Buying a new car

*JS*

My gf has bought a new car today, and I would value a few opinions as I think she is thinking she has made a mistake.

As a bit of background to the current situation, she is a recent nursing graduate earning circa £21k. She has an overdraft (£1.5k),but no credit cards now as they have been recently paid off (ie I have paid them off and she is paying me back over the next 6 months)

The car has cost £6690, paying over three years the total paid out is £8821.94. Monthly payments are £238.94. The finance is with Ford Credit.

Now on reflection I think she would like to not got ahead, however as she signed up in the dealership I dont think the cooling off period applies??

I have looked on the T&C and there is no mention of over payments, although she said the guy did say she could make them to pay the loan off early. Does anyone know of the general rules behind making overpayments?
Also is it possible to change the terms,maybe to 5 years rather than 3? She is thinking of doing plenty of overtime in the coming months so she can make overpayments and get the loan paid off sooner.

We are looking to purchase a house next year and there is a slight worry that this may make a difference to any mortgage we go after? We are still in a healthy position, have £40k-£45k income have a fairly sizable deposit from my savings.

Any advice would be appreciated, thank you.

BobOngPnoy

I am exactly in the same position. Signed the order form yesterday and looking at the figures overnight, i've just realized I've signed something i haven't fully understood and unhappy with the deal and now doesn't want to go ahead with it.
With my case, though, i think i have been mislead. But to prove that is so difficult as they can just say i have already signed for it. Basically, they've given me £700 (p/x) for my car which i think is worth a lot more and a £2300 discount of the car. The way they worded it when doing the deal is that they valued my car for £3000 so i thought that's what they're giving me for my car and plus im getting a discount of £2000 (which i thought) But no they just gave me £3000 altogether!
Now there must be a cooling period for this kind of transactions. I've given them a deposit of £300 and im willing to walk away and have my deposit forfeited. But the manager is threatening me that they're taking me to court for it as i have signed the order form. They are also saying that im black-mailing them (which i have no intention in doing so) because they think i only want to get more money off the car. I have made a mistake for being so ignorant and it will cost me £300 (the deposit) but threatening me with courts??? Will they do that? or Can they even do that? By the way i haven't signed for the finance just the order form.

I have been legally advised to write down why i am not happy with the deal and take it from there.

With regards to paying off the finance, I also asked that (im not sure if it also applies to u) and been told yes i can pay off the loan and the finance people will just calculate the remaining balance.

Good luck to both of us!

*JS*

Well I'm just putting some figures together now but hopefully should be able to save her some serious money just by taking out a loan and paying the finance off. What I'm looking at now is lending her £2k over 1 year @ 7%, and she can take the remaining out via a loan over 3 years. It'll cost her £350pm for a year, but after that payments will be £160ish even @ 10%. Yes profitering on my own g/f is unethical but its more than i'd get with any savings and lower than a loan for her!

I'm just frustrated she went ahead without me there. Thats what you get for having a spontaneous other half though I guess. I'm going to give Ford Credit a piece of my mind tomorrow during my lunch haha!!

anniecave

jmr_1019 wrote: »

I have been legally advised to write down why i am not happy with the deal and take it from there.

Good luck to both of us!

A deal is a deal, but you have to be happy with it. If you think you can do better elsewhere then by all means investigate. But you'll have to do so quickly.

Nothing to stop you looking at what other cars are being advertised at other dealers or on the internet or whereever.

Are you looking at a NEW car? Or used? What do the websites eg parkers say should be the price you should expect to pay? What is the true value eg on parkers of your old car?

Websites like parkers adjust their valuations for dealing with dealers so you can see what sort of prices you would expect to pay.

An order form should be just that. If you've changed your mind then if you go no further and decide you don't want it then at a minimum they can keep your deposit and that should be it.

I wasn't impressed with the ford dealer I've just bought my car off (in terms of service) and they tried to bully me at various points. However I got what I think is a good deal (considering I was buying a used car off them) so I don't care. Up to you in the long run. Check the t's and c's of the finance. It should say somewhere about paying off early or overpayments.

Clive_Woody

jonny_bravo3 wrote: »

just thought id mention while on the subject of finance something i saw on panorama, apparently you can actually write off your whole loan wether or not you have had ppi!? Its meant to be called deeming it unenforcable. I looked through a few sites doesnt seem that many people do it yet though. Heres one i found anyways ................ they also claim back arrears credit card charges ppi and bank charges

It's interesting that all 9 of your posts are identical and all of them advertise the same website which is most likely some sort of scam designed to steal people's money!!!

Please take your :spam: somewhere else.

Renovatio

*JS* wrote: »

I'm going to give Ford Credit a piece of my mind tomorrow during my lunch haha!!

Don't be surprised when the tell you politely to go away...her credit agreement is nothing to do with you - its not in joint names.

Edinburghlass_2

Clive can you remove the spam link quote from your post please.

Clive_Woody

Edinburghlass wrote: »

Clive can you remove the spam link quote from your post please.

Done.