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Car Finance Question?


New member
United Kingdom

I am new here. I currently have a very lovely 2016 Golf R fully specced but have driven twice the mileage of my PCP deal so have decided to trade it in and pay the difference for a new S3 Saloon Black edition.

I got a great deal from a dealer though car wow and paid my deposit.

But VWFS came back to the dealer and said they want proof I can afford the car - this is stupid... I have been paying finance on my R for almost a whole year with no issues at all. Yes the S3 is an extra ?200 a month but its not an issue.

What concerns me is that the account I pay my R from is a business account but the finance is in my name; this wasn't an issue with the R at all as VWFS passed it right away.

However now the dealer is telling me the account may have to be my personal account that I pay from which means changing the bank details. My personal account is used for house bills and rental from properties I own are paid into it quarterly at around ?10k a quarter and that's fine but in the last 3 months no rent has been paid into it and last week I paid personal tax to HMRC of ?10k so the account currently only has around ?300 in it - despite being over 10K the last three months. I will put some money into it but essentially the next rent isn't due until March so if I provide those statements it will show balances over 10K for 2 months and 300 this month so far. Obviously the business account has more money in it but the dealer says VWFS want the personal account.

This concerns me that they will decline the finance.

Specially as I can afford the payments and have been paying them for a year already!

Any one got any experience of this? Any thoughts? Thanks.
United States
Being that you're in London it's hard for me to comment, but in the US if a dealer is unable to finance through VW they will normally shop your loan around to other banks. Some will offer you the loan but at a higher interest rate.