Cancelled car deal, or my reasons valid?

DogTailRed2

Sat with a car salesman at a main dealer to buy a new car. I asked for a service pack and extended warranty but was told neither were available (although have since found out they are). I wasn't offered the current deal they have running on the vehicle I was buying.

Salesman glossed over the PCP agreement, didn't explain interest (although I had asked for 0% with no answer) didn't explain the balloon payment. Kept saying he would need to speak to a manager, came back, fiddle some sliders, no idea what he was doing.

I (stupidly) paid a £250 deposit but was given no terms

When I asked for a printout of the order and pcp agreement was told "We will email".

The next day I got cold feet, rang the salesman and cancelled. I asked if I could cancel and receive my deposit refund and was told yes. Since then I have heard and received nothing?

Was I within my rights to cancel and can I claim back my deposit? If not at least I will now understand the process and what not to do.

Herzlos

Did you sign anything? What did it say?

You'd definitely have a reasonable complaint with management if the salesman did such a bad job explaining the deal to you though.

In future don't pay a deposit or sign anything until you're 100% happy. Companies tend to be more responsive getting money than returning it.

sheenas

You have a 14 day cool off period with the PCP. You will most likely struggle to get the £250 back.
if you are sure, phone the finance company and cancel it.

DogTailRed2

Never received anything, never signed anything.

born_again

https://forums.moneysavingexpert.com/discussion/comment/82117350#Comment_82117350

Canceling finance does not cancel purchase of car, just the method of payment.

sheenas

https://forums.moneysavingexpert.com/discussion/comment/82119590#Comment_82119590

Under the Consumer Rights Act 2015:

• Section 2: Defines your position as a consumer.
• If a dealership attempts to retain a deposit or enforce a contract after a finance application fails (and the agreement was conditional on finance), they are in breach of contract-formation rules. You are legally entitled to a full refund of any holding deposit under standard unfair contract terms rules (Part 2 of the CRA).

I suspect you may have some pressure from the dealer who is unlikely to return your deposit back, if is was not clearly state subject to finance. I know of a few people who went this route after signing the paper work. If the finance fails then they going to have a tough time in court claim the deal was not subject to finance. I suspect most deal will accept this and move on.

paul_c123

https://forums.moneysavingexpert.com/discussion/comment/82120537#Comment_82120537

Re-read the OP. None of that applies in this situation.

Herzlos

https://forums.moneysavingexpert.com/discussion/comment/82117407#Comment_82117407

So you shouldn't have a contract they can hold you to. Did they give you a timeline for the refund to be given? Or any evidence that a deposit was paid or to be returned?

I think you'll be ok, if you haven't signed any new car order, then they shouldn't have placed it and there's no loss to them. Not that it'd have started production by the next morning anyway.

sheramber

https://forums.moneysavingexpert.com/discussion/6681205/cancelled-car-deal-or-my-reasons-valid

Did you actually say you were cancelling or just ask if you could cancel?

Penguins4ever36

you can cancel the finance and purchase within 14 days but most likely will not get your deposit back

born_again

https://forums.moneysavingexpert.com/discussion/comment/82122266#Comment_82122266

Finance yes (legal right). Car as in person purchase. All depends on retailer (No legal right)