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Thread: Settling PCP early

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  1. Settling PCP early 
    #1
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    From my other post you will see I am close to ordering a new A6.

    I am using Audi Finance as they contribute 3450 to the deposit, but intend to settle early to minimise interest, and have read of others doing this.

    I wanted to check on this, but the Dealer didn't know and pointed me to Audi Finance who I have just spoken too. To settle early you pay the outstanding, which is fairly obvious, but also 1 month+28 days interest. They claim this is based on Government guidance - GAD?

    Anyone else faced this, or way around it?
    2012 Audi A6 Avant 3.0d Q
    2008 BMW Z4M Roadster
     

  2. Re: Settling PCP early 
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    I did exactly this about 3 months ago but what you've been told is slightly different to my experience. As long as you cancel the credit agreement within 14 days then you only pay interest of a few pounds per day (in my case about 2) until you notify Audi Finance of your intention to withdraw from the agreement eg if you call Audi 2 days after taking delivery of car you will owe them the price of the car plus around 4. You then have 28 days to settle with Audi but no additional interest is added during this time. This is from Audi Finance website:
    End your agreement early

    I think what you've been told is the calculation if you cancel the agreement after 14 days.
     

  3. Re: Settling PCP early 
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    Correct, my option is to end early after the 14 days, as cash flow wise settling in 28 days (+14 if you include time to cancel) isn't an option, but would work otherwise. I was looking to payoff in the first 12 months to minimise interest.

    Have spoken to Audi Finance again. You can over pay - they call it partial payment. This then either reduces the monthly payment, but must be kept at minimum of 50 per month, or shortens the term, but this brings forward when the balloon payment is due - so you need to be careful you are ready for that.

    What i think I will do is make partial payments over the first 12 months to shorten the term when cash is available, which saves interest , and then settle early when have the final balloon cash available. At that point by reducing the term down, the 58 days interest they charge to settle early will be lower.
    2012 Audi A6 Avant 3.0d Q
    2008 BMW Z4M Roadster
     

  4. Re: Settling PCP early 
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    i ended my agreement the day after i got the car and kept all incentives
     

  5. Re: Settling PCP early 
    #5
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    So did I. Saved 3.5K but fortunately had the cash to settle. It was a no brainer.
     

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