Car Finance-please help

jon76

Hello,


I'm a newbie and I hope someone can help me.


I recently took out car finance with Santander and now wish to cancel it. I understand I have 14 days to do this. The problem is that I've been told that I may have to pay for the car by other means. Is this true?


All I have from the dealer is an invoice. It states 'amount due from finance company'-£6995 and the 'amount due from purchaser'-£1000 (my deposit, which I've paid).


If I cancel this agreement are they going to chase me for the £6995 or will I just lose my deposit?


Hope someone can help.

jonesMUFCforever

Have you signed an agreement to buy the car?


If so you may well be committed to the purchase even if you pull out of the finance deal.


We need more information from you.

jon76

Hello,


Thanks for reply.


Basically, the finance deal through Mazda is you put down £1000 deposit then pay a monthly amount through Direct Debit.


I went to dealership and viewed the car and paid £200 so it wouldn't be sold (as you do).I haven't paid the remaining £800.


Because the dealership is two bus journeys away from my home the dealer met with me locally. I signed a sort of generic form that was stamped with dealership's name and signed and dated by dealer.


The form said 'I hereby agree to purchase from you subject to the terms and conditions hereof the undermentioned vehicle'.


Then was listed: Total Vehicle Price:£6995
Amount due from Finance Company: £5995
Balance:£1000
Less Deposit:£200.00
Balance due from purchaser:£800.


Hope this helps.

jon76

On the back of the form it says 'If the purchaser shall fail to take and pay for the goods within 14 days of notification that the goods have been completed for delivery, the seller shall be at liberty to treat the contract as repudiated by the purchaser and thereupon the deposit shall be forfeited to compensate the seller for any loss or expense which the seller may suffer or incur by reason of the purchaser's default'.


I haven't picked the car up.

Jvic28

Hi,

Unless they're feeling generous you'll be losing your £200

jon76

Hello, Thanks for reply.




I could take losing the £200 but what do you reckon with the finance?

jonesMUFCforever

Well have you got the money to buy the car - I'm still not sure that you are not locked into the purchase with or without the loan.
Not sure if there is a cooling off time period if you signed a contract off premises rather than on - take legal advice is my opinion.

bigbulldog

I was under the impression that finance that's connected to a car dealership has to signed on the premises and if that is the case you should have a cooling off period in relation to the finance only and not any deposits paid.

Jvic28

I'm thinking as you haven't even been to the dealership yet there is no finance agreement signed surely. Have you even been accepted? I really don't think you have anything to worry about other than losing the £200

nushy

I went into a dealer yesterday and left a deposit on a car to hold a car and I applied for finance, I was told to come back today to see if I had been approved. When I went in they showed me the agreed deal and the repayments were within my budget so I agreed but I was told that the finance company would send me the forms to sign, they then said I could drive the car away. Now I am wondering whether I might get a different finance deal which I cannot afford, am I legally bound to complete deal or can I return car and walk away.

David19821982

Did you pay the £200 on credit card ? If so, do a chargeback