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Volkswagen Bank

Finance Products

PCP Solutions

What is PCP Solutions?

PCP is a Personal Contract Plan. This is available for both new and used cars. It is a flexible 3 year car finance package that combines lower monthly payments with real flexibility over a 3 year period. With PCP you can have a flexible finance plan that suits your circumstances. Thanks to a Guaranteed Minimum Future Value, you don’t need to worry about the re-sale value of your car in 3 years’ time, depreciation or the NCT costs (New cars only) associated with owning a car for over a longer period of time.

Under the Volkswagen Solutions Personal Contract Plan, Volkswagen Bank Ireland purchases the car on your behalf. You choose a deposit percentage of between 10% and 30%. You then pay an agreed monthly instalment over 36 months. A portion of the car’s value is deferred until the end of the agreement. This amount is the minimum value that Volkswagen Bank Ireland guarantees your car will be worth at the end of your agreement, your Guaranteed Minimum Future Value (GMFV).

At the end of 3 years you have following three options

  1. Upgrade your car to a newer model  using the equity in your car as a deposit for the next one

  2. Return your car to you dealer with no further payments †

  3. Make a one-off payment or re-finance the final instalment and take ownership of the car.

Benefits

  • No more residual value worries

  • A new Volkswagen every 3 years

  • Lower payments and shorter terms

  • Avoid NCT costs (New Car PCP only)

  • Upgrade to a higher specification model for less

Hire Purchase

HP Explained

Hire Purchase is a really simple, affordable and straightforward route to ownership, whether you are buying a new or used car. You can relax knowing you are in control as you budget your way to buying your new car. With Hire Purchase you can finance your car over a period of time that you choose between 1 to 5 years. With Hire Purchase, Volkswagen Bank Ireland will purchase the car on your behalf. After placing a deposit, equal monthly payments over the period of the agreement will be agreed.

Once all of the payments have been made, you become the owner of the vehicle. By paying the same each month it’s easy to manage your personal budget. With a minimum of 10% deposit, Volkswagen Bank will organise your fixed monthly payments or you can have an individual tailored plan, spread between 12 months to 5 years.

Stay in control

With Hire Purchase, your budget stays in control and you can relax and enjoy the journey.
  • Choose the vehicle and repayment period that’s right for you

  • Pay an initial deposit to start the agreement

  • The balance is then divided equally depending on the length of term to suit your budget

  • After the final payment, you own your vehicle

What are the benefits?

  • Fixed interest rate for the duration of your agreement

  • Fixed repayments for ease of cash flow and budgeting

  • Flexible terms - any monthly interval between one and five years

  • Available for new and used cars

Non-Consumer Hire Purchase

Whether you are a small start-up business or a large established company, Volkswagen Bank can help you tailor a car finance plan to meet your business requirements and help drive your business forward.

For business and taxation purposes, vehicles acquired under a Non – Consumer Hire Purchase arrangement are treated as fixed assets of the company with the amount being treated as a liability.

A Business can offset the interest element of the Hire Purchase cost against Tax thereby reducing the effective cost of borrowing. The VAT amount on the vehicle can be claimed back from Revenue in one upfront payment at the beginning of the agreement (subject to vehicle qualification rebate). VAT is not normally recoverable on cars.

With Hire Purchase you can defer part of the capital cost until the end of the agreement and pay the final payment, thus making the monthly instalment more affordable.

Benefits of Non-Consumer Hire Purchase

  • The product is straightforward with no tax implications on completion of the agreement

  • Fixed instalments provide for more accurate budgeting and forecasting

  • Separate lines of credit means working capital is free to be used where it is needed most - in the business!

  • As well as preserving valuable working capital, HP can provide better cash-flow management and control.


Warning: You will not own these goods until the final payment is made.

Service Plans

At Volkswagen, our Service Plans are designed to make servicing costs remarkably affordable, ensuring good care of your Volkswagen and less worry. They will also ensure that you get the benefit from our expertise, specialist tooling and technology, and excellent customer service.

Choosing a Volkswagen Service Plan ensures all your routine servicing costs, for both parts and labour are fixed over a period of time. They include all the standard items recommended by Volkswagen such as mandatory service parts including oil filters, pollen filters, high quality lubricants and brake fluid changes.

Nobody knows your Volkswagen better than your Volkswagen Authorised Service Centre. All work carried out will be according to the manufacturer’s guidelines so you can rest assured they will only use original manufacturer’s parts and recommended oils.

Non-authorised dealers may offer value servicing at affordable prices, but only Volkswagen Authorised Service Centres have specially trained technicians who use the most up-to-date equipment to ensure your Volkswagen is in perfect order. These are just some of the benefits of the Volkswagen Service Promise.

The Service Plan is fully transferable, if you part with your Volkswagen before the end of the contract, you pass it onto the new owner, improving the resale value.

Benefits of the Service Plan

  • Flexible ways to pay, including simple fixed monthly payments or a one off payment up front.

  • Reduce your costs – services are better value for money within the plans.

  • Inflation proof – avoid any inflation over the life of the plan.

  • The plan can move with the car should you sell.

  • We always use genuine Volkswagen parts to keep your vehicle 100% Volkswagen.

  • A full Volkswagen service history will enhance your vehicle’s value.

You’ll experience our expertise, specialist tools and technology together with excellent customer service.

GAP Insurance

Volkswagen GAP Insurance products are designed to ensure that if the unforeseen happens, you and your Volkswagen have the best protection you need. Our GAP insurance (also known as Guaranteed Asset Protection) helps to bridge the payment GAP between the settlement amount from your motor insurer and the original purchase price of your car.

So if your car is written off, or stolen and not recovered, the additional worry of finding the money to purchase a replacement Volkswagen could be taken away. We think you deserve another new Volkswagen if yours is no longer with us. Volkswagen GAP Insurance provides you with the following additional cover:


Return to invoice price GAP, or RTI as it is also known pays the difference between the original net invoice purchase price of your Volkswagen vehicle and the total loss settlement paid to you by your motor insurer. The original net invoice purchase price includes all factory fitted accessories and any discount given. (Volkswagen retailer fitted extras or accessories are also included up to a total value of €500) but excludes motor tax, dealer delivery charges, fuel, paintwork and/or upholstery protection kits, insurance premiums, warranty premiums and any such associated costs and any negative equity.

How does GAP Insurance Work?

If, for example, you purchased a vehicle costing €20,000 and it is written off after 24 months, your motor insurance provider may only pay out the current market value which might be €12,000 to replace your Volkswagen with another model worth €20,000 you would need to find €8,000. However, with our GAP Insurance, which provides return to invoice price cover (RTI), you could be paid the missing €8,000.

Contact your local Volkswagen Retailer to find out if they can offer you GAP Protection.

Next Steps