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Won’t sell me car as I don’t want finance

edited 30 November -1 at 1:00AM in Motoring
69 replies 4.1K views
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  • tealadytealady Forumite
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    Part of the Furniture 1,000 Posts Mortgage-free Glee! Debt-free and Proud!
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    Motorguy I LOVE your sig. It's me to a T.
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
  • motorguymotorguy Forumite
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    tealady wrote: »
    Motorguy I LOVE your sig. It's me to a T.

    Cheers. I cant take credit for it, but yes i think its a brilliant quote too. :D
  • JackeeBoyJackeeBoy Forumite
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    I've been Money Tipped!
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    Just buy the car on finance and pay it off straight away. Nothing they can do about it.
  • DUTRDUTR Forumite
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    JackeeBoy wrote: »
    Just buy the car on finance and pay it off straight away. Nothing they can do about it.

    Isn't there often an arrangement and settlement fee?
  • buglawtonbuglawton Forumite
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    OP said early on, 'Being a financial fraud investigator for the past 15 years'. In that case OP you are more qualified and knowledgeable than all of those replying to answer your own question!
  • FtbDreamingFtbDreaming Forumite
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    As somebody else said they're probably worried about money laundering... unless you're absolutely loaded not many people have 20k cash for a car so maybe this particular branch isnt used to having such high cash sales.
    Mortgage started August 2020 £69,700
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    Current Balance: £66,850 (LTV 81.5%)
    MFW2020 #156 £723.13/£2000
    MFW2021 #26 £759.49/£2500
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  • GDB2222GDB2222 Forumite
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    waamo wrote: »
    Can you not purchase it with finance then cancel the finance (and pay it off with your savings) within the cooling off period?

    For those of us unfamiliar with finance, could you kindly explain what's involved with cancelling, please? I'm afraid that I've only ever paid cash for cars when I've bought them.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • waamowaamo Forumite
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    GDB2222 wrote: »
    For those of us unfamiliar with finance, could you kindly explain what's involved with cancelling, please? I'm afraid that I've only ever paid cash for cars when I've bought them.

    There will be instructions on the paperwork. It usually involves ringing them up and saying you don't wish to proceed with the agreement. Sometimes you have to write to them to tell them.
  • SupersonosSupersonos Forumite
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    EmmaH337 wrote: »
    Supersons - The best they could offer was a reduction from 10.9% or 11.9% down to 7.9% over 36 months minimum. Way too high when I am lucky enough to have the cash in bank.

    But if you do what I suggested and take-out the finance and then immdiately pay it off with the cash you have, the interest rate is a moot point.

    You take out the finance satisfying the dealer, then pay-off the finance satisfying yourself.

    Check the Ts and Cs, but I think they legally have to offer a cooling-off period.
  • StratusStratus Forumite
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    If, as the OP suspects, the dealer might be in breach of Consumer Protection from Unfair Trading 2008.

    https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN04678

    The first part of point 5 and also point 6 of schedule 1 has the following examples indicating the trader may be in breach of the regulations:
    5. Making an invitation to purchase products at a specified price without disclosing the existence of any reasonable grounds the trader may have for believing that he will not be able to offer for supply, or to procure another trader to supply, those products or equivalent products at that price for a period that is, and in quantities that are, reasonable having regard to the product, the scale of advertising of the product and the price offered (bait advertising).

    6. Making an invitation to purchase products at a specified price and then—

    (a)refusing to show the advertised item to consumers,


    In any case I would imagine the OP would no longer wish to give them 20K for the way they have been treated.

    I believe the advice if you suspect such breaches to have occurred, is to report them to Citizen's Advice who should refer the matter to Trading Standards.
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