Bought car on finance but changed my mind
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Blue_sky101
Posts: 55 Forumite
in Loans
Hi all,
I used a broker to get some finance on a used car. Went to view the car but stupidly didnt ask to scrutinise the car documents. ( Truth be told I didnt think I'd get an affordable interest rate).The dealer said there was an administration fee to pay when buying from them and I've agreed a certain deposit amount with finance company.
Finance company has paid the dealer a couple of days ago and I'm due to pick the car up later this week.
Finance contract says I can change my mind within 14 days of contract start date as long as I haven't yet picked up the car.
Just did a hpi check and there's a mileage discrepancy. It's probably just a mistake but I don't want to take the chance. Plus I may struggle to sell it later on.:(
Bearing in mind I haven't paid the administration fee and deposit yet, can I back out of the sale and tell the finance company I've chosen to buy a different car?
First time buying a car on finance so any help appreciated!
By the way the new car I'm looking at is about a grand more. Will finance company do new credit check for the increased finance? Worried about too many searches on credit file in short space of time.
I used a broker to get some finance on a used car. Went to view the car but stupidly didnt ask to scrutinise the car documents. ( Truth be told I didnt think I'd get an affordable interest rate).The dealer said there was an administration fee to pay when buying from them and I've agreed a certain deposit amount with finance company.
Finance company has paid the dealer a couple of days ago and I'm due to pick the car up later this week.
Finance contract says I can change my mind within 14 days of contract start date as long as I haven't yet picked up the car.
Just did a hpi check and there's a mileage discrepancy. It's probably just a mistake but I don't want to take the chance. Plus I may struggle to sell it later on.:(
Bearing in mind I haven't paid the administration fee and deposit yet, can I back out of the sale and tell the finance company I've chosen to buy a different car?
First time buying a car on finance so any help appreciated!
By the way the new car I'm looking at is about a grand more. Will finance company do new credit check for the increased finance? Worried about too many searches on credit file in short space of time.
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Comments
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Could the mileage discrepancy be due to the difference between miles and kilometres? Total recorded miles on one list, kilometres on another?0
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Thanks for the reply. I doubt its a mile/ km issue. On hpi check, it goes from 25k to 50k 5 days later by the manufacturer then carrieson at 28k etc. I'll have to have a look at the service book and see. The online MOT docs show consistency in mileage.
Planning to pay deposit on credit card for extra protection and get it checked over by a Nissan specialist.0 -
So its an obvious mistake. Yes you can cancel the finance BUT if you have agreed to buy the car then how will you pay for it?
Cancelling the finance and cancelling the purchase is not the same. Cancel the finance and pay cash not a problem.Censorship Reigns Supreme in Troll City...0 -
I've contacted dealer who have contacted manufacturer so they can correct it. It must be a typo but I'd like it removed from hpi checks. Decided to just keep the car.
Thanks all.
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