New car purchase - Price change after contract signed

morty192

Have agreed to purchase a new vehicle on hire purchase terms over a period of five years. The dealer's finance representative ok'd it and sent it for approval - it was instantly approved. I paid a £500 deposit last Thursday.

Have just received a phone call to be told that the finance company have changed the terms. They were unwilling to offer 0% over five years but the dealer has, so he claims "fought back" on that as it was allowed through the system, once for the quote and then again to complete the order. They have talked them down a bit but the price has still increased by roughly £400 (larger deposit and then increased monthly fee).

What are my rights at this point? Can they do this after the terms of sale had been signed and agreed?

EDIT: I also have a document from Renault Finance (RCI Financial Services Ltd) stating "we are delighted to confirm that the below proposal has been accepted under the following terms". This is in regards to the originally quoted terms.

Warwick_Hunt

It seems you weren't accepted.

You've the right to be put back in your original position.

debtdebt

Take your £500 and walk away.

Shaka_Zulu

||Tell them to stick it and return your money.

agrinnall

Probably a lucky escape if you were considering buying a Renault.

TadleyBaggie

agrinnall wrote: »

Probably a lucky escape if you were considering buying a Renault.

Might not be, RCI Financial also handle Nissan financing.

thescouselander

Money changed hands so on that basis I'd say the deal is binding. You could probably demand specific performance against the contract. More realistically though you should probably get a refund.

n217970

TadleyBaggie wrote: »

Might not be, RCI Financial also handle Nissan financing.

Point still valid.

DUTR

thescouselander wrote: »

Money changed hands so on that basis I'd say the deal is binding. You could probably demand specific performance against the contract. More realistically though you should probably get a refund.

Not quite so, perhaps the OP hasn't given the full details, I know someone who wento buy a car the one she wanted the sales rep said she may not get accepted for the finance and then offered her another model of the same car, perhaps the deposit was subject to acceptance.

arcon5

Sounds like it was all accepted though.
Tell the dealer to either honour the deal or refund your deposit and cancel the sale in full

loskie

sounds like they may have added paint protection on to boost their commission without telling you.