Volkswagen Finance

Dealer or Broker....dealers have always had the upper hand because of the so-called deals they offer but when it comes down to it financial companies are all about your money...is it time to find other ways to lease/hire vehicles
Prior to my van i brought on HP with so called 0% finance from Honda ,sounds good but wasn’t, then went to buy a BMW at 6.9% interest ( not cheap) had to to be a better way...then found a well respected loan company offering 3.2% big saving
ok it’s about protecting your credit rating ( which VW seem not to care) which makes borrowing easier but still shop around.
top tip..never buy GAP insurance from dealer( massive markups)
 
Oh man this is a mess, Im feeling lucky as managed to sort my van late March and actually spoke to them but had to pay the lease up in full, hope you all get sorted VW need to step up and understand they have (had) loyal customers
 
sparkywig said:
I've given up with VW Financial Services.
I've agreed an extended 0% overdraft with my bank to cover the monthly payments for 6 months.
Click to expand...
I don’t have finance but if I did, the above would be my solution and I would remember the companies that weren’t helpful and never give them my business again.
I’ve never understood car finance with a balloon payment (pcp?). From the very limited research I have done on this, it seems a very expensive way to fund a vehicle. Surely it’s cheaper to get a loan and then sell the vehicle when you’re finished with it?
Anyway, back on topic.
My advice is use the free overdraft being offered by the banks and never use VW finance again.
 
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Before my previous Vivaro and now my T6, I'd never had finance on a vehicle and we'd always purchased vehicles outright, including my Motorhome, but since buying a 6 month old BMW outright and realising we just weren't using it, so decided to sell it a year later. I quickly learnt that no one had the kind of money I valued the car at, baring in mind it was under 18 months old and only done 3000 miles. I had no option but to sell it back to the supplying dealer who kicked me in the gut on price, only to stick it back on their website for 15k more than they paid me. I swore I'd never use my own money to buy a vehicle again.
If there's a better way to buy a vehicle in the future, I'm all ears.
 
Tourershine said:
Before my previous Vivaro and now my T6, I'd never had finance on a vehicle and we'd always purchased vehicles outright, including my Motorhome, but since buying a 6 month old BMW outright and realising we just weren't using it, so decided to sell it a year later. I quickly learnt that no one had the kind of money I valued the car at, baring in mind it was under 18 months old and only done 3000 miles. I had no option but to sell it back to the supplying dealer who kicked me in the gut on price, only to stick it back on their website for 15k more than they paid me. I swore I'd never use my own money to buy a vehicle again.
If there's a better way to buy a vehicle in the future, I'm all ears.
Click to expand...
When we were buying Lady Pippas car we looked at pcp finance.
I remember looking at the interest paid against the amount borrowed at it just seemed extortionate.
I’ll do some digging later for the figures but can’t right now as I’m stirring a risotto. :)
 
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Tourershine said:
Before my previous Vivaro and now my T6, I'd never had finance on a vehicle and we'd always purchased vehicles outright, including my Motorhome, but since buying a 6 month old BMW outright and realising we just weren't using it, so decided to sell it a year later. I quickly learnt that no one had the kind of money I valued the car at, baring in mind it was under 18 months old and only done 3000 miles. I had no option but to sell it back to the supplying dealer who kicked me in the gut on price, only to stick it back on their website for 15k more than they paid me. I swore I'd never use my own money to buy a vehicle again.
If there's a better way to buy a vehicle in the future, I'm all ears.
Click to expand...

It might not work out for buying new, but I took a personal loan over 5 years for my used T6. I put 10k of my own money down as a deposit and worked out that in keeping the van for 3 or 4 years and allowing for depreciation I should be able to sell it, pay off the remainder of the loan and have 10k to go again with. The interest rate is so much lower than using vehicle finance that the monthly payments are much lower too.
 
An option to look at is voluntary termination. Can hand the vehicle back and walk away so long as you have paid over 50% of the total finance figure. Not sure if it applies to leased vehicles but can be used for PCP or HP agreements. Will obviously be difficult at the moment getting the vehicle returned as it has to be inspected for damage, excess mileage etc.
 
Update on this for anyone who still needs help at the moment:

Volkswagen have now introduced a 3 month payment break for anyone who's financially effected by the current situation. If you click the initial link on the first page, it will take you straight to a form that you fill out, that will freeze all payments for 3 months within 72hrs.

It took them a while, and they did this because they had no choice, but well done VW for finally stepping up in these extreme times.
 
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Thanks for the additional info ......my payment was due on the 21st , this never happened ,so wonder if the last form triggered this ?!
 
Just a update i got straight through on the phone today and got my lease end date extended for 3 months from july to october. Just keep paying the same amount with a lower final payment in october. I have to sell the van at the end but with thing the way they are it was going to be hard so this gives me some time .
 
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