14 day cooling off period

fern123_2

we put down a small deposit on a brand new car 5 days ago where we will be paying on finance for 3 years only to be told my husband has lost his job. We do not want to continue with the go ahead of the car and was wondering if we are now stuck in a contract or do we have rights and ask for our deposit back or will we have to pay penalty charges, please help with some straight forward advice

abbyscuito

fern123 wrote: »

we put down a small deposit on a brand new car 5 days ago where we will be paying on finance for 3 years only to be told my husband has lost his job. We do not want to continue with the go ahead of the car and was wondering if we are now stuck in a contract or do we have rights and ask for our deposit back or will we have to pay penalty charges, please help with some straight forward advice

Have you tried an MSE search?

McKneff

You really need to speak to the company you left the deposit with, it may be non refundable.
Luckily it was, as you say, a small deposit. Have you looked at the terms and conditions regarding the deposit.

Hope your OH finds a new job soon.

mo786uk

You will probably be stuck into the contract for the car

You can cancel the finance within 14 days - which you should do.

If you refuse to buy the car the dealer can go after you for breach of contract and any loses they have incurred - so if they have spent £100 they can ask you for it. In reality you will probably just lose your deposit.

if your deposit was low they may ask for more

Flyboy152

The most the dealer can retain is any provable losses. Seeing as you ordered the car only a few days ago, the only loss to them is a bit of admin.

Call the dealer and let them know what has happened. I can't see them refusing to cancel the order and return your deposit, it really wouldn't be in their interests.

fern123_2

thanks for all your advice just got to pluck up the courage to tell them

jb66

Best to do it ASAP, good luck

barrygibbs81

mo786uk wrote: »

You will probably be stuck into the contract for the car

You can cancel the finance within 14 days - which you should do.

If you refuse to buy the car the dealer can go after you for breach of contract and any loses they have incurred - so if they have spent £100 they can ask you for it. In reality you will probably just lose your deposit.

if your deposit was low they may ask for more

do you know if the cooling off period applies to second hand cars too?

Flyboy152

barrygibbs81 wrote: »

do you know if the cooling off period applies to second hand cars too?

There is a fourteen day cooling-off period for all financial agreements. However, there is no official cooling-off period for buying a car; new or used.