Deposit holding a car

Vickym41

Visited a weekend event at a car showroom yesterday which was offering 0 percent finance. Spemt a while there, and ended up putting a holding dep of 500 pounds on a car overnight realised that finance wasnt as good as first thought, felt pressured into sale sp decided to cancel. Left showroom at nearly 5pm and closing emailed camcellatio n at 8.30 am this morning and i am being told i cannot get my money back - i feel that is wrong amd surely have a right to change my mind as a consumer but they are bullying me to go back and look for a different car and wont let me cancel. Anyone any idea on my rights signed a holding order but no finance or anything else feeling a bit bullied

Vickym41

They did yell put us under pressure as offer was that day only

unholyangel

9.5 Cooling off periods. If important details of the agreement cannot be
communicated, a 'cooling off' period needs to be allowed. This means a
specified period of time in which consumers can read the terms and pull out
without penalty or loss of prepayments if they find the agreement is not
what they expected. This may be appropriate wherever a contract is
lengthy or complex, or where it contains terms to which consumers need to
give careful consideration.

19.8 Intelligibility also depends on how contracts are presented and used.
Obviously, print must be legible. This depends not only on the size of print
used but also its colour, that of the background and the quality of the paper
used. And plain language is of little value unless, as required by Recital 20
of the Directive, consumers are actually given an opportunity to examine all
the terms. Where a contract is long or detailed, a 'cooling-off period' may
be necessary to ensure compliance (see Group 9, paragraphs 9.3 and 9.4).


What wasnt made clear about the finance?

Vickym41

The finance was supposed to be 0 percent which was what made us visit event when we got there it was 0 percent on first 5000 after that the next 6000 would be at 4.6 I think, the way they worked it made it supposedly 2.9 percent and 228 per month. When looking at it at home and checking loans on this site we could have got a tesco loan for 10000 over same period and payment would be 188 per month and total cost was lower than the supposed 2.9 they told us yesterday . As I say would not let us take there figures away. The one bit of paper I signed menttioned t and c but you had to go to their website to find them up to now I can't find them. There is nothing printed not the paperwork and nothing was show to us there, I was all rushed in the end. Def no mention of non refundable deposit - think its awful

tinkerbell28

The thing is would you have got the TESCO loan? Tesco are extremely strict and that apr is subject to change.

Car finance is easier to get as it is secured against an asset.

Vickym41

Wasn't just tesco other companies and yes I have a very good credit history so can get them

tinkerbell28

Vickym41 wrote: »

Wasn't just tesco other companies and yes I have a very good credit history so can get them

But that is not what I asked. Companies will generally change their apr upon application. The price comparison type loan quotes are useless.

10K on an unsecured asset, isn't the guaranteed walk in the park you think it will be.

If you asked for quotes of 10k over 5 years, at about 5% apr, which tends to be the lowest quoted nowadays. Then the chances of you actually getting those rates are slim to none.

From my figures and my number crunching, you have done your home searches on a 5year loan. The car is a 4 year loan.

So even IF you did get the cheapest headline rate for TESCO loans (doubtful). Yes the payments are smaller, but you'd be paying roughly £300 -£600 more in interest over the term. The car finance is the better option.

bris

Vickym41 wrote: »

Visited a weekend event at a car showroom yesterday which was offering 0 percent finance. Spemt a while there, and ended up putting a holding dep of 500 pounds on a car overnight realised that finance wasnt as good as first thought, felt pressured into sale sp decided to cancel. Left showroom at nearly 5pm and closing emailed camcellatio n at 8.30 am this morning and i am being told i cannot get my money back - i feel that is wrong amd surely have a right to change my mind as a consumer but they are bullying me to go back and look for a different car and wont let me cancel. Anyone any idea on my rights signed a holding order but no finance or anything else feeling a bit bullied

Unfortunately for you, you have now entered into a contract, irrespective of the finace, as it was in the showroom there is no cooling off period for the sale.

Although they have to mitigate their losses, but the harsh truth is that if they won't give you it back as a goodwill gesture, they don't have too.

They are salesmen, their job is to put pressure on, you need to know when to walk away.

Have a look at the trading standards point of view. http://viperandvine.tripod.com/sitebuildercontent/sitebuilderfiles/refunds.pdf

unholyangel

Vickym41 wrote: »

The finance was supposed to be 0 percent which was what made us visit event when we got there it was 0 percent on first 5000 after that the next 6000 would be at 4.6 I think, the way they worked it made it supposedly 2.9 percent and 228 per month. When looking at it at home and checking loans on this site we could have got a tesco loan for 10000 over same period and payment would be 188 per month and total cost was lower than the supposed 2.9 they told us yesterday . As I say would not let us take there figures away. The one bit of paper I signed menttioned t and c but you had to go to their website to find them up to now I can't find them. There is nothing printed not the paperwork and nothing was show to us there, I was all rushed in the end. Def no mention of non refundable deposit - think its awful

They dont need to tell you non-refundable deposits as generally its a commitment to buy and they are usually entitled to retain losses they have reasonably incurred.

When you say the APR wasnt made clear.....didnt they go over the credit agreement with you? How much it was for, what the APR was, how much you'd be paying back monthly and in total - and how much of that is interest?

Hintza

Never ever leave a deposit unless you are committed to buying or are willing to lose the deposit.

Time after time we see this on here.

keyser666

I think they would find it hard to mitigate their loses between agreeing at 5pm on a Sunday and cancelling at 08:30 the following morning