Volkswagen Finance
- Thread starter Tourershine
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- covid19 coronavirus lease
Yes all the finance companies we directly deal with are offering holidays - Santander and Lombard 100%, Im sure they will all follow suit, but are inundated with emails and calls
Just an update on this thread.
This was forwarded to me this morning.
'Thank you for your email.
We can apply a 60 days breathing space to your agreement- your monthly rentals of £XXXXX will still fall due on the 16th of each month but there will not be any further action taken and we will not be chasing you during this time but Please be aware that any late or missed payments will remain on your credit file for a period of 7 years and may impact future applications for credit.
If you would like to have this processed by your next monthly rental please email us back to confirm'
I'm struggling to decipher this response and getting any clarification will likely take days to get a reply. To me it reads that they are offering to activate a 60 day payment break, as in the next 2 monthly payments, but if they do this, this may effect his credit in the future, or am I not reading this correct?
This was forwarded to me this morning.
'Thank you for your email.
We can apply a 60 days breathing space to your agreement- your monthly rentals of £XXXXX will still fall due on the 16th of each month but there will not be any further action taken and we will not be chasing you during this time but Please be aware that any late or missed payments will remain on your credit file for a period of 7 years and may impact future applications for credit.
If you would like to have this processed by your next monthly rental please email us back to confirm'
I'm struggling to decipher this response and getting any clarification will likely take days to get a reply. To me it reads that they are offering to activate a 60 day payment break, as in the next 2 monthly payments, but if they do this, this may effect his credit in the future, or am I not reading this correct?
Thats how I am reading it, basically they're just not going to chase you for it but it seems the are going to treat it like late payments.
So in other words, no help at all.
If this is correct, and i'm not just reading it wrong, then this almost traps people by telling them they can have a 60 day break by all means, but it will follow you for 7 years. How does that seem ethical?
@BognorMotors can you shed any experience on this?
It’s the bit on the end which will catch people out
“Please be aware that any late or missed payments will remain on your credit file for a period of 7 years and may impact future applications for credit. ”
That’s all reads very odd. And never seen anything like that. That basically says you can have a break but will effect your credit file, so not very fair at all. Maybe another call to clarify - as that is opposite to all the companies we deal with.
@Tourershine did you receive this automated form before receiving your latest email mate? Im at a loss and am getting nowhere with vw
Read this on line....
reports show that manufacturers already have measures in place to help these drivers.
Volkswagen, for instance, says that UK customers facing financial difficulties could be eligible for up to 60 days of payment holiday on their finance.
Alternatively, the German brand is also offering an extension of a repayment plan to reduce monthly outgoings.
According to research by Parkers, Ford - the UK's biggest car seller - is also planning to offer extended payment arrangements or finance holidays to customers and has also hinted at temporarily cancelling late fees.
Sister brands Hyundai and Kia are also looking at offering payment holidays.
You can find out what each brand has said in Parkers' online guide,
If you agree to defer payments your credit file will remain unaffected and in some cases you will incur no additional costs or fees but be prepared to pay the interest on the missing payments.
..seams there is a lot of confusion regarding credit ...after all your following Government rules..it’s a no fault situation, you might read into VW email that it’s just scare tactics by them and are not passing on the real picture....Time will tell
hang in there
reports show that manufacturers already have measures in place to help these drivers.
Volkswagen, for instance, says that UK customers facing financial difficulties could be eligible for up to 60 days of payment holiday on their finance.
Alternatively, the German brand is also offering an extension of a repayment plan to reduce monthly outgoings.
According to research by Parkers, Ford - the UK's biggest car seller - is also planning to offer extended payment arrangements or finance holidays to customers and has also hinted at temporarily cancelling late fees.
Sister brands Hyundai and Kia are also looking at offering payment holidays.
You can find out what each brand has said in Parkers' online guide,
If you agree to defer payments your credit file will remain unaffected and in some cases you will incur no additional costs or fees but be prepared to pay the interest on the missing payments.
..seams there is a lot of confusion regarding credit ...after all your following Government rules..it’s a no fault situation, you might read into VW email that it’s just scare tactics by them and are not passing on the real picture....Time will tell
hang in there
No, i've not seen one of those before.
Glad it's not just me that see's this as a little irregular. Calling isn't really an option anymore, because they are advising all enquiries to be done through their website, where you fill in a form and wait.
Wonderful! Thank you VW, I haven't had a response to my email yet but I'm guessing this will be it. Very disappointing from them. I'm lucky enough that I can cover my payments but what of the people who can't?....
Reading between the lines, on VW's stance, there will be a lot of used T6's hitting the market in a few months. Plus the impact on many people not being able to get finance in the future, which seems to shoot car the market in it's own foot.
I totally get that they are in the same situation as the public. The manufactures still need to sell vehicles, the finance companies still need money flowing and dealers still need to keep dealerships afloat, but surely there must be a better way. This will ripple right across all aspects of industry, even more so if in one year a huge percentage of consumers end up with poor credit ratings.
What else can anyone do, it's a bloody mess
If the mortgage companies were instructed to help (which they have)
Finance companies will have to follow suit in my eyes!
This is all out of anybody's control .
For those 5 % that are not on paye/ etc and have no income coming in ,unfortunately been left with no alternatives ?
Pay your vehicle finance or feed your family....
I no what i will be doing
Finance companies will have to follow suit in my eyes!
This is all out of anybody's control .
For those 5 % that are not on paye/ etc and have no income coming in ,unfortunately been left with no alternatives ?
Pay your vehicle finance or feed your family....
I no what i will be doing
A strong word of warning to anyone in the above situation.
It's just been clarified by VWFS that Volkswagen will not offer any kind of payment break. What they are offering is a 60 day period that they will still attempt to take your monthly payment as per normal, but if the funds are not available and it's rejected, they won't contact you for the 60 day period they are offering.
However, once this 60 day period is up, they will then contact you for these missed payments and the missed payment from the first rejection will go on your file and held for 7 years, meaning you will not be able to get any kind of finance through VWFC within this period.
I think they got around the payment holiday by calling it officially 'breathing space' which basically means exactly what i've just said.
If the above sounds complicated, that's because VWFS made it very complicated to actually get a definitive answer.
It's just been clarified by VWFS that Volkswagen will not offer any kind of payment break. What they are offering is a 60 day period that they will still attempt to take your monthly payment as per normal, but if the funds are not available and it's rejected, they won't contact you for the 60 day period they are offering.
However, once this 60 day period is up, they will then contact you for these missed payments and the missed payment from the first rejection will go on your file and held for 7 years, meaning you will not be able to get any kind of finance through VWFC within this period.
I think they got around the payment holiday by calling it officially 'breathing space' which basically means exactly what i've just said.
If the above sounds complicated, that's because VWFS made it very complicated to actually get a definitive answer.
It just makes we wonder how differently we will view certain aspects of life post covid-19, which is probably 12 months and a vaccine away.
VW are probably getting all their cash together at this moment for that matter of the UK group action regarding cheat software.
VW are probably getting all their cash together at this moment for that matter of the UK group action regarding cheat software.
90,000 cases upheld in the UK I read yesterday.
