Toyota finance.

[Mojo1010]

14 minutes ago, YarisHybrid2016 said:

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

No, it's illegal. Seriously, let me put it in a simple way; they gave u something for taking out the PCP, you did so and are not cancelling it. Settling it fulfills the condition of the contract, whether a day after or 48months after. That's why there is the small matter of the FCA so that financial product cannot do as its please by the company offering it.

Did you not read the previous post of this below? How many times do some of us need to tell you guys for it to be understood. Not having a personal go at u. But it does frustrates me when people add salt and pepper to something which it isn't. 

 

[cruiserOAP]

51 minutes ago, Jeremiah. said:

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

Are you sure you didn't cancel instead of settle? Cancelling means the PCP doesn't apply so the finance contribution also doesn't apply. Settling means you have a contract still, but you've paid off the whole amount early. They are legally required to allow you to do this, and the deposit contribution is yours because you have fulfilled the terms of the contract. I would be very careful about doing anything within 14 days because they might assume you are cancelling within the cooling off period. After 14 days the only options are settling or terminating. They are legally required to allow you to cancel (14 days) or settle, or terminate, but you have to make sure they know which is which.

[cruiserOAP]

On 3/18/2023 at 6:03 AM, YarisHybrid2016 said:

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!

The contract states that if you  CANCEL the PCP within 14 days, the contract or the deposit contribution doesn't apply. If they have said settle when they mean cancel, that's a mistake on their part. If you cancel the PCP in the cooling off period, you are back to paying cash for the car, and the finance company and their deposit contribution have nothing to do with your purchase.

[Jeremiah.]

No i said i want to settle, they sent me an Email with the settlement figure and did not get the contribute 😭

[Mojo1010]

7 minutes ago, Jeremiah. said:

No i said i want to settle, they sent me an Email with the settlement figure and did not get the contribute 😭

So you are just going to take it? Have you not contact them again and question it? I already told you it's illegal, what you do with this info is up to u and from my previous post. 

[Jeremiah.]

I am getting in contact with them tomorrow. I can't find anything in the terms and conditions about it unless I've missed something there. 

 

[Graham47]

Surely, the deposit contribution is already factored in to the initial invoice and the finance calculated on the remainder ?
So, if you then ‘settle’ that ‘remainder’ there’s no deposit contribution further involved ?  You owe the finance company a certain amount and that’s what you must repay plus whatever interest payments they factor in.

 

initial invoice of car(say).  £22000

customer deposit (say).     £5000

dealer contribution (say).   £1500

GFV (say)                              £8500

 

PCP finance 22000-5000-1500-8500 = £7000

So that’s what the ‘settlement’ figure will be.

[TonyHSD]

19 minutes ago, Graham47 said:

Surely, the deposit contribution is already factored in to the initial invoice and the finance calculated on the remainder ?
So, if you then ‘settle’ that ‘remainder’ there’s no deposit contribution further involved ?  You owe the finance company a certain amount and that’s what you must repay plus whatever interest payments they factor in.

 

initial invoice of car(say).  £22000

customer deposit (say).     £5000

dealer contribution (say).   £1500

GFV (say)                              £8500

 

PCP finance 22000-5000-1500-8500 = £7000

So that’s what the ‘settlement’ figure will be.

Thanks for the example. What about the future value of £8500 ? When you need to pay that ? 

[Graham47]

Yes, you’re correct. The GFV would also be included in the settlement figure … £15,500.

[Jeremiah.]

OK, spoke to toyota finance they don't know anything about contribution that toyota give you so speek to your dealer. 

Spoke to the finance person at the dealers he said it you ask for a settlement you are entitled to the £1750

[Bob66]

20 hours ago, Mojo1010 said:

So you are just going to take it? Have you not contact them again and question it? I already told you it's illegal, what you do with this info is up to u and from my previous post. 

You're surely confusing HP with PCP  AGAIN....they are different.

[Bob66]

21 hours ago, cruiserOAP said:

The contract states that if you  CANCEL the PCP within 14 days, the contract or the deposit contribution doesn't apply. If they have said settle when they mean cancel, that's a mistake on their part. If you cancel the PCP in the cooling off period, you are back to paying cash for the car, and the finance company and their deposit contribution have nothing to do with your purchase.

I've just paid off my 1 March 2023 Cross Excel PCP agreeement, with no penalty.

07 March 2023	Outstanding Balance	£0.00
06 March 2023	Settlement rebate	-£2,272.77
06 March 2023	Credit/debit card	-£20,547.15
05 March 2023	Opening Balance	£22,819.92

[Mojo1010]

1 hour ago, Bob66 said:

You're surely confusing HP with PCP  AGAIN....they are different.

I'm not the person who is confused here, never have been, can't say that for other people. 

[Mojo1010]

1 hour ago, Jeremiah. said:

OK, spoke to toyota finance they don't know anything about contribution that toyota give you so speek to your dealer. 

Spoke to the finance person at the dealers he said it you ask for a settlement you are entitled to the £1750

Well this is confusing that Toyota financial services are not aware of a Toyota contribution?? 

Well..... see my order below. After paying the deposit of 4500, there is 14495 to pay, the 1750 is already included.

[Jeremiah.]

It's toyota sets up the agreement between you and toyota the it's passed on to there finance department. The screen shot you put on is blurred. 

[FROSTYBALLS]

Click on the screen shot and it will enlarge.

The dealer sets up the agreement.

[Bob66]

1 hour ago, Mojo1010 said:

I'm not the person who is confused here, never have been, can't say that for other people. 

 

1 hour ago, Mojo1010 said:

Well this is confusing that Toyota financial services are not aware of a Toyota contribution??

 

What....now I'm confused.  🙂

[cruiserOAP]

1 hour ago, Mojo1010 said:

Well this is confusing that Toyota financial services are not aware of a Toyota contribution?? 

Well..... see my order below. After paying the deposit of 4500, there is 14495 to pay, the 1750 is already included.

I emailed Toyota finance about paying off the loan. They said the deposit contribution is a matter for the dealer!? I got back to the dealer, who had told me to ask Toyota about settling the PCP, and they finally admitted that I can keep the £1750, but only after the PCP contract has been activated by the first monthly payment, otherwise your are cancelling the PCP not settling it. I have now got it in writing that the £1750 doesn't have to be returned IF you SETTLE after the first payment.

The role of Toyota finance seems to be only to provide the settlement figure

[Yugguy1970]

There's a 1750 on ours described as a "provider finance deposit contribution"

I thought this was from Toyota direct, as there is also "dealer finance deposit contribution"

[TonyHSD]

I don’t see any trouble paying once or twice and settled your pcp after that and particularly in cases wher you need to borough money for that purchase from a different lander at better terms and lower interest. perhaps all depends on personal preference and circumstances 👍

[Mojo1010]

35 minutes ago, cruiserOAP said:

I emailed Toyota finance about paying off the loan. They said the deposit contribution is a matter for the dealer!? I got back to the dealer, who had told me to ask Toyota about settling the PCP, and they finally admitted that I can keep the £1750, but only after the PCP contract has been activated by the first monthly payment, otherwise your are cancelling the PCP not settling it. I have now got it in writing that the £1750 doesn't have to be returned IF you SETTLE after the first payment.

The role of Toyota finance seems to be only to provide the settlement figure

Well at least for your peace of mind. The PCP is activated when you pick up the car and paid whatever initial deposit agreed. No need for first payment, that's just another spin they gave u. Mr world cup winner paid a week after picking up the car from the previous post on this thread, who is one of the confused person, and still got to keep the 1750 by 'lucky dip'. 

Anyway myself and some people gave you guys all the info required to get the contribution. All the best and enjoy the car when it comes, and relax......

[cruiserOAP]

1 hour ago, Mojo1010 said:

Well this is confusing that Toyota financial services are not aware of a Toyota contribution?? 

Well..... see my order below. After paying the deposit of 4500, there is 14495 to pay, the 1750 is already included.

So, if I've got this right, the £14495 on your invoice is the amount Toyota finance has to pay the dealer for the car, so that's the amount you will be asked for in settlement (minus and payments you have made plus the interest just on those payments) So the dealer deducted the £1750 before sending the bill to Toyota finance, that's why they say it's a matter for the dealer. It is confusing, but as long as I can keep the deposit contribution I'm not that bothered how it works. I assume that the dealer offers the deposit contribution because they get more than that in commission. The only department which doesn't benefit from a customer settling earlier then must be Toyota finance, who don't get the interest on the full term of the contract.

[Mojo1010]

15 minutes ago, TonyHSD said:

I don’t see any trouble paying once or twice and settled your pcp after that and particularly in cases wher you need to borough money for that purchase from a different lander at better terms and lower interest. perhaps all depends on personal preference and circumstances 👍

Well no trouble yeah.....though you will be paying a good interest on that, mine is probably about £150 from a 14495 loan. 

[Mojo1010]

7 minutes ago, cruiserOAP said:

So, if I've got this right, the £14495 on your invoice is the amount Toyota finance has to pay the dealer for the car, so that's the amount you will be asked for in settlement (minus and payments you have made plus the interest just on those payments) So the dealer deducted the £1750 before sending the bill to Toyota finance, that's why they say it's a matter for the dealer. It is confusing, but as long as I can keep the deposit contribution I'm not that bothered how it works. I assume that the dealer offers the deposit contribution because they get more than that in commission. The only department which doesn't benefit from a customer settling earlier then must be Toyota finance, who don't get the interest on the full term of the contract.

Toyota finance owns the car not the dealer. Effectively, Toyota financial services 'buy' the car from Toyota UK when you take out the PCP. Dealer gets a cut of whatever they get from Toyota UK or Toyota finance. Dealer don't own  the new car.

[cruiserOAP]

30 minutes ago, cruiserOAP said:

I emailed Toyota finance about paying off the loan. They said the deposit contribution is a matter for the dealer!? I got back to the dealer, who had told me to ask Toyota about settling the PCP, and they finally admitted that I can keep the £1750, but only after the PCP contract has been activated by the first monthly payment, otherwise your are cancelling the PCP not settling it. I have now got it in writing that the £1750 doesn't have to be returned IF you SETTLE after the first payment.

The role of Toyota finance seems to be only to provide the settlement figure

P.S. they want you to pay the first payment because that activates their commission from Toyota finance, which must be more than the deposit contribution the dealer gives you. Toyota finance must be furious about this, because they have to pay the dealer's commission, but then lose the full term interest on the loan. They can't anything about it because of the Consumer Credit Act