Car finance and cancelling rights

[Deleted User]

Happydays3 wrote: »

The finance company said we can cancel the agreement. We have the car...so surly the seller will want the car back? As we don't have the funds to buy it or we wouldn't have got the finance on it. ...

You don't have any rights to return it because you don't like it. The time to decide these things is before you commit! Or buy from a dealer with a 30 day return policy.

Cancelling the agreement doesn't stop the fact you are still committed to buying the car. To cancel, the funds will need to be paid back to the finance company. The finance is owed by you, not the dealer. The dealer won't refund until you have paid them cash for the car.

SuperHan

Happydays3 wrote: »

Assuming the finance company will want there money back from the seller...so the seller is left with no payment nor a car.

If you cancel the finance you are still contractually obliged to pay the seller. If you don't have other funds to do so, you can't cancel the finance. Or you could, and the seller could take you to court and you would run the risk of having CCJ filed against you as the court wouldn't find in your favour.

Happydays3

Could you sell the car??? I'm sure we won't be the only people this has happened too.

bris

Happydays3 wrote: »

Could you sell the car??? I'm sure we won't be the only people this has happened too.

And lose thousands, not a wise thing to do.

shaun_from_Africa

Happydays3 wrote: »

Could you sell the car??? I'm sure we won't be the only people this has happened too.

It would depend on the terms of the finance agreement as to how you would go about selling it.

However, if you did sell, you would probably get far less than you paid for it.
There are a few reasons for this.
You bought from a trader and they will have sold at a price that allowed them to make a profit and to take into account the fact that they have possible legal obligations over the car should faults occur in the future.

There is also the fact that you buying and selling it in such a short time could well indicate to potential buyers that the car has a problem, hence why you want rid of it.

It will also have another registered keeper which can lower the value a bit.

Are there any actual faults with the car or is it just not suitable or what was expected?