Car dealership (possible) contract hell.. Can't sleep tonight for worrying!

dft

I'm hoping someone can help me out.... Last night I went to a used car dealership (for the first time) to look at cars. I saw a car I liked and we sat down and went over my details such as employment status etc etc. (the salesman was a guy I used to work with a few years ago (not in sales). It was late so he said my finance entitlement wouldn't come through til the next day (today). I did sign a couple of documents last night while I was there (I've left these documents in work today) but I know that one of them was set out as what I would pay monthly for the car at 5.9%

Today just after 6pm, I received a call from a finance company saying that they can finance the car for me but it is at a higher interest rate than the one I was happy with last night. she asked if this was ok and I said that I think so but am I agreeing into anything final? She said not at all and that all she would do is pass on their quote back to the dealer and then I need to speak to them myself.

I've since found out that the good deal is garbage and I've been taken for a ride. I have text my old work mate to say that I can get better deals elsewhere so I want to hold off on the car just now... He hasn't text back yet but my fear is that last night I signed for it all, even though finance wasn't in place yet but I'm really worried he tells me that if I've signed for things then I need to take on the deal... Can anyone help me out with this? He may well call tomorrow and say it's ok but I have this niggling feeling I signed my life away last night. (I will look at the documents first thing when I get into work 2moro). Is there any leeway on this if I realise I have signed a contract? I am kinda hoping that the finance company who said a different quote means I would need to sign a new contract any way? If anyone can shed some light on this for me I would really appreciate it. Thanks x(p.s I was asked for a deposit but didn't have my bank card on me but he said this was fine and I could give him it another time) x

dft

Also, just to add, it's not a brand new car, it's an 09 plate (don't know if this makes any difference?....)

forgotmyname

Depends if you agreed to buy the car and the method of payment is the only issue? Whether you take their offer or get your own finance the car maybe yours now.

Without a deposit though you have little to lose.

IamNotAllowedToUseMyName

Under the Consumer Credit Act all finance, however entered into, has a 14 day cooling off period.

You may still be committed to buying the car depending on what you signed, as that is a separate contract, but you can change how you finance it.

robotrobo

dft wrote: »

I'm hoping someone can help me out.... Last night I went to a used car dealership (for the first time) to look at cars. I saw a car I liked and we sat down and went over my details such as employment status etc etc. (the salesman was a guy I used to work with a few years ago (not in sales). It was late so he said my finance entitlement wouldn't come through til the next day (today). I did sign a couple of documents last night while I was there (I've left these documents in work today) but I know that one of them was set out as what I would pay monthly for the car at 5.9%

Today just after 6pm, I received a call from a finance company saying that they can finance the car for me but it is at a higher interest rate than the one I was happy with last night. she asked if this was ok and I said that I think so but am I agreeing into anything final? She said not at all and that all she would do is pass on their quote back to the dealer and then I need to speak to them myself.

I've since found out that the good deal is garbage and I've been taken for a ride. I have text my old work mate to say that I can get better deals elsewhere so I want to hold off on the car just now... He hasn't text back yet but my fear is that last night I signed for it all, even though finance wasn't in place yet but I'm really worried he tells me that if I've signed for things then I need to take on the deal... Can anyone help me out with this? He may well call tomorrow and say it's ok but I have this niggling feeling I signed my life away last night. (I will look at the documents first thing when I get into work 2moro). Is there any leeway on this if I realise I have signed a contract? I am kinda hoping that the finance company who said a different quote means I would need to sign a new contract any way? If anyone can shed some light on this for me I would really appreciate it. Thanks x(p.s I was asked for a deposit but didn't have my bank card on me but he said this was fine and I could give him it another time) x

I know how you feel , so unsure,by the time you tell them today the deal is off, don't let them sweet talk you.
the deal is off FULSTOP , tell them you if you feel you need to , that you are broke.

You will sleep a lot better tonight mate,buy a secondhand car later &dont rush in to it, mines 13years old &hi love it & proud of it,

Londoner_1

14 day cooling off period, read teh small print as its buried in there.

colino

You were on trade premises, ignore the rubbish about a 14 day cooling off period.
They wont tie you down to a car you cannot afford.
The finance company are offering a different deal, one that neither party has yet signed.
Apologise for wasting his time, tell him you are not proceeding and in the future, take someone with you when you go shopping.

IamNotAllowedToUseMyName

colino wrote: »

You were on trade premises, ignore the rubbish about a 14 day cooling off period.
They wont tie you down to a car you cannot afford.
The finance company are offering a different deal, one that neither party has yet signed.
Apologise for wasting his time, tell him you are not proceeding and in the future, take someone with you when you go shopping.

Sorry mate, the 14 day cooling off period specifically applies to all finance, including agreed on trade premises. However, it is not the case that you can withdraw from the purchase, that will depend on the contract (and it can be more complicated than that).

In this case I understood that the OP was more concerned about the financing deal than the car itself.

Further, she agreed to the deal in the dealership at one rate, and now they have reneged on that rate and tried to substitute a higher one. Clearly, in that case, there is no obligation, and by agreeing it over the phone (or not) it has turned into a distance agreement and cancellation rights must be there in full.

For the avoidance of doubt, as described by the OP, they can walk away from the entire deal if they are not offering it exactly as the deal the OP signed up for.

macman

All speculation until the OP tells us exactly what they signed-all they said is 'I did sign a couple of documents'.
Not exactly helpful...

dft

Thanks everyone for replying, I checked the document this morning it was a vehicle order form. I have since found out though that as finance wasn't agreed, I haven't signed a contract as for all the dealership knew, I could have been declined for finance. Anyone agree? x

bod1467

Depends on EXACTLY what the contract says. IF it says the contract is dependent on approved finance then Yes - you're OK. IF it says that finance is supplementary/exclusive then maybe No - you're still liable as the purchase was not linked to the method of payment.

Only YOU know what's written on the paperwork.