Cancel car finance help

scott1102_2

Hi all.

I got a car on finance Saturday just gone. Think that's 13/08/16. So Iv only had the car 6 days. After the dust settling and the excitement dissapearing of a new shiny car Iv quickly realised I strongly do not want to continue. Mechanically the car is perfect so cannot take it back on those grounds. It's just after driving the car and having it for these days Iv realised the cost per month and cost in total coupled with the length of contract is not attractable.

The car was from a stonacre showroom but the finance is through a company called MoneyWay. On the finance documents from MoneyWay it says I can cancel the finance at any point with no reason within the first 14 days but goods would need to be returned or the full cash value paid off.

However, I called stonacre and explained MoneyWay are happy to cancel the agreement as I'm in the first 14days but stonacre would need to take the car back and send the funds back. Stonacre blatantly refused with no reason what so ever. When I called them they literally just said "no we won't take the car back, it's not something we do. You will need to settle the finance yourself or sell the car on"

Is this correct? When the finance company stated I have 14 days to cancel but stonacre would need to send the funds back and take the car back and then stonacre acting like a dodgy roadside salesman with the attitude "sold as seen pal no returns!"

Only had the car 6 days and only added around 40-50 miles to it. It's still exactly the same car in same condition.

facade

You can cancel the finance simply by re-reimbursing the finance company the cash they advanced. However, you don't have the cash, and you want the dealer to provide it, by taking the car back, and refunding the purchase price, for no reason other than you don't want it.

If you bought it sight unseen over the telephone, then there are distance selling regulations that can help you, but if you went to the dealers, saw it, signed up for it there etc. then you need to find a serious fault that the dealer can't fix first time to get a refund, or you need the dealer to take it back. They may well do, for several thousand pounds less than they sold it for (it has got an extra owner, done more miles and is always worth less to buy than to sell), leaving you to fund a shortfall.

Silver-Surfer_2

scott1102 wrote: »

Hi all.

I got a car on finance Saturday just gone. Think that's 13/08/16. So Iv only had the car 6 days. After the dust settling and the excitement dissapearing of a new shiny car Iv quickly realised I strongly do not want to continue. Mechanically the car is perfect so cannot take it back on those grounds. It's just after driving the car and having it for these days Iv realised the cost per month and cost in total coupled with the length of contract is not attractable.

The car was from a stonacre showroom but the finance is through a company called MoneyWay. On the finance documents from MoneyWay it says I can cancel the finance at any point with no reason within the first 14 days but goods would need to be returned or the full cash value paid off.

However, I called stonacre and explained MoneyWay are happy to cancel the agreement as I'm in the first 14days but stonacre would need to take the car back and send the funds back. Stonacre blatantly refused with no reason what so ever. When I called them they literally just said "no we won't take the car back, it's not something we do. You will need to settle the finance yourself or sell the car on"

Is this correct? When the finance company stated I have 14 days to cancel but stonacre would need to send the funds back and take the car back and then stonacre acting like a dodgy roadside salesman with the attitude "sold as seen pal no returns!"

Only had the car 6 days and only added around 40-50 miles to it. It's still exactly the same car in same condition.

Was it a new or used car?

Either way you've added a keeper.

You've no reason to return the car other than buyers remorse.

scott1102_2

I just find it extremely wrong and it doesn't sit right with me. That something as expensive as a car, to coin an old phrase "buying a car is the second most expensive purchase of a persons life after a house" that you don't get a cooling off period from the dealership?! Such an expensive and luxurious item and your only chance to see if it's right for you is the test drive one day and a look at all the shiny buttons and gadgets. End of job done you've now drove it for 20minutes and as your a normal person not a Motorhead you've played with the CD player and aircon. It's now yours for the next 5 years and no comebacks. Enjoy!

Herzlos

MoneyWay will let you cancel the finance, not the car. Stoneacre are under no obligation to give you a full refund on the car, because you've devalued it in a few days of owning it (additional keeper/mileage).

They may buy it back from you at trade, or allow you to trade for another car, but you're likely to lose at least £2k from the transaction.

You can always try and re-finance for a better deal, or sell it privately though.

You don't get a cooling off period, because the car is worth less on return that on sale (say you bought a new high end car @ £70k, it could easily lose £10k purely because you've owned it for a day). That's what test drives are for - you need to convince yourself you are happy with it before you commit - you don't get cooling off periods on house purchases either.

Cornucopia

There's a fundamental point, which is that the contract to buy the car and the associated finance agreement are two different contracts, with different conditions, for example, on termination/cancellation.

Indeed, there are legal requirements for cancellation on finance agreements, some of which involve the vehicle and some of which are purely monetary.

The other fundamental is that the car is worth what it is now worth. A dealer *might* underwrite that loss to keep a customer happy, but it is down to their discretion. If the car was new, this loss could be considerable, if it was a used car, it will be less. It's not all about condition, either. The car has been registered in your name, so it will have had an additional owner, potentially reducing its forecourt appeal.

You could escalate the matter within the dealership - the boss may be persuadable. You could also naively approach the finance company and tell them you wish to exercise the right to cancel, and can they help you persuade the dealer to permit the "return the car" option?

Silver-Surfer_2

scott1102 wrote: »

I just find it extremely wrong and it doesn't sit right with me. That something as expensive as a car, to coin an old phrase "buying a car is the second most expensive purchase of a persons life after a house" that you don't get a cooling off period from the dealership?! Such an expensive and luxurious item and your only chance to see if it's right for you is the test drive one day and a look at all the shiny buttons and gadgets. End of job done you've now drove it for 20minutes and as your a normal person not a Motorhead you've played with the CD player and aircon. It's now yours for the next 5 years and no comebacks. Enjoy!

If you feel that way then maybe next time you buy a car spend more than 20 minutes before you make your decision. You don't get a cooling off period when you buy a house either.

In future do your research first and think about the full deal and repayment, don't be taken in by the shiny car and gadgets.

Cornucopia

scott1102 wrote: »

I just find it extremely wrong and it doesn't sit right with me. That something as expensive as a car, to coin an old phrase "buying a car is the second most expensive purchase of a persons life after a house" that you don't get a cooling off period from the dealership?!

In which case, talk to your MP and people in the industry and try to persuade them that a cooling-off period would be great for the country and their businesses, and see where you get with it.

Such an expensive and luxurious item and your only chance to see if it's right for you is the test drive one day and a look at all the shiny buttons and gadgets. End of job done you've now drove it for 20minutes and as your a normal person not a Motorhead you've played with the CD player and aircon. It's now yours for the next 5 years and no comebacks. Enjoy!

Nope. You have that wrong. You can take as much time as you need to make a decision. Set whatever conditions on the sale you like. If the Dealer says no, that's their loss. Different dealers/manufacturers regularly have whole-weekend test drives, and there is nothing to stop you for asking the Dealer for that on any car. If they consider you to be reasonably serious about buying, they will try to make it happen.

You aren't even bound to keep the car (as long as you haven't leased it). Any deal is cancel-able, but only on rational terms for the Dealer and Finance Company, which in this case are: sell the car yourself and pay off the outstanding finance.

foxy-stoat

scott1102 wrote: »

Stonacre blatantly refused with no reason what so ever.

Rather like your reason to return the car - the numbers are not attractable - they were the same figures just before your signed up.

Your only option its to apply for a loan at the same or better rate as the finance and clear the finance, sell the car for as mush as you can and buy a car that you actually want.

If you apply today you may get a decision and cash before the end of the 14 days so you incur minimal costs. Do not waste time pleading with the dealer to take back the car.

arcon5

It's the second biggest purchase you will make in a lifetime... And you allowed just twenty minutes to make a decision???

Mercdriver

At the moment there is a car for sale at a Renault dealer close to me. Renault Kadjar Dynamique Nav S Auto Diesel. Pre registered only 133 miles on it. Price is 20k, Price on website for band new is £24k. So £4k off for being the second owner. This is what you are asking of your dealer. You are asking him to lose thousands of pounds because you couldn't be bothered to take time over what you have acknowledged is the second most expensive purchase of your life. How in any real sense can you think that what you are asking is reasonable?

Why not take some responsibility for your own decisions? Which fantasy world do you live in that means you can make a decision that only has consequences for others and not yourself?