Need advice on getting out of finance deal

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  • John-K_3
    John-K_3 Posts: 681 Forumite
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    Lukejhull wrote: »
    Never said coudnt afford it, just thought if she hadnt jumped in we would of found a better deal but hey ho, your advice coudnt work as the bank had already paid the car company and they wont reverse the payment
    So repay the finance tomorrow from your savings, and you’ll be fine.
  • bazzyb
    bazzyb Posts: 1,584 Forumite
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    Lukejhull wrote: »
    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

    You’ve got a couple of options here:

    Firstly, the reason the dealer won’t want to reverse the deal is because he will be losing out on the finance commission, and quite possibly the sale of the car. You could explain to the dealer that you are still wanting to buy the car, and ask him if he would agree to an “unwind” on the finance as you now wish to pay cash. Explain that you will be using your right to withdraw anyway, but the unwind would be better for you. He may be more willing to do this for you knowing you are cancelling the agreement anyway, as Barclays will be clawing his commission back either way so he is no worse off. If he unwinds the deal, he would return the funds rather than you.

    The second option is as has already been suggested, find a better deal on the finance elsewhere (e.g. personal loan, credit card) and use this to pay off the agreement directly with Barclays.
  • elsien
    elsien Posts: 32,840 Forumite
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    Lukejhull wrote: »
    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

    Having just bought a car on finance, I believe there is now an obligation on the dealership to ensure that the customer is aware of the costs. I was given an illustration which included the APR and total amount paid by the end of the deal. Plus all the paperwork including the terms and conditions which I had to sign to say I'd understood.
    What paperwork did your partner return home with?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
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