Cancelling finance

[Dec]

Hi all,

Am considering agreeing to buy a car with VW Finance, and then cancelling the finance agreement and paying it off asap, basically to take advantage of the deposit they offer. Has anyone tried this, and if so is it as straightforward as just paying one day's interest (if I pay it off that quickly) or are there complications? Finally, does anyone know if that voids the two free services that comes with finance, too?

Thanks for your time

[joe6]

I paid off my finance during the cooling off period. Your deposit contribution won't be grabbed back if you settle in full within the 14 day cooling off period, you will pay daily interest on the interim (£5-6 a day until you tell them you're withdrawing).

If you settle after the 14 day period, there'll be a penalty payment of 2 months interest.

[Dec]

Thanks. Did that result in the loss of your services, or...?

[Scarum]

No, you don't lose the 2 year service plan or free insurance.

[stephen60]

I have just 'Withdrawn' from Solutions agreement which basically has cost me £16.72 to get £1800 off the car I have just bought.