PCP repayment - Warning to others!

[Pauls898]

I have had my Audi A4 3.0L TDI SE Q on a PCP for a 4 year agreement.
I have been paying this now for some 15 Months then I had the opportunity to retire early so I thought I would clear my dept.
In January 2011 I telephoned Audi finance for a settlement figure which they supplied, however my regular payment date was on the 3rd monthly so it was highly unlikely I would have received my funds in time to pay this off before the February payment was due. The Audi finance representative said not to worry as I could settle it after the February payment had gone though as normal? And just pay the diference?
WRONG!!! When I telephoned Audi finance to get the revised settlement figure they had since added on March 2011 interest already putting me now another £155.46 worse off …….!
Not happy!! I have obviously now paid this, but had I known they were up to this trick I would have paid this off as soon as my funds had come though.
I have however sent the manager of Audi finance a strong letter of complaint but I don't expect to ever see my £155.46 again!!
Something to think about if anyone else is thinking of settling their agreement early.
Oh well that's life, it stings you in the bum when you least expect it lol

[Zafi]

A nasty shock!

Have a long and enjoyable retirement

[Pauls898]

Well I wouldn't say a nasty shock, but one I wasn't expecting, having working out all my expenditure, to find out I now owed another £155.68 just because I went a day over.....

[Eshrules]

When completeing an agreement, any agreement, be it hire purchase PCP or any other contract which allows settlement with an agreed figure, interest is only stopped as of full and complete settlement of that amount.

If, eg, Audi 'froze' the interest on every single agreement people said they were going to settle, before the agreement were cancelled, can you imagine the result?

I wouldn't necessarily hold Audi accountable directly for this, more the call handler who clearly didn't know what they were talking about - however common sense should always prevail with financial agreements.

Stings, but it's a lesson learned imho.

[Pauls898]

Well just an update on this item!

A good bit of good news, after writing a letter of complaint to thier head office, they considerred my complaint and have offerred to re-play my excess over payment, so there you go, its worth complaining, a result!!!

Well chuffed

[phil miller]

Result well done mate, my dad retires in less than a month, he told me today he wants a fish bowl so he can talk to the fish instead of my mum lmao, like i said to him i will say to you ENJOY YOUR RETIREMENT you have earned it

[Guest 2]

A good result to the end of a working life

Enjoy your retirement!