deposit for car

sarah73

Hi all, new to this forum, and hoping for some advice.

This morning i visited car shop looking for a new car. I found what I'd been looking for, paid £450 deposit and went through the car shop's finance details, discussing what i can afford with their finance manager. I had to leave due to prior appointment, so made arrangements for the finance manager to call me when he had done what he had to do to agree the finance.

When he did call back he said I had been declined by their 2 usual finance houses, but that there were others he could try. He said he'd probably be able to call me back by monday morning.

Since this call, i have spoken to family, and found an alternative way to replace my crumbling wheels. My question is, can I ask to cancel and have my deposit back?

I dont have the greatest credit history, its likely that they wont be able to offer me anything unless the apr is stupidly high. I have signed a used vehicle order form for the car, but not a finance agreement.

Any advice gratefully received.

Hintza

This is one of the few cases where I think you should be able to walk away with your deposit since the terms of the purchase are not yet ascertained.

ie the final price is still unknown.

But never leave a deposit until all variables have been sorted out in future. I am one that believes a deposit is normally lost if the buyer pulls out (others will disagree) but at least it should be the case from a moral point of view.

victor2

I agree with Hintza. What does it say on the paperwork you signed with the deposit?