

 

[Tourershine]

I did see a post on Faceache @Tourershine, which concurs with the experience you've described about with VW finance. Seems there are many many people in the same boat.

I dont have a current PCP agreement on a vehicle, so perhaps someone can clarify, but is it not a case, if you cant afford the payments, then VW finance simply take the vehicle back. Then it becomes their problem. Customers shouldn't be being told to sell the vehicle privately. That just encourages social interaction. I know many people will want to keep their vehicles however and desperately need them. But sounds like VW are being reckless. They'll completely devalue their equity, as the market will be flooded with used stock.

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.

 

[Dellmassive]

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?

 

[Dieseldonkey]

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

 

[VanDamMan]

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

 

[BognorMotors]

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

 

[Samalang]

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.

 

[Tourershine]

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.

 

[tubs]

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

 

[BognorMotors]

Great news.

 

[Dellmassive]

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

 

[ei-aprilia]

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

 

[Tourershine]

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

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.

 

[ei-aprilia]

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.

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!

 

[Tiguan67]

Hi all, does anyone know if Volkswagen are helping customers during this Covid 19 outbreak. Been advised by VW Collections Team via email from today that no payment holidays/ deferments are being offered to any customers. Anyone else having the same outcomes? I’ve read on many platforms VW have advised customers could be eligible for payment holidays of up to 60 days or an extension of agreement to reduce monthly costs. Not sure what eligibility requirements need to be! Only advice I recieved were to sell vehicle and pay off outstanding amount, an early settlement figure and a voluntary termination amount. Any further information would be much appreciated.

 

[Tourershine]

Hi all, does anyone know if Volkswagen are helping customers during this Covid 19 outbreak. Been advised by VW Collections Team via email from today that no payment holidays/ deferments are being offered to any customers. Anyone else having the same outcomes? I’ve read on many platforms VW have advised customers could be eligible for payment holidays of up to 60 days or an extension of agreement to reduce monthly costs. Not sure what eligibility requirements need to be! Only advice I recieved were to sell vehicle and pay off outstanding amount, an early settlement figure and a voluntary termination amount. Any further information would be much appreciated.

I got the same generic email yesterday, as did a mate of mine who unless can get a better option is going to loose his T6. They also said to him that any missed payments would be held on record for 7 years even though he's warned them that the money isn't in the bank, which I thought was totally insensitive as this isn't something anyone planned, and none of us want to loose our vehicles. His situation is slightly different to mine because he invoices customers at the end of each month, and has a lot of outstanding invoices that just aren't getting paid.

Unfortunately it also looks like BMW/Mini finance have also taken the same stance.

@BognorMotors have you actually seen evidence that your finance companies are offering payment holidays? Because many of the finance companies seem to offer this when you look through their websites, but most in reality are revoking this option now by the look of things.
As if things couldn't get worse for people through no fault of their own, now it looks like many vehicle owners all over the UK are going to get hit with a bad credit, loss of their vehicles and without the option to be able to purchase a good finance deal in the future. Such a shame.

 

[sparkywig]

I've had no reply from VWUK and this month's payment was taken today.

 

[ei-aprilia]

I've had no reply from VWUK and this month's payment was taken today.

Same here.