Thinking of ending your agreement early? You can obtain a settlement quote instantly by accessing your account online. Simply click the Login button at the top of the page.
Alternatively you can complete the form below and we will process your request manually within up to 5 working days.
If you are looking at replacing your current vehicle for another ŠKODA, we recommend speaking to your local retailer for more information:
Understanding my Settlement Quote
How is my Settlement Quote Calculated?
The settlement figure is calculated using the rules set out in the Consumer Credit (Early Settlement) Regulations 2004 which is used by all creditors for regulated credit agreements. This rule states that the settlement figure should be calculated assuming a settlement date which is 28 days after the date on which the customer requests a settlement figure, or a later date if one is specified by the customer. Volkswagen Financial Services (UK) Limited also adds one month’s further interest to give the final settlement figure as allowed by the relevant legislation.
What does this mean?
- Whilst your monthly rental / repayment will be fixed, the make-up of that monthly amount will vary; some CAPITAL & some INTEREST – with the interest amount decreasing each month
- At the point in which you request a settlement figure, we will calculate how much CAPITAL is remaining and then apply ONE month and 28 days (effectively 58 days in total) interest to that figure
- That combined amount will be your SETTLEMENT FIGURE
- The difference between the SETTLEMENT FIGURE and the TOTAL OUTSTANDING BALANCE will be displayed as the 'Rebate of charges' on your settlement quotation