Cancel Car finance - help needed.

Andy14_2

Recently wen to the car people to purchase a car. I applied for the finance online and got a phone call to say I had been accepted. When I asked what the APR was they were unable to tell me at that time. Went to the dealership and arranged to buy a car and was told the monthly repayments, again not informed of the APR. Payed £200 deposit and lft. Later got a phone call to confirm the agrrement, but again was not told the APR.

On Saturday went and signed the forms for the finance, again not informed of the APR or the toal amount to repaid (Stupidly did not read it)
Have now done so and realised that the APR is over 30%.

The car is due to picked up on Thursday.

Having now read all this I do not wish to continue with the purchase.

Will I be able to cancel the agreement before taking possesion of the car?

I feel really hard done by as at no point before placing a non-refundable deposit was I informed of the APR on the finance.

Any advice would be greatly appreciated.:mad:

Beast

So you couldn't have asked?

Andy14_2

I did originally ask about the APR in my first phone call, but was told they were not able to tell me at that time. I know I should have asked later but gto caught up in the moment.

Any useful adive would be helpful. I am due to ring tomorrow morning to try and cancel and again any adviec would be appreciated.

eschaton

Andy14 wrote: »

Recently wen to the car people to purchase a car. I applied for the finance online and got a phone call to say I had been accepted. When I asked what the APR was they were unable to tell me at that time. Went to the dealership and arranged to buy a car and was told the monthly repayments, again not informed of the APR. Payed £200 deposit and lft. Later got a phone call to confirm the agrrement, but again was not told the APR.

On Saturday went and signed the forms for the finance, again not informed of the APR or the toal amount to repaid (Stupidly did not read it)
Have now done so and realised that the APR is over 30%.

The car is due to picked up on Thursday.

Having now read all this I do not wish to continue with the purchase.

Will I be able to cancel the agreement before taking possesion of the car?

I feel really hard done by as at no point before placing a non-refundable deposit was I informed of the APR on the finance.

Any advice would be greatly appreciated.:mad:

This post makes you look like a total plank !

Rob71

You applied online? There are things like distance selling regulations that exist, not sure if they apply in this case.

Likewise there's a cooling off period that comes with most loans, I think it's part of the Credit act.

At the end of the day you've not actually got the car - you could (should!) be able to cancel at any time (although you'd lose your deposit). Take delivery of the car and then you then have an implicit contract and all of that crapola that I don't really understand...

Try and call and cancel it PDQ -or- take the car and pay the interest. I suspect even if you tried to settle early they'd have you by the short and curlies...

Look through your paperwork see if there's anything about cancellation and speak to citizens advice and get advice on how to cancel.

Andy14_2

Thanks Rob71 for your advice! I appreciate that I have not been very sensible in doing this, but am on here asking for advice and help.

eschaton

Andy14 wrote: »

but am on here asking for advice and help.

No offence, but a bit late to be doing that - why not call the samaritans ?

blue_haddock

If you want some advice try this

Never kiss at the garden gate, love is blind but the neighbours aint!

hounslow_boy

Andy14 wrote: »

Recently wen to the car people to purchase a car. I applied for the finance online and got a phone call to say I had been accepted. When I asked what the APR was they were unable to tell me at that time. Went to the dealership and arranged to buy a car and was told the monthly repayments, again not informed of the APR. Payed £200 deposit and lft. Later got a phone call to confirm the agrrement, but again was not told the APR.

On Saturday went and signed the forms for the finance, again not informed of the APR or the toal amount to repaid (Stupidly did not read it)
Have now done so and realised that the APR is over 30%.

The car is due to picked up on Thursday.

Having now read all this I do not wish to continue with the purchase.

Will I be able to cancel the agreement before taking possesion of the car?

I feel really hard done by as at no point before placing a non-refundable deposit was I informed of the APR on the finance.

Any advice would be greatly appreciated.:mad:

I've not been in this situation myself, but my understanding is that you loose the right to a 'cooling off' period (during which you can cancel the agreement) if you sign the papers on the dealers premises.

If I were in your situation I would phone the car company and finance company on Monday morning and haggle very (very) hard to get the deal canceled.

Sorry I can't help. Good luck.

paulmcerlean

you say no one told you the apr despite asking? surely it was on the finance agreement before you signed?

haggle the apr down as I dont think you'll have much luck cancelling.

gamez-over

Can you not cancel the order? That way you'd loose your deposit, but would not been in need of that finance.