A momentary loss of all sense - help

BellaBargains

Firstly - I know we've been stupid, I don't need to be told that!

We went looking for a new (to us) car yesterday and found one we were happy with but we are putty in the hands of car salesmen and in order to secure the car we paid a £100 deposit (we couldn't stay to properly do the paperwork there and then for reasons to do with our kids) but at that point we basically signed up to a finance deal although we've to go back today and decide on the details ie any extras, how many years finance etc. Having looked at the details of the finance the 6.75% interest rate turns out to be more like 13% APR - why don't they tell you the APR? He said that if we didn't take the finance basically the trade in would go down - he estimated £500 (we're trading in 2 cars) but didn't confirm this. What I need to know is - is the £100 deposit non refundable (we weren't told that it was non refundable just that if we paid it the car would be taken off the company's system so wouldn't be available for anyone else to buy). When we go back today can we pull out and get the £100 back? We do want the care it's just that I'm concerned that they'll say that we can't back out of the finance deal or really screw us on the trade in - I feel that if we can walk away with our money back then we will be in a stronger position.

I do hope my questions make sense, and that someone can help me with them quickly.

Thanks

BB

Gillianh2

R u still going to purchase the car you put the deposit down on if so how are you going to pay? If you cancel the whole deal i.e you pull out of buying the car you will lose your £100 deposit.
But if you are still going ahead with the deal but funding it another way, the dealership should honour the trade in they offered you. If they are refusing to do this speak to the Sales Manager and threaten to cancel the whole deal. You are then in a position to demand your £100 deposit back, as you are not in effect getting the vehicle for the price stated.

I have to ask but this dealership is not Carcraft by any chance is it?

Bismarck

I hope someone has firmer answers regarding the deposit - was it cash or a card transaction or a cheque?

Re the sale itself...losing £100 is a pain but how much do you stand to lose through going through this finance deal?

Also - try to think that they salesman really wants to sell the car....a £100 deposit doesn't make him look good at the end of the month sales meetings...car sales do...he will really want to sell you the finance deal and the car BUT if threatened with neither, he should cave in.

I suspect that if you went through with the finance deal you'd have a cooling off period but I'm trying to remember if the deposit would be included within that. Don't see why not.

Be tough and make sure that your children can't distract you...good luck...

Also, talk about alternative cars you've seen and genuinely be prepared to walk away. Do so if you need to and it will make you less like putty and more in control.

BellaBargains

Thanks

We paid the £100 on a credit card - it was put to us that if we paid that deposit then the car would be reserved for us and couldn't be bought by anyone else before we returned today. We do want the car - but wouldn't be heartbroken if we have to walk away (would be far more upset about losing the £100). We were never told that the £100 was non returnable but we weren't told that it was refundable either to be honest. We have our savings currently residing in our flexible mortgage and we could pay for the car using that but I suspect that they will screw us on the trade in price if we do that. I don't really want to go down the route of selling the cars ourselves -we'd end up getting ripped off - we're sooooo weak!!!

BB

Bismarck

Could you claim in a chargeback for the £100 as its a failed contract if you walk away - that's why I asked if the £100 was cash or not?

You know you want the car but salesman doesn't know how much you want it on your terms...There is a long way to go here before he'd not do it - times are hard!

Please don't see yourself as weak...just needing the practice in being firm...once you start it gets easier and if it saves you money it's worth being a little bit uncomfortable

standupguy

The dealer wants his extra profit from the finance commission.

If you still want the car with your own funding then the dealer should stand on his valuations of your part exchanges.
If he does not he has breached the contract and you have a right to the return of your deposit.
If the dealer will not return the deposit tell him you will report the matter to to your credit card card company and trading standards and do this in the unlikely event that it gets to that stage.

Once he sees you are no pushover I am sure all will be resolved satisfactorily.