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Even if you do wait until Day 15, you're still only paying interest on the value of the loan up until that date. Waiting until Day 15 doesn't suddenly require you to pay for 100% of the interest over the full term, you'll pay 15 days of interest.
More falsehood.
Once in day 15, you are fully bound by the finance contract, as you are deemed to have accepted it before the cooling off period. You won't pay the full whack of term interest, but you will pay any penalty interest due as per your contract, - usually 2 months penalty interest plus a nominal admin fee is the norm on most bank loan and car finance providers, including VWFS, Lloyds/black horse, direct line, Barclays etc. By this I mean if you have a 36 month loan and you've paid it for 12 months, Aunt Dotty dies and leaves you with enough money to clear the loan. You ask for a settlement figure. The settlement figure will include as a penalty, the interest charges that would've been part of payments 13 and 14, plus an admin fee.
It's the difference between withdrawing and settling.
I'll get back to you in a couple days when I've had the T&C from VWFS. There's a section you might find interesting to read which may change your views on this.
Even if you do wait until Day 15, you're still only paying interest on the value of the loan up until that date. Waiting until Day 15 doesn't suddenly require you to pay for 100% of the interest over the full term, you'll pay 15 days of interest.
More falsehood.
Once in day 15, you are fully bound by the finance contract, as you are deemed to have accepted it before the cooling off period. You won't pay the full whack of term interest, but you will pay any penalty interest due as per your contract, - usually 2 months penalty interest plus a nominal admin fee is the norm on most bank loan and car finance providers, including VWFS, Lloyds/black horse, direct line, Barclays etc. By this I mean if you have a 36 month loan and you've paid it for 12 months, Aunt Dotty dies and leaves you with enough money to clear the loan. You ask for a settlement figure. The settlement figure will include as a penalty, the interest charges that would've been part of payments 13 and 14, plus an admin fee.
It's the difference between withdrawing and settling.
I'll get back to you in a couple days when I've had the T&C from VWFS. There's a section you might find interesting to read which may change your views on this.
If you withdraw (within 14 days, under the cooling off period), you can legally keep a dealership/manufacturer deposit contribution - if the contract says otherwise, it is illegal under current consumer law because they cannot impose a situation where financing an item comes with a cheaper purchase price than buying without. The deposit contribution is an attempt to get around that rule, but the finance company rely on people who would otherwise buy cash not knowing that you can withdraw and pocket the finance contribution.
Once you are out of the 14 day cooling off period, you cannot withdraw and must settle early - incurring that penalty interest/admin fee that they cannot impose on you during withdrawal. They can charge a daily interest rate for the days you've had the car within the cooling period before withdrawal, but cannot apply punitive charges like they can for settlement.
All my car recent purchases I have used finance to get the contribution and then ‘withdrawn’ from the agreement 14 days after I signed it, but usually I call them a few days before just to be sure. I’ve never had any letters asking for the contribution back.
As others have said, there is a big difference between ‘withdrawal’ and ‘settle’. Withdrawal, and it’s in every finance agreement headed ‘Right to Withdrawal’, will cost you next to nothing as the interest is a daily rate between the date of the agreement and the date payment is received. My last withdrawal cost me just over £24 but I gained the £1000 financial contribution. If you go past the withdrawal period then you have to settle the agreement and this will cost you a lot more money.
So don't wait for day 15, and ignore any scaremongering as you won’t receive any letters and the dealer won’t chase you. It’s all false information from people (the salesperson I would guess) pretending to be customers trying to protect their bonuses.
Just to update (getting slightly excited now) that the car is payed for and insurance sorted. Just have to tax it on collection and that'll be that. Going suspiciously smoothly so far that it has been almost enjoyable!
Will post pics in the photo gallery thread at some point on Saturday.
