Right to cancel/back out before signing (First Response Finance)

iheartoldskool

Good afternoon everyone. First of all, apologies for this being my first post. I have forgotten my original username etc as I tend to lurk more than post, although I want to change that, more of that later.

Long story short, my partner and I applied for finance with First Response at the weekend. We are as far as having picked a car, been given figures etc, only leaving a visit to the delaer to check and test drive the car etc before signing and receiving the car. Yesterday afternoon, the chap at the dealer phones to tell me he has taken a deposit on the car from someone else and is now selling it to them (we had not paid any deposit etc). Which in some ways was maybe a sign or a godsend as I was getting severe itchy feet about the agreement and money we would be forking out etc (46%APR...I know!).

So now I'm in a position where we no longer want to buy a car or continue with the finance from First Response. I'm just looking to see where I stand in regard to calling them and telling them as such. We provided bank statements, P60's and me my bank statement & details. Neither of us have went to the dealer and signed anything, so no funds have been released and obviously we have no car from the dealer. Are we/I able to just explain that we only really wanted the car the dealer had, and now no longer want to go any further, therfore be able to just walk away from the process? I just want to be sure of what my/our rights are before I call them this evening.

Any help or advice would be gratefully received.

Cheers

Paul.

[Deleted User]

If you're no longer buying the car, then nothing more will happen.

You can call and let them know if you wish, and ensure that no further credit checks are carried out, but it's not necessary.

At 46% though, you've had a very lucky escape.

iheartoldskool

Thanks ZX81, I more or less thought that, but I just wanted to confirm. I'll definitely call them to inform them. As for the APR....a moment of extreme stupidity being honest. Just need to screw our heads back on and sort everything out financially first. Relistically, there'ss not much wrong with the cars we have, they're just old. Think we got sucked into keeping up with the jones's so to speak.

ratrace

iheartoldskool wrote: »

Thanks ZX81, I more or less thought that, but I just wanted to confirm. I'll definitely call them to inform them. As for the APR....a moment of extreme stupidity being honest. Just need to screw our heads back on and sort everything out financially first. Relistically, there'ss not much wrong with the cars we have, they're just old. Think we got sucked into keeping up with the jones's so to speak.

Nice one mate, you defo had a lucky escape there

oh and if you look at the jones's they are proberly snowed under with debt

At least you OWN the cars on your drive.

iheartoldskool

Thanks ratrace, that's also very true. Our cars are bought and paid for, we only have their upkeep to worry about. Also, we can leave them in a car park without worying too much about bumps and scrapes.

somethingcorporate

I really hope people aren't daft enough to buy cars on 46% APR.

andyfromotley

Thank the Lord Ratrace!! Thank the Lord. That would have been awful!!!

Just being nosey what were the terms of the loan, how much, over what term and how much interest would you have paid?