New car purchase - cancel

MrZ01

SeanG79 wrote: »

well then the finance isn't even in place, so what will happen if you are declined? The dealer couldn't then force you to purchase the car if you have no finance.

The finance agreement you need to sign will clearly state who the lender is.

Deposit will be refunded. Best course of action is to try and get in contact with the lender so application is rejected. Finance is preliminary agreed but not signed. Checked credit reports and it seems no credit checks have taken place yet. Must get done on the day the paperwork is signed.

Getting deposit back would be a bonus.

saverbuyer

The car order and the finance as separate agreements. Cancelling the finance doesn't remove the sales contract.

SeanG79

saverbuyer wrote: »

The car order and the finance as separate agreements. Cancelling the finance doesn't remove the sales contract.

I agree, but like in this instance, if the buyer is not approved for the finance, how exactly would the customer pay?

Dealers regularly have customers rejected for finance for a multitude of reasons. I don't know of any dealers that register a vehicle in a customer's name before receiving the pay out from the funder or at least signed finance documents in their possession or indeed release the vehicle.

saverbuyer

SeanG79 wrote: »

I agree, but like in this instance, if the buyer is not approved for the finance, how exactly would the customer pay?

Dealers regularly have customers rejected for finance for a multitude of reasons. I don't know of any dealers that register a vehicle in a customer's name before receiving the pay out from the funder or at least signed finance documents in their possession or indeed release the vehicle.

Oh I agree. Worst case will be losing the deposit.

MrZ01

T&C says of finance is rejected, deposit is refunded and purchaser assumes no further liability.

saverbuyer

MrZ01 wrote: »

T&C says of finance is rejected, deposit is refunded and purchaser assumes no further liability.

Doesn't matter what the finance says. It's the car order you need to look at.

SeanG79

saverbuyer wrote: »

Doesn't matter what the finance says. It's the car order you need to look at.

That is the car order, OP said he hasn't had finance documents to sign yet.

saverbuyer

SeanG79 wrote: »

That is the car order, OP said he hasn't had finance documents to sign yet.

Sorry I assumed OP signed an agreement to finance but just hadn't been credited checked.


Seems very strange a new car order being subject to finance. The delay between order placed, build, delivery and finance can be months.

SeanG79

that's why it is subject to finance, any finance acceptance would only be valid for usually 30, sometimes 90 days.

Any acceptance obtained in advance, could be rescinded before the agreement activated.

saverbuyer

SeanG79 wrote: »

that's why it is subject to finance, any finance acceptance would only be valid for usually 30, sometimes 90 days.

Any acceptance obtained in advance, could be rescinded before the agreement activated.

Any new car I've ever ordered has never been subject to finance.