Buying a car on finance

emmaloo_2

Been to a local Fiat dealer today and put a deposit down on a used fiat 500c which the remainder will be paid with finance. I'm now having second thoughts. I can afford the payments and love the car. But been speaking to my dad and he thinks I'm mad. Am I now stuck with the new car?

Thanks
Emmaloo

Looking through the small print it says "The purchaser may within 7 days of reciept of notification that the vehicle is ready for delivery, arrange for the finance company to purchase the vehicle from the vendor for the purchase price. The vehicle will then be delievered to the order of such finance company and all references to the delivery of the vehicle shall be constructed accordingly" Does this help me get out of the deal?

harveybobbles

How much deposit was it and how did you pay it?

Have you signed and INVOICE or ORDER FORM?

emmaloo_2

The deposit was £1400 with my visa debit card and yes I have signed an order form.

motorguy

emmaloo wrote: »

The deposit was £1400 with my visa debit card and yes I have signed an order form.

Parents invariably talk their kids out of things.

My dads policy RE: cars was when i say a car advertised that i liked he would say "leave it a week before you phone and they'll be easier talked to". If in a week when you phoned and it wasnt sold then "well it cant be a good car if he still has it" but if it WAS sold then "it must have been a good car as it sold quickly...."

I gave up asking his opinion and just went ahead and bought the car I wanted rather than waiting for his approval (which never came)

If you really want the car and you've budgeted for it and can afford it then go for it

harveybobbles

As you have only signed an ORDER FORM, then you can pull out of it. As the deposit is quite hefty, suggest that they keep £100 as a gesture from you.

Rolandtheroadie

harveybobbles wrote: »

As you have only signed an ORDER FORM, then you can pull out of it. As the deposit is quite hefty, suggest that they keep £100 as a gesture from you.

When I got caught up in the romance once, the £100 sufficed. Dont do it again.

emmaloo_2

The finance is costing £2800 as I have taken it out over 5 yearsthis includes the apr and such like

flea72

it would be a very understanding dealership if they returned your deposit. The reason they ask for deposits, is so they dont loose out, when people order on a whim or back out, once they have time to consider things

However, the finance doesnt go through until you take delivery of the car, so that side of things should be easy to stop

Flea

AdrianHi

If the loan rate is good and the price on the car was good I don't see a problem though 5 years is a very long time to be paying the loan. You will still be making payments when the car is getting quite old.
Is it still affordable if you did the loan over 3 years?
I wouldn't want to still be paying a loan on a car more than 4-5 years old.