Possible to get deposit back?

kjones1105

Hello,

So I've recently started a new job and I get Company Car Allowance at around £240 after tax. I currently have a C1 but this is limited to 6k miles per year and with my new job, I'll be doing 15k.

I went to the dealership to find out my options and they looked at my settlement figure and I was £2.7k in negative equity.

I test drove a few cars and quite liked the DS4 so got a quote but it was £360pm which was too much so said I'd think about it.

Later that day, I got a call from the Sales Manager and he told me that he'd be willing to go to £315 for the top of the range model. After multiple calls back and forth, I agreed and paid a £750 deposit over the phone.

The deal does sound good considering I had almost £3k of negative equity but the the £315pm is just going round my head and I'm not sure what to do.

They've sent over the forms for me to sign and I've done that but I've not sent them back yet as I'm not sure if it's the best option.

If I were to pull out, would I get the deposit back because I did it over the phone and haven't signed anything?

motorguy

kjones1105 wrote: »

Hello,

So I've recently started a new job and I get Company Car Allowance at around £240 after tax. I currently have a C1 but this is limited to 6k miles per year and with my new job, I'll be doing 15k.

I went to the dealership to find out my options and they looked at my settlement figure and I was £2.7k in negative equity.

I test drove a few cars and quite liked the DS4 so got a quote but it was £360pm which was too much so said I'd think about it.

Later that day, I got a call from the Sales Manager and he told me that he'd be willing to go to £315 for the top of the range model. After multiple calls back and forth, I agreed and paid a £750 deposit over the phone.

The deal does sound good considering I had almost £3k of negative equity but the the £315pm is just going round my head and I'm not sure what to do.

They've sent over the forms for me to sign and I've done that but I've not sent them back yet as I'm not sure if it's the best option.

If I were to pull out, would I get the deposit back because I did it over the phone and haven't signed anything?

Just for the avoidance of doubt, you're not "limited to" 6,000 miles a year - you will be able to either (a) renegotiate your monthly payment to include the higher mileage, (b) pay the excess mileage charge at the end of the term or (c) not hand the car back but either pay it off / trade it in.

For option (b) i'd check my mileage monthly and see what i'm over and set aside that amount.

kjones1105

motorguy wrote: »

Just for the avoidance of doubt, you're not "limited to" 6,000 miles a year - you will be able to either (a) renegotiate your monthly payment to include the higher mileage, (b) pay the excess mileage charge at the end of the term or (c) not hand the car back but either pay it off / trade it in.

For option (b) i'd check my mileage monthly and see what i'm over and set aside that amount.

It's about 6.6p so it'll be about £600 per year.

loskie

I dont think that you will be covered under distance selling regs or its new incarnation as you have visited dealer however there may be a cooling off period but that may just be on the finance and not the purchase.

arcon5

You might get some of it back but not necessarily all of it. The fact you paid a deposit shows there for a contractual agreement. The rest is a mere formality

bobbymotors

arcon5 wrote: »

You might get some of it back but not necessarily all of it. The fact you paid a deposit shows there for a contractual agreement. The rest is a mere formality

Yep.

You might, but not willingly from me if I was the dealer. You spoke up, you dealt, its your car.

How would you feel if the dealer sold the car to someone else after you had already bought it and you really wanted it?