Cancelling car finance agreement

Kym89

Hi,

Looking for some help regarding cancelling a finance agreement for a car.
I signed and accepted the agreement for a car through Stoneacre and paid a £500 deposit. Then after close thought and consideration that night, realised I could not afford the payments and asked to cancel it. I was told it would be sorted and someone would in be contact to go through some details. I had no such call and so I persisted to find out what rights I had, to claim my £500 back and cancel the agreement.
Stoneacre's website claims that through 'Distance selling regulations' I can cancel an agreement without any reason and without any penalty charges and a full refund will be given.
I then contacted the dealership to see if their terms and conditions gave me any right to claim back my deposit and was told, "You cannot cancel the agreement, the car is yours to pick up, you will not get the deposit back".
This was nearly 2 weeks ago and since then I have not actually got the car in my possession and it is still at the dealership. I spoke to the finance company and they told me that because I dealt with a broker/middle man I cannot personally cancel it as it has to be cancelled by the dealership (Stoneacre). The finance company told me that It is a simple process of "unwinding" and can be sorted in a short amount of time.
Since then I have spoken to every single person at Stoneacre's head office and they have passed me around to different departments of which they have told me, I am in the right to get my deposit back but it needs to be done at the dealership. So taking myself back to the dealership I got told, "The car is yours to take away now and we will not be cancelling anything."

Am I covered under the distance selling regulations as the finance company is not in the building and that it had to be confirmed over the phone even though I signed documents?

Please help.

motorguy

Kym89 wrote: »

Am I covered under the distance selling regulations as the finance company is not in the building and that it had to be confirmed over the phone even though I signed documents?

Please help.

No, you are not covered by the distance selling regulations, as you signed the finance in front of their representative, ie, the car salesman at the car dealership.

forgotmyname

Have they done the paperwork for the car? Sent the V5C off in your name and taxed it etc?

If they have i cannot see you getting that £500 back even if you do cancel the agreement. Added another owner to the car.

poppasmurf_bewdley

Paying a deposit is a commitment to buy, and you would normally not have a right to get it back if you change your mind.

The dealer would also be entitled to make a claim against you for loss of profit if you do not complete the deal.

The time to think about whether you can afford the payments is before you commit to buying the car, not afterwards. And you cannot be covered by distance selling regulations if you signed up at the dealership. You have I think 14 days to cancel the finance but that would not solve the problem of you having to pay for the car you have committed to buy.

TradePro

Have you signed actual finance documents, or just an order form?

If just an order form you will probably get away with it just costing you your £500 deposit.

Tiddlywinks

What date did you sign the agreement to buy the car?

What date did you contact them to cancel?

Did you actually attend the garage, inspect the car and then sign the order form on the premises?

Kym89

Tiddlywinks wrote: »

What date did you sign the agreement to buy the car?

What date did you contact them to cancel?

Did you actually attend the garage, inspect the car and then sign the order form on the premises?

Hi, I rang up to cancel the day after signing the papers. I was at the garage but haven't actually seen the car and still haven't got the car! Their head office seem fine with me cancelling and were almost bidding my case against their own dealership and were helping me get it sorted.
Thanks.

Kym89

forgotmyname wrote: »

Have they done the paperwork for the car? Sent the V5C off in your name and taxed it etc?

If they have i cannot see you getting that £500 back even if you do cancel the agreement. Added another owner to the car.

I haven't had any paperwork sent to my home address. Not even seen the car yet!

Apples2

Cancelling the finance is not the same as cancelling the car purchase.

Finance is normally a pretty straight forward process to cancel, anytime within 14 days and the finance is cancelled, with a refund of anything which has been paid.
It is then down to you to find an alternative means of paying for the car.