Terminate used car PCP within 14 days

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shatnersbassoon
Posts: 2
Joined: Tue May 04, 2021 10:56 am

Terminate used car PCP within 14 days

Post by shatnersbassoon » Wed May 05, 2021 7:29 am

I'm planning to buy an Approved Used Karoq, and have a question regarding the terms of the PCP deal.

Ideally, I'd just pay cash - but the PCP comes with a number of benefits including two discounted services, extended warranty and extended MOT cover:
https://www.skoda.co.uk/finance/deals/used-car-pcp-deal

I've read that if I take the PCP and then cancel within the 14 day cooling-off period, I won't pay any interest, and will keep the discounted services, vouchers for which are provided by the dealer at the time of purchase. Does anyone know whether the extended warranty and MOT cover will continue, or will Skoda Finance cancel these?

Obviously I'll check the small print before I sign the agreement, but if anyone here has experience they could share I'd appreciate it.

bryfly48
Posts: 5
Joined: Fri Feb 12, 2021 9:03 pm

Re: Terminate used car PCP within 14 days

Post by bryfly48 » Wed May 05, 2021 8:05 am

Only have experience of pcp on new cars, once on kia and latest on skoda, both times cancelled agreement within the 14 day period, both times kept benefits and only paid interest on the days the loan was active.

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24 VRT
Posts: 21
Joined: Mon Aug 24, 2020 3:54 pm
Location: North East Hants.

Re: Terminate used car PCP within 14 days

Post by 24 VRT » Wed May 05, 2021 4:53 pm

Concur with bryfly48 on the new car purchase - we took PCP to get big deposit contribution and 2 services for low price. All stayed in place when we cancelled the PCP, just paying the interest for the time the loan was drawn. Make sure that after you repay you get sent a letter from VWFS confirming they no longer have a financial interest in the car.

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