Car purchase, want to cancel before it becomes active

hostman · 7th February 2010, 22:27

Hi,

I went into a car showroom last week and rather impulsively decided to buy a new used car. I've been thinking about it for months.

Anyway, after thinking about it over the weekend, I'm having serious doubts. Mainly because the car will cost considerably more in tax, insurance, fuel and a monthly loan. I knew all of this before even viewing the car, I can afford it, but would now rather wait a few more months.

The deal is funded by part ex of current car, additional deposit (£500 of which has already been paid to the garage) and a loan for less than £7000.

The application for finance has been made today or will be made Monday by the dealership, as they weren't able to do it Friday or Saturday.

I've looked through the paper work I've been given, which does not include a signed finance agreement, there is no mention of a right to cancel.

Have I been incredibly stupid by acting impulsively and materialistically, or do I have a way out before picking the car up from the car showroom end of this week?

Dotty50 · 8th February 2010, 02:25

Hi if the application has not or only just been submitted, then there will not be an agreement yet, the application has to be agreed, at which time the documentation will be drawn up either by the garage or the finance company, unless things have changed drastically since I was in the industry.

It will not be a cancellable document as it is being signed on trade premises, but then you haven't signed it yet!

Have you signed anything, order form?

Speak to them asap and see what they say, may not want to give deposit back, depends what was verbally agreed, can you stop payment?

7th February 2010, 22:27	#1 (permalink)
hostman Basic Account Holder Help the CAG!! Download our toolbar Worried about your signature being copied onto CCAs etc? Use SignGuard Cagger since : Feb 2010 Posts: 1	Car purchase, want to cancel before it becomes active Hi, I went into a car showroom last week and rather impulsively decided to buy a new used car. I've been thinking about it for months. Anyway, after thinking about it over the weekend, I'm having serious doubts. Mainly because the car will cost considerably more in tax, insurance, fuel and a monthly loan. I knew all of this before even viewing the car, I can afford it, but would now rather wait a few more months. The deal is funded by part ex of current car, additional deposit (£500 of which has already been paid to the garage) and a loan for less than £7000. The application for finance has been made today or will be made Monday by the dealership, as they weren't able to do it Friday or Saturday. I've looked through the paper work I've been given, which does not include a signed finance agreement, there is no mention of a right to cancel. Have I been incredibly stupid by acting impulsively and materialistically, or do I have a way out before picking the car up from the car showroom end of this week?

8th February 2010, 02:25	#2 (permalink)
Dotty50 Classic Account Holder Help the CAG!! Make a contribution eBay user? Find misspellings and zero-bid items Cagger since : Apr 2009 Posts: 1,716	Re: Car purchase, want to cancel before it becomes active Hi if the application has not or only just been submitted, then there will not be an agreement yet, the application has to be agreed, at which time the documentation will be drawn up either by the garage or the finance company, unless things have changed drastically since I was in the industry. It will not be a cancellable document as it is being signed on trade premises, but then you haven't signed it yet! Have you signed anything, order form? Speak to them asap and see what they say, may not want to give deposit back, depends what was verbally agreed, can you stop payment?