Audi Finance

**robbyg** · 21-06-2012,01:35 PM

Letter came through today confirming nothing outstanding and they have "transferred ownership to me". Easiest £4k i have ever saved - 20 minutes effort. I cant beleive many people of means to buy an A6 get suckled into paying off the whole deal and the baloon payment. maybe on cheap cars this is a profitable tactic. I assume most A6 drivers can deal with basic finance and maths......

Also though my door, letter telling me i have won the premium bonds. next quandary is how is spend my £25 winning.

**sijomi** · 06-09-2012,05:14 PM

Is the deal being discussed in this thread the Audi "Solutions" finance option? The Solutions deal I was offered did not seem so good and, according to the dealer, had a minimum repayment period of 7 months. Though I get the feeling this might have benefited the dealer in some way and was not necessarily enforceable.

**johnsimcox** · 06-09-2012,05:23 PM

Originally Posted by sijomi

Is the deal being discussed in this thread the Audi "Solutions" finance option? The Solutions deal I was offered did not seem so good and, according to the dealer, had a minimum repayment period of 7 months. Though I get the feeling this might have benefited the dealer in some way and was not necessarily enforceable.

It is Solutions and there is no minimum period (indeed you are offered a 14 day cooling off period to cancel deal and settle the finance) during which you cannot pay the finance off. Maybe that the local dealer (or sales guy) has its own policy. Speaking to someone who knows a former Audi salesman apparently they get only a small amount of commission on selling a car but they hit the jackpot if they sell it with finance. May be that payment is reduced if the customer exercises their right to cancel.

**sijomi** · 06-09-2012,05:44 PM

But you still benefit from the discount or "Audi/Dealer contribution to deposit"?

**johnsimcox** · 06-09-2012,05:57 PM

Originally Posted by sijomi

But you still benefit from the discount or "Audi/Dealer contribution to deposit"?

Yes everything stays the same. There are many here who have taken the deal and then paid it off immediately

**mrankin** · 06-09-2012,07:37 PM

I'm keen to understand this too. I took the finance to get the contribution from Audi finance as specifically asked the dealership ahead of time what the penalty was to pay in full before the normal period. They claim 1 months interest only for ealry termination.

they also told me that if I pay the full ammount off BEFORE the third payment is made then Audi Finance recoup the additional discount yopu get for taking out the finance from the dealership. So they "asked" me nicley not to do this. Am going to check over the papers now with a toothcomb but would appreciate others thoughts/experiences arround this and whether the dealer is just bs'ing me...

Mark

**krupatel** · 07-09-2012,09:28 AM

Originally Posted by mrankin

I'm keen to understand this too. I took the finance to get the contribution from Audi finance as specifically asked the dealership ahead of time what the penalty was to pay in full before the normal period. They claim 1 months interest only for ealry termination.

they also told me that if I pay the full ammount off BEFORE the third payment is made then Audi Finance recoup the additional discount yopu get for taking out the finance from the dealership. So they "asked" me nicley not to do this. Am going to check over the papers now with a toothcomb but would appreciate others thoughts/experiences arround this and whether the dealer is just bs'ing me...

Mark

My dealer said the same...nevertheless still paid it all off straight away.

**mrankin** · 07-09-2012,09:43 AM

Originally Posted by krupatel

My dealer said the same...nevertheless still paid it all off straight away.

Did you have to wait till after the 14 day cooling off period to pay it off or were you able to get a settlement figure immediately ?

BTW I read the small print and the letter that arrived from Audi Finance yesterday and basically it just saus they calculate the sttlement figure based on the formual in the "Consumer Credit Act". I would have thought they would have had to have been explicit about this rather than simply refere to legislation (or at least replicate the legislation). Will look the details up when I get some time later today.

Thanks

Mark

jbanfie · 07-09-2012,10:23 AM

If you pay within the 14 day right to cancel period, you pay the invoice price plus a daily interest amount that is calculated using a government mandated rate, which I can't remember but it's small.

When you get the complete paper work all this should be explicitly stated along with the phone number to call and the a statement to the fact that you do not have to tell the finance company why you want to cancel.

The consumer credit act is very much your friend.

**krupatel** · 07-09-2012,11:01 AM

Originally Posted by mrankin

Did you have to wait till after the 14 day cooling off period to pay it off or were you able to get a settlement figure immediately ?

BTW I read the small print and the letter that arrived from Audi Finance yesterday and basically it just saus they calculate the sttlement figure based on the formual in the "Consumer Credit Act". I would have thought they would have had to have been explicit about this rather than simply refere to legislation (or at least replicate the legislation). Will look the details up when I get some time later today.

Thanks

Mark

No need to wait as long as you have the paper work through with your ref /policy number give them a call for your settlement figure.