Need to cancel a recent car loan

sparkles12_2

Hi

I would appreciate any help anyone can give me

I just bought a used car from a reputable local dealer - The car is 4 and a half years old - I have had it 8 days and I hate the car , it has a 1x litre engine and sounds like disel but its actually a petrol. It cant take hills at all , its slow and struggles ( This is apparently how they are ) I brought it to the dealers yesterday to check out the engine as it was driving me nuts and they told me the water pump is faulty and they have to get a new one ordered and get it replaced, the wheel allignment was off and I also told them i couldnt see if my indicators were on or off as the steering wheel was covering the lights for them so i have to turn the radio down low so i can hear the indicator ticking which scares me incase i make a turn and they arnt on cus i cant see them.

I got up today and went to adjust the electrical door mirror but its stuck and i wont touch it incase i smash the glass messing around with it so now i cant drive as i cant use the wing mirror - I tried but its too scary

My credit agreement is dated 16/01/2012 - It says i have a right to cancel 14 days to the date of the letter

I have met with the dealer who has been great to be honest - I told him of the problems regarding the car and it seems he is allowing me to exchange to a car with better engine although he did say its going to be very costly - I explained i dont mind an increase of finance as long as i can get a different car which doesnt sound disel.

I put down a 2k deposit to keep the monthly costs down all the paperwork for the car was done but im wondering what he means when he says it will be costly ? He was speaking of part- excahnge as in trading the car in against another car but i would lose a lot money ??? Is this right ? Or can i give the keys back as im not satisfied with the car at all and cancel the finance agreement as it does say i have 14 days to terminate

If i do cancel and give the car back will it effect my credit file as i will need more finance for another car and will i lose my 2k deposit or will i get that back

Im meeting the dealer on Monday to discuss finances and how much i will lose etc but if my finance says i can cancel within 14 days will it really be that costly

The dealer has been great but is talking about part-exchange on my car to a differnt one on their dealership - but im thinking this would be a loss as im sure the car has lost value since i drove it away 8 days ago

Can anyone advise me on what to do ir what to say to make sure i dont lose a fortune or to help me be better equipt when speaking to the dealer on Monday

I just want to cancel the loan agreement and leave the car back as im not satified with the problems it has had so far but worried i will loss my 2k or part of my 2 k deposit

hp48910

I'd say the car is not fit for purpose and you should not be bound to take another car from this dealer. I'm not sure how you stand with getting your deposit back tho. I'm sure someone far more experienced than me will be along soon to offer some advice. Good luck.

withabix

You have to give the dealer the opportunity to repair the car under warranty.

None of the three defects (water pump, wheel alignment and wing mirror) are major faults unless they cannot be fixed or the dealer refuses to do it under warranty. They certainly aren't serious enough to reject the car and should be expected in a car of this age.

The fact that you cannot see the indicator lights on the dashboard is not his fault and is not a reason to reject the car. Is the steering wheel adjustable?

You are barking up the wrong tree about cancelling the credit agreement - sure, you can cancel it within 14 days, but it doesn't give you the right to give the car back. It gives you the right to pay for it in full.

Finally, what car is it?

scooterchick

withabix wrote: »

You are barking up the wrong tree about cancelling the credit agreement - sure, you can cancel it within 14 days, but it doesn't give you the right to give the car back. It gives you the right to pay for it in full.

Finally, what car is it?

This is correct. You have the right to cancel the FINANCE, not the car I'm afraid. So you're either stuck with it or it'll cost you to trade it in. Did you not test drive it?

Emmzi

get yourself over to the transport forum and ask about rejecting the vehicle, but you will need to be bloody quick about it! "The engine is too small" is not valid reason btw as you should have taken a proper test drive - your fault. Bits of the car being broken - their fault.

Apples2

Copied from your other post to keep it all together.......

Best to start your own thread rather than take this one off on a tangent.

Cancelling the Finance Agreement within 14 days is not the same as rejecting the car.
You have already purchased the car, it is now yours, the V5 has been updated with a further owner.

The option to withdraw from the finance agreement is just that, withdrawing from the finance only. If you do take up this option, you will have to pay the full amount for the car so you need to have the money available.

If you have issues with the car, you need to resolve it with the dealer, it is completely separate from the finance.

To opt out now will cost you. Your car will not be worth anything like the money you spent on it (even though it was so recent). You have added another previous owner already so it's value has reduced.

sparkles12_2

Hello everyone

Thank you kindly for your advice , the credit agreement states that if i receive goods that i am not satisfied with I have a right under their agreement to return them or can cancel the agreement without reason.

The car has 15 thousand miles on it and was Netwrok Q

sparkles12_2

sorry i posted too soon- The car has 15 thousand miles on the clock and was Network Q approved - How could the wheel allignment , water pump , faulty wing mirror not have been picked up during the Network Q inspection before delivery-The steering wheel on the car its not adjustable - I have always followed the indicator lights to make sure they are on before i take a right or left turn , i wouldnt dare turn without knowing they are on and the service guys in the dealership noticed this too and took out the steering wheel and readjusted it now the wheel is lower down and i still cant see the lights when i indicate lol - when making a turn on a busy road changing lanes on a motorway for example i have to bend my head down below the wheel to see if the lights are on , while i do this ive lost my chance to change lanes or if the lights are on everyone behind me is waiting for me to turn and im not sure i can so everyone on the road behind me gets upset

@EMMZI going there now thank you - If worst happens i will sell the car privately for what i paid for it and cut my losses because im not keeping that car no matter what happens - it needs to go lol

The dealership have been really understanding they are working with me so believe me im not knocking them at all and i have a lot of respect for them but i have had the car 8 days and look at the problems im having can you imagine whats around the corner - I wouldnt mind so much if i had the car 6 months or a year and things started happening but 8 days is too soon - I had my last car 9 years and never had a problem with it

The car is a corsa - well i guess by the advice you guys have given me its a trade in and and i will have to accept the loss - but if im honest i will do whatever it takes to excahnge that car - I dont feel safe driving it - yes i test drove the car but 15 minutes up and down a straight road wouldn't be enough time to discover the above or test how it takes hills plus testing driving a car from a dealership having a stranger sit with you is off putting the only thing i was thinking about was i hope i dont have an accident in a test drive lol

sparkles12_2

Hi apples2

The insurance cert just came through on Thursday as I had my last car wrote off in an accident so the V5 hasnt been sent yet - The previous owner also had the car taxed until June but they had a disabilty badge on the tax so that had to be cancelled before i could apply - I was just about to post it all on Friday but thought id hold off until i spoke to the dealer - I rang the tax office to explain and they told me the car has not to be on the road until its taxed in my name so i havent done that just yet

Apples2 wrote: »

Copied from your other post to keep it all together.......

Best to start your own thread rather than take this one off on a tangent.

Cancelling the Finance Agreement within 14 days is not the same as rejecting the car.
You have already purchased the car, it is now yours, the V5 has been updated with a further owner.

The option to withdraw from the finance agreement is just that, withdrawing from the finance only. If you do take up this option, you will have to pay the full amount for the car so you need to have the money available.

If you have issues with the car, you need to resolve it with the dealer, it is completely separate from the finance.

To opt out now will cost you. Your car will not be worth anything like the money you spent on it (even though it was so recent). You have added another previous owner already so it's value has reduced.

sparkles12_2

Emmzi wrote: »

get yourself over to the transport forum and ask about rejecting the vehicle, but you will need to be bloody quick about it! "The engine is too small" is not valid reason btw as you should have taken a proper test drive - your fault. Bits of the car being broken - their fault.

Thanks for this - I went to the transport forum but cant seem to find an option to start a new thread

I heard the engine noise at the test drive but i drove the same car for 9 years - It was a zetec 1.4 engine so i thought it was just me not being used to it but as the days went on it seemed to get louder -

Thanks again

redpete

sparkles12 wrote: »

when making a turn on a busy road changing lanes on a motorway for example i have to bend my head down below the wheel to see if the lights are on , while i do this ive lost my chance to change lanes or if the lights are on everyone behind me is waiting for me to turn and im not sure i can so everyone on the road behind me gets upset

How about checking that they work when you first get in the car - before you drive off. The chances of them failing during the journey are small enough so you don't need to check them each and every time you use them, just go by where the indicator stalk is to make sure you have set them to indicate.