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  • FIRST POST
    • kjones1105
    • By kjones1105 7th Jan 18, 2:27 PM
    • 2Posts
    • 0Thanks
    kjones1105
    Possible to get deposit back?
    • #1
    • 7th Jan 18, 2:27 PM
    Possible to get deposit back? 7th Jan 18 at 2:27 PM
    Hello,

    So I've recently started a new job and I get Company Car Allowance at around 240 after tax. I currently have a C1 but this is limited to 6k miles per year and with my new job, I'll be doing 15k.

    I went to the dealership to find out my options and they looked at my settlement figure and I was 2.7k in negative equity.

    I test drove a few cars and quite liked the DS4 so got a quote but it was 360pm which was too much so said I'd think about it.

    Later that day, I got a call from the Sales Manager and he told me that he'd be willing to go to 315 for the top of the range model. After multiple calls back and forth, I agreed and paid a 750 deposit over the phone.

    The deal does sound good considering I had almost 3k of negative equity but the the 315pm is just going round my head and I'm not sure what to do.

    They've sent over the forms for me to sign and I've done that but I've not sent them back yet as I'm not sure if it's the best option.

    If I were to pull out, would I get the deposit back because I did it over the phone and haven't signed anything?
Page 1
    • motorguy
    • By motorguy 7th Jan 18, 2:35 PM
    • 16,765 Posts
    • 9,936 Thanks
    motorguy
    • #2
    • 7th Jan 18, 2:35 PM
    • #2
    • 7th Jan 18, 2:35 PM
    Hello,

    So I've recently started a new job and I get Company Car Allowance at around 240 after tax. I currently have a C1 but this is limited to 6k miles per year and with my new job, I'll be doing 15k.

    I went to the dealership to find out my options and they looked at my settlement figure and I was 2.7k in negative equity.

    I test drove a few cars and quite liked the DS4 so got a quote but it was 360pm which was too much so said I'd think about it.

    Later that day, I got a call from the Sales Manager and he told me that he'd be willing to go to 315 for the top of the range model. After multiple calls back and forth, I agreed and paid a 750 deposit over the phone.

    The deal does sound good considering I had almost 3k of negative equity but the the 315pm is just going round my head and I'm not sure what to do.

    They've sent over the forms for me to sign and I've done that but I've not sent them back yet as I'm not sure if it's the best option.

    If I were to pull out, would I get the deposit back because I did it over the phone and haven't signed anything?
    Originally posted by kjones1105
    Just for the avoidance of doubt, you're not "limited to" 6,000 miles a year - you will be able to either (a) renegotiate your monthly payment to include the higher mileage, (b) pay the excess mileage charge at the end of the term or (c) not hand the car back but either pay it off / trade it in.

    For option (b) i'd check my mileage monthly and see what i'm over and set aside that amount.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • kjones1105
    • By kjones1105 7th Jan 18, 3:01 PM
    • 2 Posts
    • 0 Thanks
    kjones1105
    • #3
    • 7th Jan 18, 3:01 PM
    • #3
    • 7th Jan 18, 3:01 PM
    Just for the avoidance of doubt, you're not "limited to" 6,000 miles a year - you will be able to either (a) renegotiate your monthly payment to include the higher mileage, (b) pay the excess mileage charge at the end of the term or (c) not hand the car back but either pay it off / trade it in.

    For option (b) i'd check my mileage monthly and see what i'm over and set aside that amount.
    Originally posted by motorguy
    It's about 6.6p so it'll be about 600 per year.
    • loskie
    • By loskie 7th Jan 18, 4:17 PM
    • 1,294 Posts
    • 770 Thanks
    loskie
    • #4
    • 7th Jan 18, 4:17 PM
    • #4
    • 7th Jan 18, 4:17 PM
    I dont think that you will be covered under distance selling regs or its new incarnation as you have visited dealer however there may be a cooling off period but that may just be on the finance and not the purchase.
    • arcon5
    • By arcon5 7th Jan 18, 5:08 PM
    • 13,579 Posts
    • 8,624 Thanks
    arcon5
    • #5
    • 7th Jan 18, 5:08 PM
    • #5
    • 7th Jan 18, 5:08 PM
    You might get some of it back but not necessarily all of it. The fact you paid a deposit shows there for a contractual agreement. The rest is a mere formality
    • bobbymotors
    • By bobbymotors 7th Jan 18, 8:42 PM
    • 640 Posts
    • 902 Thanks
    bobbymotors
    • #6
    • 7th Jan 18, 8:42 PM
    • #6
    • 7th Jan 18, 8:42 PM
    You might get some of it back but not necessarily all of it. The fact you paid a deposit shows there for a contractual agreement. The rest is a mere formality
    Originally posted by arcon5
    Yep.

    You might, but not willingly from me if I was the dealer. You spoke up, you dealt, its your car.

    How would you feel if the dealer sold the car to someone else after you had already bought it and you really wanted it?
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