Can anyone help? Bit long - sorry!

JimmyTheWig

Emma5000 wrote: »

all we have is the guy's word that our deposit would be refunded if we didn't get credit, no proof.

Unfortunately they are sticking to this. They never said (at least according to what you have written here) that your deposit would be refunded if you couldn't get credit that you were happy with.

But trust me, they are not being 'helpful'!!! They are trying to bully us into taking credit that we can't afford. xx

I agree that their tactics aren't helpful.

You need to take a step back. They're not doing anything technically wrong so you need to decide what is best from you. As I see it you have three choices...
1. Walk away and lose your deposit.
2. Take the garage's finance offer.
3. Get the money together elsewhere (e.g. another bank, credit card balance transfer, borrow from family / friends). I'm not particularly advising any of these options, but they are options.

Would the bank lend you a smaller amount? If you could get most of the cash from the bank could you do the rest on finance?

dizzyblonde82 wrote: »

Banks are really bad at going through affordability and then turning people down - did you think about trying to complete the loan application before looking at cars.

How would you do this when at the time you don't know how much money you need as you don't know what price car you'll find? Or you might not find any car you like and don't buy any.
Then you'd be lumbered with a loan that you didn't need.

vaio

Emma5000 wrote: »

.....all we have is the guy's word that our deposit would be refunded if we didn't get credit, no proof........

JimmyTheWig wrote: »

Unfortunately they are sticking to this. They never said (at least according to what you have written here) that your deposit would be refunded if you couldn't get credit that you were happy with........

This is where it gets tricky, the OP thought they had the loan arranged so I can’t see why there would have been any significant discussion about finance other than maybe

“Do you need finance?”
“No, we’ve got it sorted thanks”

dizzyblonde82

JimmyTheWig wrote: »

How would you do this when at the time you don't know how much money you need as you don't know what price car you'll find? Or you might not find any car you like and don't buy any.
Then you'd be lumbered with a loan that you didn't need.

Most Banks/Loans will tell you if you have been accepted before you finalise the loan and sign for it, they wouldn't have had to accept the loan if they couldn't find a car suitable for them.

JimmyTheWig

dizzyblonde82 wrote: »

Most Banks/Loans will tell you if you have been accepted before you finalise the loan and sign for it, they wouldn't have had to accept the loan if they couldn't find a car suitable for them.

From the OP they thought "it was all done and dusted".
For those of us who have never applied for loans before, how are you supposed to know the exact point (i.e. not too early and not too late) that you should get to?

LandyAndy

Whenever I've taken a bank loan to buy anything, including cars, I haven't commited to anything until the money is in my account.

iolanthe07

Whenever I've taken a bank loan to buy anything, including cars, I haven't commited to anything until the money is in my account.

You always need a plan 'B' in case things go tits up. What are the terms the garage are offering? Unless it is really stupid APR you may be best to just go with it. Otherwise, as has been said, you could try negotiating part of the deposit back or ask them to put the deposit towards another car so you have the breathing space to get affordable finance.

eschaton

What kind of car and cost was it to put down a £500 deposit ?