Toyota finance.

[TonyHSD]

35 minutes ago, Bob66 said:

I think Toyota finance  have been quite cute with the wording....their deposit contribution payment has nothing to do with the interest, or the interest charged on early settlement, it is shown quite differently on the agreement...within the agreement there is a clause that clearly states that they can claw back that contribution.      I actually paid off my PCP within a week and they didn't claw back their contribution....but they could have if they so wanted to.

 

Ok,  so what is the trick then, or it’s purely a luck ? 

[Bob66]

19 hours ago, TonyHSD said:

Ok,  so what is the trick then, or it’s purely a luck ? 

Yes...."purely a luck".....whatever that is!

[RonYarisX]

On 3/16/2023 at 1:58 PM, Bob66 said:

I think Toyota finance  have been quite cute with the wording....their deposit contribution payment has nothing to do with the interest, or the interest charged on early settlement, it is shown quite differently on the agreement...within the agreement there is a clause that clearly states that they can claw back that contribution.      I actually paid off my PCP within a week and they didn't claw back their contribution....but they could have if they so wanted to.

 

 

If someone were to post the actual wording, I strongly suspect we'll find it's more a case of the buyer misunderstanding the wording than the lender trying to be 'cute'.

I'll say it again.  If someone offers you an incentive to take out their product, and you follow all the rules and subsequently buy that product, they cannot then retract on the incentive. It's not rocket science, it's just simple basic law.

The most they can ever do is adhere to the contract - they can't do whatever they want. That's just silly.

[Mojo1010]

32 minutes ago, RonYarisX said:

 

If someone were to post the actual wording, I strongly suspect we'll find it's more a case of the buyer misunderstanding the wording than the lender trying to be 'cute'.

I'll say it again.  If someone offers you an incentive to take out their product, and you follow all the rules and subsequently buy that product, they cannot then retract on the incentive. It's not rocket science, it's just simple basic law.

The most they can ever do is adhere to the contract - they can't do whatever they want. That's just silly.

Correct there's no cuteness. Some people doesn't seem to want to learn, or a figment of imagination.

From Toyota below. 

[YarisHybrid2016]

On 3/16/2023 at 1:42 AM, RonYarisX said:

You say you've never got as far as the PCP paperwork then tell us to carefully read the smallprint.  Question - Have you read the small print or are you trusting the word of a salesman? ( never a good idea 🤣 )

That is NOT what I said at all.

For clarity: I was TOLD (but this does NOT imply that I think it is correct or not) that if it was SETTLED (not cancelled) within 14 days that they COULD MAYBE demand the deposit contribution back.

I then stated that I had NOT read the PCP paperwork, and as a friendly suggestion stated you should ALWAYS read the small print.

If you inferred anything else from my post, then I don't know what to say.

[YarisHybrid2016]

11 hours ago, RonYarisX said:

I'll say it again.  If someone offers you an incentive to take out their product, and you follow all the rules and subsequently buy that product, they cannot then retract on the incentive.

They can if the contract states so! e.g. if the contract states that if it is settled within 14 days you forfeit the deposit contribution, or they reserve the right to demand repayment of same, then it is legal!

[YarisHybrid2016]

11 hours ago, RonYarisX said:

they can't do whatever they want. That's just silly.

They CAN do whatever they want as long as it is part of the contract, and legal (e.g. they can't demand your first-born, but can demand interest).

[YarisHybrid2016]

11 hours ago, Mojo1010 said:

Correct there's no cuteness. Some people doesn't seem to want to learn, or a figment of imagination.

From Toyota below.

Define "cancel"? J/K.

That's where you need to read the small print.

[YarisHybrid2016]

PS: I am not a lawyer.

[Bob66]

I think a lot of the older members have trouble understanding how PCP works...it is not the same as HP.

[Mojo1010]

11 hours ago, YarisHybrid2016 said:

Define "cancel"? J/K.

That's where you need to read the small print.

Personal circumstance changes,one cannot afford it anymore or just don't want the car. Sell car back to Toyota financial services and they add 1750 on top. 

[FROSTYBALLS]

7 hours ago, Bob66 said:

I think a lot of the older members have trouble understanding how PCP works...it is not the same as HP.

PCPs have been in the marketplace for at least 25 years, so I would suggest that older members are quite OK with how they work !

[Cyker]

I dunno, some of the older members are really old...   

(I'm joking I'm joking! No not the bees! Aiiee!)

 

[Mojo1010]

Some are quite grumpy too..... 😛

[Cyker]

That is a privilege of old age, at least that's what I'm told.

That and embarrassing your grown up kids with compromising baby photos and embarrassing stories.

 

[cruiserOAP]

Has anyone paid off their PCP loan in full after a couple of months, and if so, were you charged a fee, and were you charged interest on the 2 payments or the full term interest?

[FROSTYBALLS]

Topics merged.

[cruiserOAP]

On 3/18/2023 at 5:56 AM, YarisHybrid2016 said:

That is NOT what I said at all.

For clarity: I was TOLD (but this does NOT imply that I think it is correct or not) that if it was SETTLED (not cancelled) within 14 days that they COULD MAYBE demand the deposit contribution back.

I then stated that I had NOT read the PCP paperwork, and as a friendly suggestion stated you should ALWAYS read the small print.

If you inferred anything else from my post, then I don't know what to say.

I've asked the dealer for clarification when SETTLING not CANCELLING a PCP. I have been told previously by other brand's dealers that you can pay a month or two then ask for a settlement figure, pay off the full balance, and you keep the finance contribution and pay interest on the one or two payments you have made, not the full term interest.

It would not be fair on the dealer to settle immediately, because the finance company would claw back the dealer's commission, which the dealer may have factored into their cash discount off list.

[Hybrid21]

2 hours ago, cruiserOAP said:

Has anyone paid off their PCP loan in full after a couple of months, and if so, were you charged a fee, and were you charged interest on the 2 payments or the full term interest?

Hi Mike, a lot of posts above re this and some good info 👍

At the end of the day it depends on the terms and conditions of the individual PCP contract. Best to contact the finance provider 👍

[Mojo1010]

2 hours ago, cruiserOAP said:

I've asked the dealer for clarification when SETTLING not CANCELLING a PCP. I have been told previously by other brand's dealers that you can pay a month or two then ask for a settlement figure, pay off the full balance, and you keep the finance contribution and pay interest on the one or two payments you have made, not the full term interest.

It would not be fair on the dealer to settle immediately, because the finance company would claw back the dealer's commission, which the dealer may have factored into their cash discount off list.

Not really, the dealer has factored in everything. No need for a few payment, though that's up to u. 

[cruiserOAP]

On 3/15/2023 at 11:07 PM, YarisHybrid2016 said:

I was told by two dealers not to settle prior to 14 days or I could get a call demanding the finance contribution back.

I never got as far as the PCP paperwork as I worked out the same deal for cash, but at the end what matters is what the small print says. Read carefully. YMMV.

The 14 days is the period you have to change your mind and cancel the agreement. You then don't have a PCP contract, so you are not entitled to the finance deposit contribution. Settling is when you pay off the full balance of a PCP agreement that has been activated, so in that case you keep the deposit contribution, and the only interest payable you have already made in the monthly payments, and you then own the car. You can do this at any stage. Termination is another thing entirely, where you abandon the contract before it is paid off, then you have to give up the car.

[Jeremiah.]

I requested a settlement figure after 1 week of collecting the yaris cross and they did not give the £1750 contribution. 

[Mojo1010]

Thats illegal. Contact them again and tell them it's illegal what they did and you would be taking it up with the FCA. 

Ok firstly, when you ordered was the contribution available at the time. This may sound silly, though let's establish that first. 

[TonyHSD]

Why experiences are different between different members when they settled the same financial product? Are they different ways to settle finances on the newly purchased cars , business or private use for example? 
 

[YarisHybrid2016]

30 minutes ago, Mojo1010 said:

Thats illegal. Contact them again and tell them it's illegal what they did and you would be taking it up with the FCA. 

Ok firstly, when you ordered was the contribution available at the time. This may sound silly, though let's establish that first. 

It's only a breach of contract if the terms say nothing about losing it if settled within x time.

If the terms say anything like "the deposit contribution will be withdrawn if the contract is settled within 14 days", there is nothing you can do.

As I keep saying: READ THE TERMS AND CONDITIONS EXTREMELY CAREFULLY. They are the ONLY thing that matters.