im 25..made a mistake..need help from your guys please

esaboom

so like a fool i went in the Mercedes garage and got myself a car on Hire purchase

im on my 7th day and realised i maybe cannot afford it...plus i do remember asking the dealer guy how many previous owners an he avoided answering only to find out once i came home it had 3 previous owners

anyway i know that i have a 14 days right to withdraw..so i rang the finance company and they went right to withdraw is from thew finance but then youll have to pay us the money somehow...so what benefit do i get from the right to withdraw? like im stuck regardless like i cannot pay the monthly yet if i withdraw i pay like 15,000 back? wheres my right?

bazzyb

esaboom wrote: »

anyway i know that i have a 14 days right to withdraw..so i rang the finance company and they went right to withdraw is from thew finance but then youll have to pay us the money somehow...so what benefit do i get from the right to withdraw? like im stuck regardless like i cannot pay the monthly yet if i withdraw i pay like 15,000 back? wheres my right?

The 14 day cooling off period is on the finance agreement NOT on the car. If there's nothing wrong with the car, then you can't simply take it back for a refund!

The right is the right to cancel the finance agreement, but you would still need to pay for the car, either outright or by an alternate finance arrangement.

esaboom

well isnt that stupid? so i cant afford to pay the finance...yet i can cancel the finance and then pay a hefty 15,000 back? abit unjust

sweetilemon

I'm no expert, but sounds like selling the car would be the best option. Or could you trade it in for a car with a lower finance payment each month? Only thing is you'll know doubt lose money on it.

DCFC79

esaboom wrote: »

well isnt that stupid? so i cant afford to pay the finance...yet i can cancel the finance and then pay a hefty 15,000 back? abit unjust

Not unjust, it's just how it is.

thegrind

How can you buy a car on finance and now realise after 7 days you probably cant afford it?

Take some responsibility with your life.

fatbelly

There are very limited circumstances when you can return the item and get a full refund. You must have signed up in the last 14 days and signed up in one of the following ways:
•online
•by phone
•in your home
•by mail order

You’ll still be within the ‘cooling-off period’ if this is the case, which means you can cancel without charge. Contact the company and tell them you’d like to cancel.

https://www.citizensadvice.org.uk/consumer/changed-your-mind/cancel-something-being-paid-for-on-hire-purchase/

esaboom

i went into to the showroom...i have another q....if i wanted to take this car back and get another car can this be done?

Generali

esaboom wrote: »

i went into to the showroom...i have another q....if i wanted to take this car back and get another car can this be done?

Your rights regarding returning the car are basically nil however the showroom might do you a favour if you ask nicely.

If I were you I'd go in and tell the salesman what you have told us. That you simply can't make the payments on the car and you've been an idiot so would they be super kind and take the car back and sell you something that you actually can afford?

Bear in mind that you have made a contract with them so they have no obligation whatsoever to help you out here. If they had decided after two weeks that they didn't want to sell you a car you wouldn't have necessarily wanted to let them buy the car back off you and they may well feel the same way.

I hope it works out for you. Secondhand car salesmen are not known for their good nature but you never know. Try being nice. If that doesn't work try grovelling and if that doesn't work try crying.

sweetilemon

Chances are they will let you trade it in for a less valuable car and less finance (paying off the first and taking out a new one) but it just depends on the deal they give you and whether it's worth the loss.

sourcrates

You don't own the car, the finance company does.

That means you cannot trade it in against another car, without first settling the existing finance, you cannot sell it either, as you don't own it, again, the existing finance would have to be settled.

If you cancel and return the car, you will still be liable for a fair chunk of the outstanding finance, in effect you will be paying money for nothing.

Some garages offer exchange schemes, the advice above to go back cap in hand may be your best bet here !!