Need advice on getting out of finance deal

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Lukejhull
Lukejhull Posts: 8 Forumite
in Loans
Hello
Not a clue where to start. Basically my partner went and got a finance deal on a 2012 ford focus with 3400 miles on the car was on sale for £8475, the total amount came up to around £9048 but what she didnt read is that its going to total £12,199 with intetest over 5 years
She only signed for it on the 14th and is due to pick it up tomorrow,is there any way the dealer can send back the payment to barclays and even if we pay a penalty fee for them getting the car ready id rather do that than pay around 3000 in interest

Any help appreciated
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  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Lukejhull wrote: »
    Hello
    Not a clue where to start. Basically my partner went and got a finance deal on a 2012 ford focus with 3400 miles on the car was on sale for £8475, the total amount came up to around £9048 but what she didnt read is that its going to total £12,199 with intetest over 5 years
    She only signed for it on the 14th and is due to pick it up tomorrow,is there any way the dealer can send back the payment to barclays and even if we pay a penalty fee for them getting the car ready id rather do that than pay around 3000 in interest

    Any help appreciated

    There should be a 14 day cooling off period for the finance so your partner should be able to cancel it.

    Is your partner still planning on buying the car? If so and she doesn't take the dealer's finance will she lose out on any financial incentives such as a contribution towards the deposit from the dealer?
  • Lukejhull
    Lukejhull Posts: 8 Forumite
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    We have withdrawn from the finance agreement and barclays now saying have 30 days to get the amount back to them with no fee's just not sure if the dealer will reverse the payment, we would like the car but i think until we look further into finance and stuff we want to back out altogether
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
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    The purchase is divided into two entities.

    Firstly, the finance. As has been said, you should be able to cancel this without a problem.

    Secondly, the car purchase. Did your wife leave a deposit? If she did, then it's really up to the dealer whether to refund it. Normally, a deposit is non returnable.

    If no deposit was paid, then it really is easy to walk away from the deal.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • Lukejhull
    Lukejhull Posts: 8 Forumite
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    No i believe no deposit has been paid all that i know is the car is 8475 and with warrenty and admin fees the total finance totalled 9048 roughly and no deposit but the agreements been signed for but why have barclays give us 30 days to give them the money back when its the car company who have the funds directly from the bank.

    Forgive me if i sound stupid i am useless with finance etc as i never used it before in this way. Can the dealer refuse to reverse the deal or will they want any compensation for preparing the car?
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
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    Lukejhull wrote: »
    No i believe no deposit has been paid all that i know is the car is 8475 and with warrenty and admin fees the total finance totalled 9048 roughly and no deposit but the agreements been signed for but why have barclays give us 30 days to give them the money back when its the car company who have the funds directly from the bank.

    Forgive me if i sound stupid i am useless with finance etc as i never used it before in this way. Can the dealer refuse to reverse the deal or will they want any compensation for preparing the car?

    If you cancel the finance with Barclays, they will contact the dealer and request the money back. If the dealer wants any more business from Barclays, they will do so pdq.

    If your wife signed the car order with the dealer, they they could come after her to complete the deal, but if they are told she cannot afford to pay, they will probably put it down to one that got away. Just don't be bullied into collecting the car.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • Lukejhull
    Lukejhull Posts: 8 Forumite
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    Thanks ill give the dealer a call and politely ask to cancel the deal if they refuse ill speak with barclays and ill tell them she wont be picking the car up tomorro and signing log book etc
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
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    Lukejhull wrote: »
    Thanks ill give the dealer a call and politely ask to cancel the deal if they refuse ill speak with barclays and ill tell them she wont be picking the car up tomorro and signing log book etc

    Cancel Barclays first, then speak to the dealer. That way, it's a done deal. The dealer knows he aint getting paid.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • John-K_3
    John-K_3 Posts: 681 Forumite
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    You!!!8217;ve still agreed to buy the car, so you need to see about getting out of that, too. Was a deposit paid to secure it? If so the dealer may expect to keep that, but there is no harm in asking nicely if they would refund it.

    Dealers will often only deal with little issues on the car once it is sold (no point if it ends up going to auction, or sits there so long that it needs doing again) so may not be willing to refund the deposit if the work has been done.
  • Lukejhull
    Lukejhull Posts: 8 Forumite
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    All i know is no deposit was paid they have prepared car for collection tomorrow, i dont believe it has been explained properly to her anyway which is bad sales
  • Lukejhull
    Lukejhull Posts: 8 Forumite
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    Ive also just called the dealer and he basically said the deals never get reversed if shes signed the agreement so not sure what to do
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