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

[Deleted User]

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

Well no the 14 day cooling off is just for the financial product you signed for. i.e. the HP. After all the finance could be for anything not just a car so they're not interested.

OK one thing though and I dont mean to sound harsh but why did you sign up if you werent 100% sure you could cancel?

I guess all you can do really is see if they garage will buy the car back off you but chances are you'll lose a few quid now.

[Deleted User]

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?

all you can do is go back to the garage and see what they'll do for you.

bazzyb

esaboom wrote: »

well isnt that stupid? so i cant afford to pay the finance...

Presumably you were to the monthly installments before signing the agreement, so you must have thought you could afford it. Also the lender must agree that you can afford it based on the information you gave to them.

So it sounds like you have changed your mind. The only logical option would be to see if you can arrange finance elsewhere on better terms, lower monthly repayments, etc. However the clock is ticking as you would need to repay the finance within the 14 days to use your right to withdraw.

bazzyb

sourcrates wrote: »

That means you cannot trade it in against another car

In practice this isn't strictly true. If a settlement letter is obtained from the finance company, a dealer could take a car (in part exchange for example) and then settle the finance from the equity in the vehicle. The finance doesn't need to be settled in advance.

sourcrates

bazzyb wrote: »

In practice this isn't strictly true. If a settlement letter is obtained from the finance company, a dealer could take a car (in part exchange for example) and then settle the finance from the equity in the vehicle. The finance doesn't need to be settled in advance.

Agreed, but no one will settle finance on a vehicle which is worth less than the outstanding balance, remember it will be loaded with interest as its a recent agreement.