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Deposit contribution

Home Forums Buying a Car Deposit contribution

This topic contains 3 replies, has 2 voices, and was last updated by Stuart Masson Stuart Masson 7 months ago.

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  • #147647 Reply
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    mickey

    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 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

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

  • #148160 Reply
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    Nickey

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

    Thanks
    Micky

  • #148356 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    Great, glad it worked out for you.

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