[Andy T9]

How do things stand if you modify a car when the finance company own it?

thinking of the more serious mods like lowered suspension etc, what happens if someone hands the car back with those mods still on? if VW notice do they refuse it back, or give you less money for it?

On the other hand, if they don't notice and sell it on to someone else, they've unknowingly bought a modified car with potentially some rubbish parts fitted from fleabay!

 

[Privatedoc]

depends on the finance, if HP, no worries, if a PCP/Lease etc with GFV then I reckon they would not be best pleased

 

[shakotanVIP]

My up! is on PCP and as you can tell its quite extensively modified (compared to most).

It's been into VW for a recall notice, and also when the CD player shat itself. The Service Manager loved it, and said it was the talk of the workshop. He said VW only really get pissy if you start mucking around with engine modifications such as re-maps. Anything else is fair game, but of course the VW warranty wont cover any of the parts you might have replaced, and it may affect the value of the car come the end of the PCP if you do not return it to standard specification.

 

[Davec86]

I also am as above, mines fairly modified and on PCP, the guys at the dealership all love it!

 

[Rickenbacker]

I would be more concerned about declaring it on your insurance if you haven't already?

 

[Davec86]

Of course it's all declared, what on earth do you take me for??

 

[Rickenbacker]

It was a question, I hadn't assumed anything

 

[Andy T9]

Aware of declaring mods to insurance, previous three cars have been fairly modified, not really intending to modify the up though, just something I was thinking about the other day prompted this thread.

It's good that the service guys are enthusiastic about seeing modded cars, probably a nice change from seeing the same boring old standard Golfs and Polo's, but when it comes down to business with trade-in and values etc. they might change their tune slightly! As others have said, best to return to standard when the time comes

 

[Beevee]

As far as notifying insurance companies go I was surprised to discover that even factory fitted options need to be advised to them.

 

[Andy T9]

As far as notifying insurance companies go I was surprised to discover that even factory fitted options need to be advised to them.

Eh? If its fitted at the factory, it's not a modification, it will be printed on the boot sticker as 3 digit code so is therefore part and parcel of the built car. Sounds like Insurers trying to find ways of getting you to pay extra for having options on your car.

 

[Beevee]

Didn't add anything to the cost but things like cruise control are added to the vehicle description. Otherwise the insurance company assumes you have a standard vehicle with no options. They have no knowledge of vehicle codes just make model and registration number. Edited by: Beevee

 

[AlanG]

I'd better declare my sensor pack when i get mine then. It hadn't occurred to me to do that.Edited by: AlanG

 

[Heartagram]

I'm going to put mine back to standard if we decide to go for a different car once the finance needs its final payment. I've not done anything irreversible. My dealer doesn't seem to give a crap that its been modified.

 

[Frankjetta]

Hi, have my car on a vw pcp and was told by the salesman that I own the car, (a bit like a mortgage I suppose) the only difference it makes is the value you get after 3 years which I assume could be drastically affected.

 

[Frankjetta]

Hi shaktokanVIP, who is your dealer? My local dealer (jct600 York) wouldn't have the slightest interest unless you were paying them to do it.

 

[shakotanVIP]

Hi, have my car on a vw pcp and was told by the salesman that I own the car, (a bit like a mortgage I suppose) the only difference it makes is the value you get after 3 years which I assume could be drastically affected.

You don't own the car until the full Invoice price is paid off (Depost + 36 monthly payments + final baloon payment), so your dealer is wrong, it is owned by the Finance Company.

My dealership is in London.

 

[Beevee]

I would have thought it is morally indefensible to modify a car that doesn't belong to you. Do you ask permission of the finance company.

 

[Derkie54]

Do you need to notify insurers if you fit winter tyres ?

The answer is probably yes but your are improving safety so the premium should not change or does anyone know different.

 

[shakotanVIP]

I would have thought it is morally indefensible to modify a car that doesn't belong to you. Do you ask permission of the finance company.

Jeez, I have tears rolling down my cheeks here!

"Morally indefensible!?" HAHAHAHAHAHAHAHAHA

If it was a car I'd borrowed from my mother, or a mate, I'd be with you, but a car on finance? Asking the finance company? Hilarious.

At the end of the day, as long as the mods are declared to the insurance company, I don't see an issue with it. You're liable if the mods are deemed to have negatively impacted the value of the vehicle at the end of the finance terms anyway (should you choose to return the car at the end of the 3-year period), so the finance company won't lose out. Besides, changing the wheels and suspension are totally reversible modifications anyway.

Edited by: shakotanVIP

 

[Beevee]

So pleased to have made you laugh. You were quick to point out the car does not belong to you until you have paid for it. Just seems logical that if you want to modify it you should have the owners permission.