Pinkness rules! But can anybody help me by answering this question ...

[RoxyD]

Hi guys, I'm new to the forum and hope to (tomorrow on 1st March) drive away my new pink /fuchsia DS3 DSport! Colour not to everybody's taste I'm sure, but I fell in love with it!
My question is this - If you take out elect 3 finance (which offers a £1000 deposit contribution) and then cancel agreement within 14 days and pay outstanding credit in full, does the £1000 deposit contribution still stand? Also (but of lesser importance is the free insurance and the free AA roadside assistance.?) My Citroen dealer assures me that I will not lose the contribution if I cancel within 14 days and says it's a "legal loophole" which he's guided many people through. However there seems to be differing opinions - has anybody out there bought a car with elect 3, then cancelled and paid it off? If so, was it done within 14 days?
Thanks everybody and happy driving ....great that I now have a car to match the lippie .....!!! http://www.ds3club.co.uk/images/icons/icon12.png

[Gazski66]

ooooooo financial question, counts me out lol, hopefully Biggie will be along soon with the answer somewhere i have in my brain that you might not be better of paying in full but a more qualified person will put me right and welcome to the club

[Wes79]

Yeah I'm not too sure either I'm afraid. But welcome to the club and don't forget to post piccies

I'm sure, like Gaz says, Biggie will be able to help soon enough

[Dangerousfish]

I would have thought not.

Common sense would say that once you've cancelled your agreement any services provided by the supplier should be cancelled and that the finance company would void any payments or contributions made on your behalf.

I'm sure someone more knowledgeable will be able to help you shortly though.

I paid my remaining finance off on mine a year or so after purchasing so my assistance was no longer valid (not to mention the fact that Citroen's underwriters wouldn't insure me in the first place).

[cyclone]

Didn't Clive do this? or something similar.

[BeefMasta]

Didn't Clive do this? or something similar.

Yeah, pretty sure he did. And knowing him he will have worked it out to the penny.

[Kat]

Can't help with your query, but hello! Welcome to the club, and welcome to the pinky club - I have a black and pink DStyle

[Bigfeet]

Hopefully you picked up my message, shout me again if there are any other questions.

[CliveP]

I have sent Roxy a reply to a PM on the subject and given him all the legals. I just did exactly the same with my SLK. All mine now
Regards,
Clive.

[CliveP]

Ps I didnt cancel it just paid it off after legally allowing Elect 3 to commence... or Agility as it's called on Mercedes..
Clive.

[Bigfeet]

I think there is some confusion to the terms here;

Cancel - This would be to pull out of the agreement with the Finance company within 14 days, in this case you would be liable for the full balance to the dealer including the £1000.

Pay off - This would be to ask for a settlement amount and pay that in order to pay off the finance company, in this case you would still get the £1000 off the car. This can be done at any point, but I would ask that you at least pay three payments first otherwise your sales person will lose out on his commission (It's normally only £20 but I guess it depends on how mean you feel!).

[RoxyD]

Thanks everybody for their help and replies - just to clear things up, I exercised my right of withdrawal under section 66A of the consumer credit directive within 14 days of taking out the finance, it is now cancelled, (not settled, as I have made no monthly payments) Citroen have no further financial interest in my car and I have been able to keep the dealer's £1000 deposit contribution. All I had to pay was £12 interest - and of course the credit balance in full. Great! It was the dealer who suggested it in the first instance! .... and it drives like a dream!

[BeefMasta]

Thanks everybody for their help and replies - just to clear things up, I exercised my right of withdrawal under section 66A of the consumer credit directive within 14 days of taking out the finance, it is now cancelled, (not settled, as I have made no monthly payments) Citroen have no further financial interest in my car and I have been able to keep the dealer's £1000 deposit contribution. All I had to pay was £12 interest - and of course the credit balance in full. Great! It was the dealer who suggested it in the first instance! .... and it drives like a dream!

Great news, glad you got it sorted.

Enjoy the car!

[Bigfeet]

Still not sure how that would work with you keeping the £1000 deposit contribution as I'm pretty sure CUK would check to see if the VIN on a Elect3 agreement before paying the dealer.