PCP Rate changed 2 days after contract start

rowmarcus

Hi,
wondering if anyone can help with a query I have regarding a motorcycle PCP deal I just took out, where 2 days after the purchase of the vehicle, the manufacturer announced a reduced finance deal which I could have got if I'd bought 2 days later. The terms of the finance contract have a 14 day cancellation period, which I'm obviously well inside, however talking to the bike dealer and the finance company (Black Horse) I've had no joy from either about being able to cancel the more expensive contract and replace it with one on the lower rate.
Any thoughts on where I stand and what I can do?

Thanks!

Nearlyold

In terms of where you stand "legally" - which I assume is what you mean, there is nothing you can do to force the dealer or lender to provide you with a lower rate in the same way that if the rate had increased the dealer and lender would not be able to force you to take the higher rate.

You got exactly the deal you agreed to.

You can of course cancel the loan if you wish and you would then have 30 days to repay the loan, though unless you already have the funds to repay the loan or can get a new loan somewhere else at a lower rate than you already have its not really going to achieve anything. Note that cancelling the loan does not cancel the bike purchase.

Sncjw

Also you may not be garunttees to the rate you apply for.

Shakin_Steve

You have the bike. The dealer has the money for the bike and they're not going to give it back. So you're only option is to settle the finance yourself...can you do that?