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Query on car deposit refund

MarkB
Posts: 20 Forumite


Hi,
Earlier today I went to visit an independent car dealership and test drove and signed a sales agreement for a car which I am supposed to collect on Thursday evening.
I paid £1000 deposit using my debit card and agreed a trade-in price on my current car which is also detailed in the "New and used vehicle order form". I have been working out my sums a bit more, and I am having some serious reservations about my ability to run and service/insure the car along with paying the monthly payments (I got carried away and got a car that will be much more expensive to insure and run than I had planned for).
I have been looking at the form that I signed, and it states the following:
"I certify that I am over 18 years of age. I/We agree to deposit the sun of £1000 immediately and to pay the balance within 14 days. Failure to take the vehicle and pay the aforementioned balance within the agreed time will allow the seller to consider the contract redupiated, and where the sale is not the subject of a prospective regulated agreement under the Consumer Credit Act 1974 the sum deposited shall be lost. This will not affect the seller's right to recover damages for loss or expenses arising from the Purchaser's breach. I have read and agree to the terms and conditions and realise that this document is legal and binding on me."
What are my options? Is this signed statement on the form legally binding and I have no way of getting the £1000 back? I have not taken out any finance option with the company by the way, I was planning to sort that out independently through my bank.
Thanks in advance for any help and advice!
Earlier today I went to visit an independent car dealership and test drove and signed a sales agreement for a car which I am supposed to collect on Thursday evening.
I paid £1000 deposit using my debit card and agreed a trade-in price on my current car which is also detailed in the "New and used vehicle order form". I have been working out my sums a bit more, and I am having some serious reservations about my ability to run and service/insure the car along with paying the monthly payments (I got carried away and got a car that will be much more expensive to insure and run than I had planned for).
I have been looking at the form that I signed, and it states the following:
"I certify that I am over 18 years of age. I/We agree to deposit the sun of £1000 immediately and to pay the balance within 14 days. Failure to take the vehicle and pay the aforementioned balance within the agreed time will allow the seller to consider the contract redupiated, and where the sale is not the subject of a prospective regulated agreement under the Consumer Credit Act 1974 the sum deposited shall be lost. This will not affect the seller's right to recover damages for loss or expenses arising from the Purchaser's breach. I have read and agree to the terms and conditions and realise that this document is legal and binding on me."
What are my options? Is this signed statement on the form legally binding and I have no way of getting the £1000 back? I have not taken out any finance option with the company by the way, I was planning to sort that out independently through my bank.
Thanks in advance for any help and advice!
0
Comments
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NOt sure if there is a cooling off period in a situation like this. If not I think you'll lose your deposit.0
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Try posting this in the "Motoring" Thread on MSe0
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