Ford Finance

petexa

I have asked this question in another part of the forum and i do need help on this.

My girlfreind went to fords on Saturday, saw a nice focus. we arranged everything around our budget, we did not sign a finance agreement as they was closed unil monday. the problems we have are below.

• The part evchange for our old car was poor
• We was not told the APR or total finance, we worked it out at home. (£15000 total credit @ 27%)

So my girlfriend was not happy and phoned him to say she wants to cancel the order because of the above points. The salesman said that she cant cancel and that she already own the car, its all in the terms and conditions. (which we was not made aware of) All what she signed was a breakdown of costs. She has not signed any finance with ford, so what if we couldn't get finance? we wouldn't afford to get the car.
So my question for all of you is, can she cancel? fair enough if she loses her deposit. But she wants to back off as she fells like shes been conned into the deal.

bingy_burge

She may not of signed a finance agreement. Ford usually do it just b4 collection on some dealers do on the day.

Has she left a deposit? When I sold cars @ a ford dealer and I stopped in 03 mind you signed a contract on a new car and the deposit was non refundable if you backed out but you had 7 or 14 days to change you mind. Unless its used cars there is still a deposit which is non refundable but you can defo walk away until the finance docks have been processed. If she does back out now she will have the search on her file.

It may not be the best apr but if she has an options agreement rather than for aquire then she can walk away from the car after the period and not owe anything which has its bonus's.

Has she got A1 credit and some good limit credits cards that are well managed because unless she does she is unlikly to get a low rate loan to buy a car and the fact she has done a search with ford will count against her credit file.

petexa

Yeah it's a used car, that's I thought a 7-14 day cooling off period, I can understand if we already took delivery of the car.
So many dilemmas

bingy_burge

Yeh should have at least 7 days cooling off was a deposit paid.

Has she looked into getting better finance not easy in this market unless she has very good credit history.

Regshoe

Is that £15k borrowed at 27% apr or £15k total to pay? In either case that seems like a huge amount of money to pay for a second hand focus.

iolanthe07

There is no cooling off period if you sign a credit agreement on the dealer's premises, but from what the OP has posted it sounds as if no credit agreement was signed. I think OP's girlfriend will be able to get out of this if she is determined, though will probably lose £150 deposit. As someone else wrote, a small price to pay for walking away from such a wretched deal.

CHR15

For what benefit would anyone have to sign a breakdown of costs??

petexa

Thanx for all the replys, alot to think about.
The loan was for £8500, paying back around £230 a month. No credit aggreement has been sign, was meant to be doing that tomorrow. GF has got a good credit history, just got a loan from Natwest at 17% APR, so shes off to wangle the dealer tomorrow.
Thanx again for your help :beer:

Fonz_2

In what world is 17% a good rate?! That's robbery!

petexa

Fonz wrote: »

In what world is 17% a good rate?! That's robbery!

17% is a better rate than 27% and TBH im not upto speed with all the finance APR, im baffled by it all and i thought 17% was an average.

Regshoe

petexa wrote: »

17% is a better rate than 27% and TBH im not upto speed with all the finance APR, im baffled by it all and i thought 17% was an average.

Headline personal loan rates are around the 8-9% mark at the moment. If she hasn't already taken the loan check out the deals here:

http://www.moneysavingexpert.com/loans/cheap-personal-loans

That said it may be that her credit rating isn't as good as you think and 17% is the best she will be offered - worth having a look around though.