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What happens at the end of the contract if your actual mileage is greater than that stated in the finance agreement?
Our PCP product is based on the future value of the vehicle. That value is determined by the wear and tear on the vehicle and calculated on the basis of a maximum mileage (or kilometre) usage. As part of the end of contract conditions, an excess charge applies where that usage is exceeded but only if you wish to handback the vehicle to Volkswagen Financial Services and not in cases when you wish to avail of the option to sell or trade in the vehicle. The excess mileage (kilometre) charges vary from brand to brand however the average charge is 6 cent per km.
Who owns the car and what are the implications for you, the customer?
As with all forms of Hire Purchase, until the final payment is made in settlement of the PCP agreement, the car is legally owned by Volkswagen Financial Services Ireland (although it is registered in you, the customer’s name).
How are PCPs regulated?
It is important that we highlight a few distinctions.
(a) Volkswagen Financial Services Ireland is a wholly owned subsidary of Volkswagen Financial Services AG.
(b) The PCP product, which is a form of Hire Purchase Agreement, is primarily regulated under the Consumer Credit Act 1995.
(c) Dealers are authorised as intermediaries by the Competition and Consumer Protection Commission.
In addition to the regulations referred to above, the rights and protections for consumers in respect of PCP are provided for within other regulations such as general contract and provision of services law, data protection and e-privacy law among others.
What happens if the actual value of the car is greater than the GMFV?
At the end of your agreement if you choose to sell your car either to a dealership or privately, the difference between the sale price of the vehicle and the agreed GMFV is known as your equity.
GMFV = €10,000
Sale Price = €12,000
Equity = €2,000
You can choose to exchange the vehicle, or use the equity, as part of the deposit for a new vehicle.
What are the options at the end of the agreement?
At the end of a PCP contract, there are three options:
1. Part-exchange the vehicle for another vehicle of your choice;
2. Keep the current vehicle – pay the final instalment plus the ‘option to purchase fee’ and the car then belongs to you. Alternatively you can speak with a Volkswagen Financial Services Ireland customer care representative about options to extend the current finance agreement and repay the remaining amount (GMFV) over an agreed period;
3. Return the vehicle to the dealer with no further repayments.
What happens if the actual value of the car is below the GMFV?
Volkswagen Financial Services Ireland guarantees the minimum future value at the end of the agreement so both you and the dealer are protected. Any shortfall is covered by Volkswagen Financial Services Ireland. As previously referred to, this is subject to the condition of the vehicle and the annual mileage.
What products does Volkswagen Financial Services Ireland offer?
What are my options for my PCP final payment?
- Part exchange your vehicle for a brand new Volkswagen, Audi, ŠKODA or Seat at one of our dealerships.
- Keep your current vehicle- Simply pay the final instalment plus the option to purchase fee and the car is yours. Alternatively talk to your Volkswagen Financial Services Ireland customer care representative about options to extend your current finance agreement.
- Return your vehicle to your dealer.
For more information please visit the PCP End of Contract Options section of this website.
How do I update or request information on my current finance agreement?
How do I contact Volkswagen Financial Services Ireland?
You can contact our Customer Care team on;
Customer Care Phone: +353 (0)1 2933700
Alternatively, if you are an existing customer, you can login to our Customer Portal where you can find and manage all your car finance details in one secure place.
How do I change my address on my finance agreement?
What are Volkswagen Financial Services Ireland's opening hours?
Our opening hours are as follows:
Monday to Friday: 10am - 1pm and 2pm - 4:30pm
(Excluding Bank holidays and public holidays)
How can I make a complaint?
At Volkswagen Financial Services Ireland we are committed to providing our customers with the highest standard of service. If you have a complaint, we want to know! We will address the issue as quickly and as fairly as possible.
We will handle your complaint in a fair, courteous, and prompt manner. We will record and investigate your complaint internally. We will aim to resolve the issue for you and ensure that the issue does not happen again.
How can I make a complaint?
Call us on our Customer Care Helpdesk at: 353 (0) 1 2933700
Email us at: email@example.com
Write to us at:
Volkswagen Financial Services Ireland Limited
Liffey Valley Office Campus
What happens next?
Where possible we aim to resolve all issues on the phone.
If this does not happen in your case and we need to investigate further we will send you a written acknowledgement of your complaint within 5 business days.
If for any reason we haven't resolved your complaint within 20 business days we will send you a written update.
Where your complaint is not resolved within 40 business days, we will write to inform you and let you know when you can expect a full reply. This will be in exceptional cases only.
What if I want to take the matter further?
You may refer your complaint to the Financial Services and Pensions Ombudsman for arbitration.
The Financial Services and Pensions Ombudsman is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with all financial service providers. It is a free service to the complainant. The Ombudsman will only review a complaint after the complaint has been reviewed using VWFS internal complaints procedures. It is therefore important that you firstly give us the opportunity to resolve the problem.
The Ombudsman may be contacted at the following address:
Financial Services and Pensions Ombudsman’s Bureau
3rd Floor, Lincoln House
Lincoln Place, Dublin 2, D02 VH29
Lo Call: 1890 882 090
Tel: (01) 567 7000
How can I get car finance from Volkswagen Financial Services Ireland?
Who is Volkswagen Financial Services?
Volkswagen Financial Services Ireland is a wholly owned subsidiary of Volkswagen Financial Services AG, which is 100% owned by Volkswagen AG, the global vehicle manufacturer. As the largest automotive financial provider, Volkswagen Financial Services AG operates in 42 countries worldwide and is responsible for coordinating the worldwide financial services activities of the Volkswagen Group.
Volkswagen Financial Services Ireland has been providing innovative and market leading car finance solutions to the Irish market since 2008, in conjunction with the Volkswagen Group Ireland brands which include Volkswagen, Audi, ŠKODA, SEAT and Volkswagen Commercial Vehicles. Volkswagen Financial Services Ireland was the very first to bring the Personal Contract Plan (PCP) to customers in 2010. With over 120 dealers and over 30,000 customers, Volkswagen Financial Services Ireland has quickly become the largest car finance provider in Ireland.
Our Bank Details
Our Bank Details
If you would like to transfer funds to our account please reference your contract number and car registration so that we can correctly apply the funds to your account.
Bank Account: Volkswagen Financial Services Ireland Limited
Bank Address: Bank Of Ireland, 2 College Green, Dublin 2
How do I change my Direct Debit payment date?
If you wish to change the date your direct debit payment is presented each month, please login to the Customer Portal where you can manage your car finance details in one secure place.
* fee may apply
How do I exercise my rights under Data Protection laws?
To exercise your rights under Data Protection laws, please complete the Data Rights Request Form attached below and return to us marked for attention of the Customer Care department. Once received, we will review the request and take the required actions. (Please note we will need to discuss your request via a phone call to validate the request. This may be either before or after completion of the Data Rights Request Form)
How do I complete the Data Rights Request Form?
• Please print the attached PDF Data Rights Request Form below
• Complete all sections (A and B) in block capitals
• You will be required to fill in your name, address and telephone (this must be the details of the Data Subject making the request)
• You will need to outline which right(s) within GDPR Articles 15-22 you are invoking, including any relevant information to assist us
• Please ensure that you sign and date the form
How do I change my SEPA direct debit bank account details held on file at Volkswagen Financial Services Ireland?
To update your bank account details for your current direct debit payment, please download and complete the
and return to our Customer Care Department via the following methods;
Post: Volkswagen Financial Services Ireland Limited, Block C, Liffey Valley Office Campus, Dublin 22, Ireland, D22CF60
A How to complete your SEPA Direct Debit Mandate is included on the downloadable form.
• Please ensure to complete all sections with an asterisk symbol in block capital letters and complete in black pen.
• Please note the bank account must be in the name of the finance agreement holder.
Once received, we will amend your bank account details on file for future monthly direct debit payments, (please note there may be an overlap in timing due to the billing schedule of your loan agreement).
What is SEPA?
In February 2014, the Single Euro Payments Area (SEPA for short) took effect in Ireland. SEPA will standardise euro payments across Europe and make it easier to pay for goods and services and to transfer and receive money.
What does it mean?
Your Bank Account Number and Sort Code has been replaced with an International Bank Account Number (IBAN) and Bank Identifier Code (BIC). But don't worry - we do not require that you take any action - we have amended your details which we currently hold, accordingly.
Volkswagen Bank GmbH Branch Ireland made the switch to SEPA on 25/11/2013. Volkswagen Financial Services Ireland Limited will continue to use SEPA.
If you have any queries about SEPA and how it will affect your account with Volkswagen Financial Services Ireland Limited, you can contact us directly.
How do I get a settlement quote or balance enquiry for my current agreement?
Will I be contacted before my PCP final payment is due?
Will any terms and conditions of my contract change?
Your contract has been transferred to the new entity VWFS Ireland, all your rights and obligations remain the same. All terms and conditions within your contract will be unchanged.
What does this organisational change mean for me, a customer of Volkswagen Bank Ireland?
Your contract terms and conditions will remain unchanged. There will be minimal impact and no action required by you as all Hire Purchase Agreements, Personal Contract Plans (PCP) and Service Plans will be transferred from VWBI to VWFSI with effect from the 31st March 2020. We expect this transition to be seamless from a customer perspective however to facilitate this transition, customers with a direct debit payment date scheduled for early April 2020 may experience a slight delay in the collection of this payment.
Why is this organisational change happening?
As part of a Global restructure, Volkswagen Group has established Volkswagen Financial Services AG (VWFSAG) and it is intended that the business of VWBI will be moving to the Irish subsidiary of VWFSAG, Volkswagen Financial Services Ireland Limited (VWFSI). This initiative, which is an integral part of our future plans, will ensure VWFSI’s expansion of its mobility, digital solutions and products to support your driving needs for many years to come.
What will be the new bank details for making a payment?
Please note our bank account will be changing as part of this transfer effective April 1st 2020. If you have saved VWBI bank account details for any inbound payments please replace them with the VWFSI bank details below.
IBAN: IE47 BOFI 9000 1736 3293 42
ACCOUNT: Volkswagen Financial Services Ireland LTD.
I have recently sent funds to Volkswagen Bank, will these funds still be processed?
Yes, this payment will be processed and applied to your contract as normal.
I have PCP, does this change the Guaranteed Minimum Future Value?
Your contract will be with VWFSI who will assume and honour all obligations outlined in your contract.
Can my local Dealer still offer me car finance?
There will be no change to your Dealer relationship, your dealer will act as a finance intermediary of VWFSI.
Will my payment amounts change?
Your regular contract payments by direct debit will automatically be debited to VWFSI under the new Unique Mandate reference provided in your recent letter.
All terms and conditions within your contract will be unchanged.
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