Audi Finance

[Timothy Nathan]

I took the deal to have a substantial number of £s knocked off the price and then have paid off in full before the first Direct Debit. I don't understand the business model, but hey, the difference pays for a holiday.

I must say that I was quite nervous as to the nature of the catch, I expected all sorts of tricks and small print.

But in fact it's been a piece of cake.

• I dialled a number (do look on www.saynoto0870.com to get the non premium numbers - 0845 309 0100 and 01908 485000 when I looked) and entered the details on an automated service.
• Letter with settlement figure arrived two or three days later, with about three weeks to act.
• Called the same number and paid the total by debit card.
• They told me to call the bank to cancel direct debit (also very easy)

Job done.

So don't be put off!

[burningoil]

hello, just ordered a new a6 avant on this deal, improved the deal by about £5k. salesman told me i could pay off after 6 months, can i do it earlier ? will try and take out conventional loan to pay it off. thanks

[Timothy Nathan]

I was fully paid up within 2 weeks.

There is one small mistake I made that you can avoid.

I also have a maintenance plan. When I paid off the finance, the guy at VAG Finance told me to cancel the Direct Debit, but (I later found out) that DD had not been set up, so I cancelled the only one which was on my account, which turned out to be the maintenance plan one, so I ended up being treated like a naughty schoolboy for missing the first payment on that.

Make sure you cancel the right one, if you are on both plans.

[burningoil]

i do not have the maintenace plan. i signed the paperwork the other day , but get the car this saturday. can i just request the settlemant figure now, before i get the car ? This was the obly deal where i could get ££££'s off, in fact it made more sense taking this deal than going for a 6m old demo thanks

[Timothy Nathan]

You'll get a letter about 7-10 days after you get the car and the instructions for getting a settlement letter are on it.

You need a contract number, so you cannot start the process until you have that first letter.

For me, the whole process was done and and dusted within 2 weeks of getting the car.

[nealeb]

I was given a copy of the finance agreement when I picked up the car and that talked about the "right to withdraw" or some such. I think there is a 14d cooling-off period and in my case, I was charged something like £4.50 a day interest. I was given a settlement figure over the phone, confirmed by letter a couple of days later. They then say that you have 7d to pay, but there is a strong implication that in practice this is 30d (I don't have the letter in front of me at the moment). There doesn't appear to be a catch, and it was all pointed out to me very clearly by the Audi salesman. As someone said, a strange business model but I guess that they hope that not too many people realise.

[burningoil]

Yes, phoned in yesterday. Got the settlement figure (p/work should be here in couple days), there is a wee bit of interest to pay. I can get a 6.0 APR loan to pay the balance of over 36months. One the amount I am financing it is £90 per month cheaper with m&S bank loan. So, £3240 cheaper over 3 years and I got the benefit of my p/x "being worth" £5,000 more by taking out the finance. Keep looking for a catch but there does not seem to be one.

[robbyg]

just signed my papers today. wording implies that if you terminate agreement they can chagre the whole interest...

tim: you paid yours off within the 14 day cooling off period?

Nealab and burningoil, when and how did you pay yours off, before or after the first direct debit?

[Timothy Nathan]

I paid at the first opportunity.

[TDiTom]

Am I missing something here? What was the exact deal you agreed to on finance with audi, and how did the final amount to pay back on finance, compare with the cash price and settlement figures you were given?

Have you paid FULL or PARTIAL settlements? One is good, the other leaves a balance on your credit file but no further action may be taken to recover it.