Car finance - can i get out of it??

dougal38

We have today been to see a car at arnold clark that we like and rather than taking time to think gone ahead with the finance on it. We paid £100 deposit and signed the finance agreement. Since returning home and talking to others we think that we have pushed ourselves to far per month budget wise. Is there any way we can get out of this? We are really starting to panic and feel so stupid! Please help with any advice.
Thank you.

smithers1981

Is there a 'cooling off' period? If there is then you should be able to cancel hassle free.

Call them in morning explain you have changed your mind and ask for deposit back.

If there is no cooling off period it maybe more difficult, how did you pay for deposit if by credit card you maybe able to claim back deposit through a section 75 claim.

Worst case scenario you loose £100 but this is far better than being lumbered with a debt you cant afford.

Good luck

YorkshireBoy

smithers1981 wrote: »

...how did you pay for deposit if by credit card you maybe able to claim back deposit through a section 75 claim.

Section 75 (of the CCA) covers 'misrepresentation' and 'breach of contract'. Neither would seem to apply here.

Apples2

Smithers is giving you false hope.
Don't expect there to be a cooling off period, you would be the first ever from AC.

Exprct misery just just plead your case and hope.

RobertoMoir

smithers1981 wrote: »

if by credit card you maybe able to claim back deposit through a section 75 claim.

On what grounds? Section 75 isn't the magical "give me my money back" button.

chanz4

No cooling off period, but you wont of signed the credit agreement it would of been a sales order invoice

poppasmurf_bewdley

By paying the deposit, you have committed yourself to the deal.

If you backtrack now, the dealer can keep your deposit and, in theory, claim any loss of profit on the deal from you.

You can only contact them, tell them you have overcommitted yourself, and see what they say.

iolanthe07

It might be better to write off the £100 now than be saddled with something you cannot really afford. As others have said, you are unlikely to get the deposit back (unless out of goodwill), otherwise what would be the point of it?