PCP/Finance Collection Day Question

[Minion Bob!]

Hi

Okay so done a quick search but couldn't find anything. This is a question for those that have collected cars recently on PCP. I'm being told by my dealer that I need to come in a few days before to sign Finance paperwork and then collect the car a few days after. Has anyone else had this? I've bought on PCP previously and never had that although the stealers assure me this is a new practice... Can anyone confirm how their handover was when taking out a PCP.

 

[Agent57]

I also recently ordered a new S3 with Coventry Audi. I have been told that the only time I need to visit the dealership is when I collect the car and that I can sign all paperwork on the day. This is also on PCP.

 

[Minion Bob!]

I also recently ordered a new S3 with Coventry Audi. I have been told that the only time I need to visit the dealership is when I collect the car and that I can sign all paperwork on the day. This is also on PCP.

I proposed this to which I was told you're welcome to do it in the same day but you'll have to wait a few hours. This sounds strange.... Like they want you to sign all so you cant reject the car.

Can anyone run me through the relevant paperwork your given on the day these days to sign and how handover went.

 

[ice_cube99]

Just got my car delivered which I ordered through Coventry also.

Finance checks from Audi will be done first. Once you have been accepted for the finance, it should then be just a matter of signing and you take the car away.

Mine was all done through email and faxed back as I got mine delivered in Glasgow.

Sounds pretty strange..

 

[Rob2k68]

Hi

Okay so done a quick search but couldn't find anything. This is a question for those that have collected cars recently on PCP. I'm being told by my dealer that I need to come in a few days before to sign Finance paperwork and then collect the car a few days after. Has anyone else had this? I've bought on PCP previously and never had that although the stealers assure me this is a new practice... Can anyone confirm how their handover was when taking out a PCP.

Same here from Northampton Audi so different dealers may do it differently. Went in 4-5 days before collection and done all the PCP stuff and also took a quick peek at my car as collected 3rd March. Worked quite well as just concentrated on the car on the handover.

 

[Banny93]

I picked mine up last Thursday had to go in a few days before to sign the Pcp documents also have done this in the past with ford and Vauxhall dealers

 

[Dtwm1]

I went in the day before too. I recall it being something about VW finance transferring the money for the car into dealers account. Not sure I believe it but made for a nice quick collection the following day.

 

[Minion Bob!]

I went in the day before too. I recall it being something about VW finance transferring the money for the car into dealers account. Not sure I believe it but made for a nice quick collection the following day.

Yup that's exactly what I was told when I questioned it... By the sounds of it sounds standard then... Guess I was just worrying for nothing

 

[Mike1981]

Signed 80% of the my paper work a week before I collected mine from Poole audi. Definitely made collection day that little bit quicker. Dealers said it's normal practice now

 

[amped2]

We saw our car on a Friday afternoon and struck the deal and had to wait 24hrs for funds to transfer before we could take it. It was Maidstone audi

 

[A3Kent]

Did all my PCP paper work over email. Printed it all off, signed it then scanned it back. Easy

 

[cuke2u]

Yes I did the finance paperwork electronically too, just did the final sales talk and paperwork when I collected the car.

 

[veeeight]

2 reasons



1.
Recent changes to the Consumer Credit Act state that the customer should see the advance paperwork (ideally the SECCI and Pre Contract Credit Information) (and this is the specific phrase) - "in good time".

What "in good time" constitutes varies from dealer to dealer, some say 7 days, some post the SECCI out to you, some email the SECCI, some insist you come in in advance to sign the paperwork, and some consider an hour or two at the dealership "in good time".


2.
Dealers want to ensure the funds are transferred before they release the car. Sometimes, it doesn't go smoothly. So the earlier they start the transfer from VWFS, the better.
@trs888 had this! (Dealer waiting for funds before releasing car)
VWFS couldn't complete the funds transfer, so he had to go home without his car !

There had been a few issues with cars being released and then being written off the same day before funds had transferred.


From:
http://www.audi-sport.net/xf/threads/bw-17-18-19-20.215995/page-2#post-2165049

 

[huggins01]

Hi

Okay so done a quick search but couldn't find anything. This is a question for those that have collected cars recently on PCP. I'm being told by my dealer that I need to come in a few days before to sign Finance paperwork and then collect the car a few days after. Has anyone else had this? I've bought on PCP previously and never had that although the stealers assure me this is a new practice... Can anyone confirm how their handover was when taking out a PCP.

So does this mean that the finance check is done when you order the car and when you go back to sign papers they're just to agree to finance and no more checks are done?

 

[Minion Bob!]

2 reasons



1.
Recent changes to the Consumer Credit Act state that the customer should see the advance paperwork (ideally the SECCI and Pre Contract Credit Information) (and this is the specific phrase) - "in good time".

What "in good time" constitutes varies from dealer to dealer, some say 7 days, some post the SECCI out to you, some email the SECCI, some insist you come in in advance to sign the paperwork, and some consider an hour or two at the dealership "in good time".


2.
Dealers want to ensure the funds are transferred before they release the car. Sometimes, it doesn't go smoothly. So the earlier they start the transfer from VWFS, the better.
@trs888 had this! (Dealer waiting for funds before releasing car)
VWFS couldn't complete the funds transfer, so he had to go home without his car !

There had been a few issues with cars being released and then being written off the same day before funds had transferred.


From:
http://www.audi-sport.net/xf/threads/bw-17-18-19-20.215995/page-2#post-2165049

Thank you @veeeight... Clearly my search skills have failed me, your a walking encyclopedia of this forum! Much appreciated mate... Quick question though to point 1 isn't this the pre contract the same one receives when they sign on order?

The finance does make sence now with the money being transfered earlier... a little like the process used between banks and solicitors when obtaining mortgage funds on a house purchase.

 

[veeeight]

I placed my order over the phone and did a £500 deposit with a credit card over the phone, so I didn't see any paperwork until almost collection day!

The Pre Contract Credit Info will contain all the terms, APR, penalties, excess mileage, amount of credit, length of repayment, amount, dates and frequency of payments, cancellation rights etc.

 

[Minion Bob!]

I placed my order over the phone and did a £500 deposit with a credit card over the phone, so I didn't see any paperwork until almost collection day!

The Pre Contract Credit Info will contain all the terms, APR, penalties, excess mileage, amount of credit, length of repayment, amount, dates and frequency of payments, cancellation rights etc.

Yup already got this from when I signed on order... Makes me wonder but oh well... CAR IS ALMOST HERE!!!! ****** EXCITED!!!!

 

[Audimad]

Hi

Okay so done a quick search but couldn't find anything. This is a question for those that have collected cars recently on PCP. I'm being told by my dealer that I need to come in a few days before to sign Finance paperwork and then collect the car a few days after. Has anyone else had this? I've bought on PCP previously and never had that although the stealers assure me this is a new practice... Can anyone confirm how their handover was when taking out a PCP.

Sorry, don't understand the question. What's a stealer?

 

[Blackwhite]

Sorry, don't understand the question. What's a stealer?

My definition would be: A dealer who rips you off either through money or
inadequacy, or both. Thus stealer.

 

[veeeight]

@Blackwhite he knows full well what we mean when we use the term "stealer".

It's just that he doesn't believe, and/or is his experience, that Audi dealers are capable of such lowly behaviour!

eg
http://www.audi-sport.net/xf/threads/best-and-worst-stealers.229493/page-4#post-2425094

 

[Blackwhite]

@Blackwhite he knows full well what we mean when we use the term "stealer".

It's just that he doesn't believe, and/or is his experience, that Audi dealers are capable of such lowly behaviour!

eg
http://www.audi-sport.net/xf/threads/best-and-worst-stealers.229493/page-4#post-2425094

Thanks veeeight.

 

[Audimad]

My definition would be: A dealer who rips you off either through money or
inadequacy, or both. Thus stealer.

I know i was taking the p**s. What i don't understand is why you want to use a dealer which you don't like or else you would not call them a stealer?

 

[Audimad]

@Blackwhite he knows full well what we mean when we use the term "stealer".

It's just that he doesn't believe, and/or is his experience, that Audi dealers are capable of such lowly behaviour!

eg
http://www.audi-sport.net/xf/threads/best-and-worst-stealers.229493/page-4#post-2425094

There maybe some dealers who are poor in terms of customer service hence why YOU call them stealers but when you find a good one you stay with them which is what i do.

 

[veeeight]

Tell me this:

Audi dealer offers a fixed price Oil Service for £159 for cars over 3 years.

The same Audi dealer - when presented with a brand new car, in for its first oil service, quotes/charges £250 for the same oil service.

Presumable because they know you'd like to get a FASH in the book.

How is this not "robbery" ?
How is the price difference justified for what is essentially the same work, time, labour and materials?

 

[Audimad]

Tell me this:

Audi dealer offers a fixed price Oil Service for £159 for cars over 3 years.

The same Audi dealer - when presented with a brand new car, in for its first oil service, quotes/charges £250 for the same oil service.

Presumable because they know you'd like to get a FASH in the book.

How is this not "robbery" ?
How is the price difference justified for what is essentially the same work, time, labour and materials?

You are asking the wrong person, i work for Toyota not Audi.

 

[mister.c.]

I think we are missing the point. The point of using 'stealer' is an 'intelligent' play on words. Where you can move a couple of letters, or use your long lost rhyming skills, to change dealer into something so much more 'majestic'. Its part of the forum rules internet wide. Like 'Halfrauds'. It makes you part of the club and adds beauty to your musings. But like any club with its own language (like Audi with 'Sportback' and 'Avant') its eight letters ending in ocks.

The beauty is not only in using the word but appreciating the chuckle and smirk as the poster adds this to their forum post. Its a full forum reading experience, sometimes difficult to fully appreciate its use due to use of lower case capitals and lack of punctuation. But the rules are the rules.

Whereas I fear Veeeight has ventured into far more serious territory. Capitalism, Socialism, ability to pay, freedom of choice, an Apple-esque brand out solely for profits. Which is rough waters for any club, especially one on a Sunday afternoon.

 

[Trevolly]

We did this. The wife went in pre delivery (about two weeks) and signed all the finance paperwork and then when we collected the car we went around the vehicle with a checklist, listing the add one and condition etc.

 

[Mark Swan]

I've bought a Tts on PCP, I got a good deal so happy. I do have a question I bought from a "distant" Audi dealer so done all on phone and email. I completed a centre proposal form where is asks all personal details etc and emailed that off. A few days later a credit search was done and car ordered. I'm hoping to collect it in a couple of weeks, and they took deposit etc. Anyway when I go down they say I need too fill out finance paperwork when I collect the car. Does this mean another credit check..my score is ok but get nervous as every check decreases it. Surly they only need to do one?

 

[pburv]

I've bought a Tts on PCP, I got a good deal so happy. I do have a question I bought from a "distant" Audi dealer so done all on phone and email. I completed a centre proposal form where is asks all personal details etc and emailed that off. A few days later a credit search was done and car ordered. I'm hoping to collect it in a couple of weeks, and they took deposit etc. Anyway when I go down they say I need too fill out finance paperwork when I collect the car. Does this mean another credit check..my score is ok but get nervous as every check decreases it. Surly they only need to do one?

Although I don't have any issues with my credit history(hope not..lol) I have wondered if credit checks affect my score.I have had at least 4 in the past twelve months(mainly enquiring on car finance)...

 

[Pulp84]

2 reasons



1.
Recent changes to the Consumer Credit Act state that the customer should see the advance paperwork (ideally the SECCI and Pre Contract Credit Information) (and this is the specific phrase) - "in good time".

What "in good time" constitutes varies from dealer to dealer, some say 7 days, some post the SECCI out to you, some email the SECCI, some insist you come in in advance to sign the paperwork, and some consider an hour or two at the dealership "in good time".


2.
Dealers want to ensure the funds are transferred before they release the car. Sometimes, it doesn't go smoothly. So the earlier they start the transfer from VWFS, the better.
@trs888 had this! (Dealer waiting for funds before releasing car)
VWFS couldn't complete the funds transfer, so he had to go home without his car !

There had been a few issues with cars being released and then being written off the same day before funds had transferred.


From:
http://www.audi-sport.net/xf/threads/bw-17-18-19-20.215995/page-2#post-2165049

Veeeight has nailed it on the head with point 2.

VWFS lending platform and backend systems are provided by HSBC in the UK.

The system can pay instantly to dealer accounts held with HSBC. If they dont then there can be a few hours delay weekdays and it is not guaranteed the system will drawdown on Saturdays until the following Monday (but usually thanks to faster payments it isn't an issue).

My dealer banks with Barclays and they asked we signed the docs first thing in the morning so funds would come through by lunchtime at the latest. My dealer was also the head office building for the whole dealer group and hence there was someone from finance to confirm on the Saturday funds had arrived.

If the dealership doesn't bank with HSBC and has no one on a Saturday from finance to confirm receipt of funds then this will explain the requirement to do documents a day early.

There was a policy change as cars were sold Saturday morning and written off that afternoon before VWFS funds had arrived.....

 

[Pulp84]

I've bought a Tts on PCP, I got a good deal so happy. I do have a question I bought from a "distant" Audi dealer so done all on phone and email. I completed a centre proposal form where is asks all personal details etc and emailed that off. A few days later a credit search was done and car ordered. I'm hoping to collect it in a couple of weeks, and they took deposit etc. Anyway when I go down they say I need too fill out finance paperwork when I collect the car. Does this mean another credit check..my score is ok but get nervous as every check decreases it. Surly they only need to do one?

No the application is suspended at the point when the application was originally credit scored and completed once the dealer can mark in the system that documents have been signed.

 

[Pulp84]

Although I don't have any issues with my credit history(hope not..lol) I have wondered if credit checks affect my score.I have had at least 4 in the past twelve months(mainly enquiring on car finance)...

Forgot the Experian rubbish. No one has a credit score. It just doesnt exist.

The more searches and credit accounts you have on your file determine how a financial institution will view the risk of you repaying them.

Being on the voters roll, keeping up to date with repayments, keeping credit card balances under 50% of the total limit and not applying for credit regularly generally will mean you can get credit no problems...

 

[Mark Swan]

No the application is suspended at the point when the application was originally credit scored and completed once the dealer can mark in the system that documents have been signed.

Great so don't have to go thru that again. It would be a long walk home from Kings Lynn if they rejected me when I went to pick it up.

 

[chazd]

I saw the SQ5 I liked on a Sunday.msaid I would take it Monday at 11 and by 3pm I had the PCP sorted, deposit paid and drive it home.

Dealer said it was the quickest sale they had ever completed as vehicle wasn't even registered!

 

[Mark Swan]

Although I don't have any issues with my credit history(hope not..lol) I have wondered if credit checks affect my score.I have had at least 4 in the past twelve months(mainly enquiring on car finance)...

Depends on type of check. A hard check is done when actually applying for credit and shows on your reports as a hard search. This will decrease your score temporarily for a month or so, once the search become a couple of months old it has no effect and score goes back up. After 12 months it disappears all together. A soft search the type which is used for ID checks...ie insurance quotes or opening a bank account this does not impact score however does appear on report. So too many hard searches in a short period will decrease score quite a bit, buy 4 in a year assuming spread out won't. Www.creditexpert.co.uk will give you a 30 day free trial to check actual Experian score.

 

[Pulp84]

Depends on type of check. A hard check is done when actually applying for credit and shows on your reports as a hard search. This will decrease your score temporarily for a month or so, once the search become a couple of months old it has no effect and score goes back up. After 12 months it disappears all together. A soft search the type which is used for ID checks...ie insurance quotes or opening a bank account this does not impact score however does appear on report. So too many hard searches in a short period will decrease score quite a bit, buy 4 in a year assuming spread out won't. Www.creditexpert.co.uk will give you a 30 day free trial to check actual Experian score.

This is half correct.

All searches have an enquiry type. Some are "enquiries" for insurance and some are for the purpose of obtaining a credit account.

Some lenders won't care you have had a ton of enquiries when they make their credit assessment and some will. Depends on the lenders deifiniton of risk. It's true though that the amount of obtaining credit searches over a 6 months period can influence a lenders credit decision (too many suggests your desperate for credit ).