Cancelling Car finance agreement (24 hrs after signing)

sharpy2010

Yes thats nice, go for it!!

bigspenda_3

Only reason is it makes my finances incredibly tight which will leave just enough to scrape by, my only other alternative is I hand over my non secured debt to CCCS and make a small monthly saving by not paying interest.

I'm going to research all my options in depth today and call the dealer back about his "offer" which was I offer him the car back but at cost to me. He claims he will have to sell the car cheaper than I bought it for (even though nothing has been transferred over to me yet) I'm going to offer him a figure of £300 which I think is a sensible offer and should cover any admin fees etc.

Will post here when I've worked out which is the best option

Thanks for all the advice so far

stumpjumper120

blackhorse will sometimes unwind a deal if the dealer agrees. depends on the dealer really not the fin house.
too late if you have taken delivery

bigspenda_3

I havent taken delivery of the car yet.

I haven been very well recently and am coming out of another bad bout of depression, (probably Bi Polar just havent been diagnosed yet)

I went and bought the car without thinking of the consequences and what it would do to my bank balance etc.


I have had loads of support including these boards from my parents, and my employer

I have a worked out a DMP with CCCS but am waiting to see what the dealer will eventually settle for...

I've been on to BH and explained the situation and to be fair, they've tried getting this sorted but the Dealer refuses point blank to let me out of the deal without coughing up at least £1000.

I cant afford that and what makes him think I can or would want to pay that amount is beyond me.

My mother has very kindly offered to lend me £500 and I've put this to BH but the Dealer is having none of it.

I've now got to speak to my Doctor and Therapists (at the request of BH) for notes / confirmation of my condition and treatment received to see if this in any way will help me get out of it.

I dont want to do this because it's bad enough having to tell family freinds and my boss whats gong on but to potentially have to tell BH and the dealer.....

I'll post any updates on here and hopefully it will provide guidance to people in a similar situation

Thanks again for all the advice so far

BS

bigspenda_3

Hi all,

Still waiting to hear back from BH who again have advised me not to contact the Dealer until they advise otherwise.

I have however been told that the Dealer has since registered the Car in my name and has Taxed it despite my explicit instruction that I'd take care of this when I took delivery. (This was even written on the invoice by the salesman.)

This has now caused depreciation and he (the dealer) is gunning for money to cancel the deal.

I spoke to the DVLA who advised that the Dealer did nothing wrong but I'm looking into the legalities of it. If this is correct I could take my V5C and register my car it to anyone as long as I got the name and address right.!

I'm also speaking to the OFT to see if some legistation around HP can be changed so that Car Dealers make customers fully aware of what they sign up to with HP credit agreements, either by means of a written notice or verbal communcation (they read a pre written statement making you aware of the implications of the agreement prior to signing)

I dont know how much longer this is going to take but the 1st payment is due on the 29th so I'm hoping something is finalised this week.

I'll keep you all posted with everything

Ta

BS

Kandipandi

Just thinking out loud here but could you not sell it on and pay off the loan?
I appreciate there will be an early settlement fee from BH and you may not get as much as you paid for it selling privately but perhaps the loss you will make will be less that the Ransom the dealer wants.

~Brock~

bigspenda wrote: »

I spoke to the DVLA who advised that the Dealer did nothing wrong but I'm looking into the legalities of it. If this is correct I could take my V5C and register my car it to anyone as long as I got the name and address right.!

You could indeed do this, however the 'new keeper' would simply write back tot he DVLA and notify them that they are not the keeper, and you would be left having to explain why you did it in the first place.

bigspenda wrote: »

I'm also speaking to the OFT to see if some legistation around HP can be changed so that Car Dealers make customers fully aware of what they sign up to with HP credit agreements, either by means of a written notice or verbal communcation (they read a pre written statement making you aware of the implications of the agreement prior to signing)

It is a requirement of all credit agreements post June 2005 that any cancellation rights (or lack of) are detailed on the front. Does your agreement have any wording explaining that you cannot cancel?

asandwhen

I do feel for the op - I hope he gets this sorted as it is a well known fact that being Bi Polar makes you do things like this on impulse.

I think you should keep the pressure on BH to get it sorted. I have a feeling that it may be tough though.

Keep us updated and good luck