PCP cancel within 14 days

[BOOMEL]

A lot of the deals these days (on cars and MH) have a better level of discount / dealer contribution if you take out a PCP. However you have the right to cancel within 14 days. In this case what are you supposed to pay back, the cost of the vehicle or vehicle plus lost interest? Or is it specific to each T&C's?

Regards,

BOOMEL

 

[lorger]

We have bought our last two cars doing this, you will be charged daily interest. The last car we were charged just over £3, you still keep all the extras that come with the PCP deal.

 

[Janine]

We paid a Skoda one off a couple of weeks ago and were charged £34 after 5 days. It gave us extra warranty, 2 services and MOTs and breakdown cover so good value.

 

[The Wino]

Sounds a good idea. We bought a car once on finance ( we had to we bought it on a bank holiday at Christmas as we were booked to travel to the alps and our previous cars gearbox called it a day on Christmas day evening). When we got back we cancelled the finance they weren't happy!

 

[BOOMEL]

We paid a Skoda one off a couple of weeks ago and were charged £34 after 5 days. It gave us extra warranty, 2 services and MOTs and breakdown cover so good value.

Was there any penalty?

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[lorger]

Was there any penalty?

If it’s Skoda you’re looking at then we didn’t receive a penalty when we bought our daughters Fabia, she got £2000 manufacturers deposit, 3 year’s service and recovery plus a dealer deposit of £500. Once we left the garage we called VW finance and paid it off with in 30 mins, no charge and our daughter is paying it up to us over 3 years.

 

[The Wino]

If it’s Skoda you’re looking at then we didn’t receive a penalty when we bought our daughters Fabia, she got £2000 manufacturers deposit, 3 year’s service and recovery plus a dealer deposit of £500. Once we left the garage we called VW finance and paid it off with in 30 mins, no charge and our daughter is paying it up to us over 3 years.

I think there's a legal get out on finance deals within a certain time and they can't charge a penalty. They could presumably cancel the sale but I think legally it could be dodgy for them and they end up with a pre registered slightly used car that's worth a fair bit less. I suspect they just accept a few play them at their own game and win.

 

[Janine]

If it’s Skoda you’re looking at then we didn’t receive a penalty when we bought our daughters Fabia, she got £2000 manufacturers deposit, 3 year’s service and recovery plus a dealer deposit of £500. Once we left the garage we called VW finance and paid it off with in 30 mins, no charge and our daughter is paying it up to us over 3 years.

This car was a couple of months older than the cut-off point for the extra money.

 

[Janine]

Was there any penalty?

Nope. We could probably have got away with paying less but my son is no good at haggling