Backing out of finance

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This topic contains 4 replies, has 2 voices, and was last updated by Stuart Masson Stuart Masson 1 year, 5 months ago.

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  • #90358 Reply

    Toby

    Hi, I’ve been looking for a new car for a while and at the weekend I was almost persuaded into a finance deal. I’ve thought about it and I’ve decided I don’t want to buy the car, whereas earlier I did. Now I did pay a hefty deposit (1.5k) but I didn’t sign the vehicle order form or any finance agreement or deal. Would the dealer give my money back, or do I have any legal grounds on getting the money back. If not, is it possible to negotiate using the deposit on a different cheaper vehicle?

    I’m thinking because I didn’t sign the vehicle order form yet, I can just walk away if the dealer doesn’t want to give my deposit back, but I’d very much like to try and get it back or use it on another car.

  • #90360 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    Hi Toby. Have a read of our article about buying a car and then changing your mind.

  • #90378 Reply

    Toby

    Thank you,

    I have read that article, so i’m guessing that the dealer has a right to keep my deposit and may not allow me to transfer my deposit to another vehicle.

  • #90448 Reply

    Jim

    Hi Stuart,
    I purchased a car on hp in November 2015, but due to my wife’s deteriorating health the car doesn’t really suit anymore, as in it’s too low and very sore for her to get in and out of. I borrowed 16,950 on hp plus interest and fees. My early settlement figure is £16000 and the dealer has offered £12500 as this is the book price. Can I return the car and ask the finance company to put the £3500 remaining as a loan and pay it back over 18 months.

    • #90459 Reply
      Stuart Masson
      Stuart Masson
      Keymaster

      Hi Jim. The finance company is not going to care how you repay the loan, only that it is repaid. If you have a shortfall that needs to be paid off, you would probably need to take out a personal loan to cover it. The finance company running the HP may be able to arrange this, but you are probably better off doing it yourself to make sure you are getting the best deal.

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