Access Toyota Pcp

[vickk]

Does anyone know much about the scheme. Mainly I wondered if early payment is possible.

For instance if I took out a 24 or 36 month deal and 6 months into the deal I wanted to pay up whats owing including the GFV and take full ownership of the car.

Is that possible and would there be early payment savings in interest charges

[Lorna2]

Yes you can pay off the PCP early. Though I don't know about the interest, as mine is 0%

[vickk]

cheers Lorna, I would think they would be happy on a 0% deal for early repayment but I wondered on a deal with interest they might put a limit on how early so the get a minimum figure in charges.

Also do they have an arrangement fee at the start and a closure fee at the end

[firemac]

cheers Lorna, I would think they would be happy on a 0% deal for early repayment but I wondered on a deal with interest they might put a limit on how early so the get a minimum figure in charges.

Also do they have an arrangement fee at the start and a closure fee at the end

I reckon it depends on where you go, marque-wise. My daughter is collecting her new 13-reg tomorrow and she looked at Audi, BMW & Toyota. They all had roughly 5% PCP deals, no up-front fees and the usual balloon payment at the end if she really wanted to keep the car. One thing to watch out for though is the "over mileage" charges, i.e. if you contract for, say, 12K miles p.a. and go over that during the total term, they can charge a silly rate per mile. Interestingly the Audi dealer said that when people see this coming during the contract, they simply phone up the finance company, tell them they no longer want the car and ask them to come collect it. Not sure this will be OK in all circumstances but it seems it's possible with VAG. Mind you, there does appear to be a caveat in that the PCP contract needs to be half-way through its term before you can do this.

You would be wise to look at a couple of dealers and simply go in and ask them all the relevant questions; it's the only way to be certain. Either that or ask for a copy of the T's&C's, settle down with a large Scotch and educate yourself in the small print.

Oh, yea, she went for an Audi Q3 S-line in Met White.

[vickk]

Where I am coming from is that I had no intention of using finance but I looked at the £1000 contribution they are offering and wondered if there was a possibility of taking the finance to get the £1000 and then paying the loan off as soon as they would let me.

Bit cheeky but just wondered.

[firemac]

Where I am coming from is that I had no intention of using finance but I looked at the £1000 contribution they are offering and wondered if there was a possibility of taking the finance to get the £1000 and then paying the loan off as soon as they would let me.

Bit cheeky but just wondered.

Understood. The T's&C's will no doubt cover termination & fees but life's too short. I'd just ask the dealer straight. It's not an issue for him since he'll get his commission on the PCP deal when you sign up and won't give a toss what happens after that.

I'm assuming that he'll know what he's talking about but, to be on the safe side, speak to a couple of different dealers to see if you get the same answers

[Red Yaris 54]

I intended to pay cash for my current car but was persuaded to take the PCP as it attracted a full 3 year totally free servicing package and my trade in was worth considerably more than the deposit on the PC P package

I therefore drove away from the dealer with a brand new car and a big fat cheque for the difference

After I had received my servicing vouchers from Toyota I rang up their finance department and requested a settlement figure on the PCP........This was sent by post a couple of days later and included a considerable discount for early settlement.

So yes you can repay early .......my 3 years free servicing cost just under £ 50 interest payment (Just over 2 months)

The consumer credit act will not let the seller take back any incentives paid to you for taking the finance......Go for it! :)

[vickk]

I intended to pay cash for my current car but was persuaded to take the PCP as it attracted a full 3 year totally free servicing package and my trade in was worth considerably more than the deposit on the PC P package

I therefore drove away from the dealer with a brand new car and a big fat cheque for the difference

After I had received my servicing vouchers from Toyota I rang up their finance department and requested a settlement figure on the PCP........This was sent by post a couple of days later and included a considerable discount for early settlement.

So yes you can repay early .......my 3 years free servicing cost just under £ 50 interest payment (Just over 2 months)

The consumer credit act will not let the seller take back any incentives paid to you for taking the finance......Go for it! :)

did you not have to pay arrangement and option to buy payments?

[Red Yaris 54]

I intended to pay cash for my current car but was persuaded to take the PCP as it attracted a full 3 year totally free servicing package and my trade in was worth considerably more than the deposit on the PC P package

I therefore drove away from the dealer with a brand new car and a big fat cheque for the difference

After I had received my servicing vouchers from Toyota I rang up their finance department and requested a settlement figure on the PCP........This was sent by post a couple of days later and included a considerable discount for early settlement.

So yes you can repay early .......my 3 years free servicing cost just under £ 50 interest payment (Just over 2 months)

The consumer credit act will not let the seller take back any incentives paid to you for taking the finance......Go for it! :)

did you not have to pay arrangement and option to buy payments?

I just requested Toyota Finance to provide a full settlement figure and then paid it in full :)