Dealership cancels car finance agreement after i returned signed financial agreement

eastonf99

I had agreed a deal for buying a car off a dealership. The dealership and i had come to an agreement and finance had been checked with relevant companies and i was accepted. They drew up the finance agreement and i signed and returned it digitally as this is the way in which they are operating at this time only to be sent an email stating that it was an incorrect amount they had quoted for my part exchange? Where do i stand with this? Thanks

DrEskimo

What did the finance agreement have the PX value at and what are they saying it should be?

Which figure were you expecting and did you agree on verbally?

Scrapit

Is it safe to assume it's overly generous offer?

DoaM

Have the dealer had cold feet given that vehicle values are crashing at the moment?

lopsyfa

Possibly someone used the pre-covid value for the part-ex. I would ask them to rebate the value of the new car by the same value they are reducing your part ex by. They aren't selling many cars at the moment and if not take your custom to another dealership.

If your old has dropped by a certain amount, it is likely the newer more expensive one have dropped more. Except if there is a glaring error - offering 5k for a 1k car. 

MX5huggy

Whatever percentage they’ve dropped the px value by agree the same off the new one, seems fair. 

sheramber

Was the amount on the finance agreement the sam amount as you had agreed or did the make a mistake on the agreement?

eastonf99

Its fair to say it was but i was not complaining. The GM came out and admitted it was his mistake. Instead of working out the px on 76k miles he did on 1 mile hence the offer was more in my favour. The £2,000.00 deposit was sent the day before the agreement as requested and then i signed the agreement this morning. I then asked if anything further could be done which would mean i can still organise collection/delivery of the car to which the response was along the lines of “we are sorry that you are taking legal action over the matter...forward any correspondence over to me”

eastonf99

sheramber said:

Was the amount on the finance agreement the sam amount as you had agreed or did the make a mistake on the agreement?

Yes, it was. They miscalculated the px figure and only realised after my finance check and finance agreement was accepted and sent back signed

AdrianC

eastonf99 said:

Its fair to say it was but i was not complaining. The GM came out and admitted it was his mistake. Instead of working out the px on 76k miles he did on 1 mile hence the offer was more in my favour.

Ah - a genuine error, rather than merely changing circumstances? That's a very different situation.

mattyprice4004

So you've immediately jumped in threatening legal action?
There goes any goodwill you could have negotiated with!