help with new car loan

jojo99999

Can anyone tell me what our rights are over a new car loan we've taken out today. We were told the rate was 7% APR but now realise this was 7% p.a, the APR is actually 14.9%!!! What rights do we have to cancel?
:mad:

CHR15

They told you the Flat rate, not the apr.

Has anyone ever heard of a car salesman stating the apr??

It's so common for them to do this it is the "norm" for car salesman, sadly you should have read the forms completely before signing (assuming you signed in the garage premises).

jojo99999

Do we not have any rights to cancel?

CHR15

Did you sign the form in the garage?

If you signed in the garage there is no right to cancel (unfortunately).

Some people have had success by stamping back in the garage and shouting the odds, normal course of events is for the garage to say "it's too late, we have already submitted the forms".

jojo99999

Yeah we signed at the garage, but we asked what the apr was and he said 7%!!

Beast

I guess you could play back the recording of him saying it?

kai666

jojo99999 wrote: »

Can anyone tell me what our rights are over a new car loan we've taken out today. We were told the rate was 7% APR but now realise this was 7% p.a, the APR is actually 14.9%!!! What rights do we have to cancel?
:mad:

Did you not read the paperwork before signing it? You must have a copy? What does it say the interest rate is?

duggie1982

Go down there shouting the odds. At the end of the day they either say yes or no to cancelling the contract

the_mackem

If I were you Jojo I would return tomorrow am and speak to them, failing that telephone them. If you haven't collected your car yet they will probably do something for you.
I speak from experience, they did it to my dad, and I pointed it out to him, and we went to the garage the following day, we got the payment and apr down by quite some way!!:j
You have nothing to lose, you can only speak to them and try.
I hope this helps and good luck.
Mackems wife

Happytogetdebtfree

Good luck with the apr

housebuyer_abc

Sorry to hear your bad luck but unfortunately the real problem and source of your complaint is yourself. You should have checked.

Using the defence 'they told me it was 7% so I just trusted them' is a bit like 'well he promised he'd pull out'... all well and good but it is always you left with the consequences