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Deposit contribution

TCE home 2021 Forums Buying a Car Deposit contribution

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    • #147647
      mickey
      Guest

      Hi
      5 days ago I purchased an approved used car over £20k, I wanted £1.5k off the cost, the sales said the only way possible would be to take a minimum £3k finance deal out over 24months, I could get £1.5k from the manufacture, to be honest after reading all the finance details I’m not happy.
      We paid via bank transfer over £20k to the dealership, now with this finance we don’t even own the car, I never normally use finance.
      It seemed a good deal it would cost us £200 for getting £1.5k reduction.
      We drove the car away last week, there is a 14 day cooling off period, after reading various sites, I think we should be able to cancel the finance deal within the finance company, nowhere does it say we will lose the £1.5k if we cancel finance the deal says we can cancel within 14days or pay early.
      Is it possible we can cancel the finance & pay off the finance but keep the £1.5k deposit contribution.

      Thanks
      Micky

    • #147982
      Stuart Masson
      Moderator

      Hi Mickey. Have a read of our article about deposit contributions, which covers your precise situation.

    • #148160
      Nickey
      Guest

      Hi Stuart
      I cancelled the finance contract & kept the £1.5k.

      Thanks
      Micky

    • #148356
      Stuart Masson
      Moderator

      Great, glad it worked out for you.

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