New bike finance mistake
Discussion
Not sure exactly where to put this, but I need some advice so it's going here;
Over the weekend, I bought a nearly new motorbike, along with plenty of accessories, financing the lions share and trading in my old bike as a deposit. The sales guy went over to the finance guy and they played with the figures and gave me a quote of £170 per month over 3 years (this then increased to £190 with the accessories). I was happy with that amount and arranged to collect the bike today.
This afternoon I went down there, signed the finance deal, and returned home pleased with my new purchase. Shortly after I got home (and after the dealer had closed) I got a call from the sales guy saying that they had screwed up, and basically done the finance with a double deposit, meaning I still owed them £1,900 for the bike, and needed to make arrangments to go down there and pay the difference.
Basically I want to know what my rights are in this situation, am I able to reject the bike because the repayment is now going to be a lot more than I was originally quoted, can I tell them where to shove it now I have a signed agreement, or am I now stuck in an unburstable credit agreement while needing to hand over an extra load of money I didn't want to part with?
PH gurus, I need your help!
Over the weekend, I bought a nearly new motorbike, along with plenty of accessories, financing the lions share and trading in my old bike as a deposit. The sales guy went over to the finance guy and they played with the figures and gave me a quote of £170 per month over 3 years (this then increased to £190 with the accessories). I was happy with that amount and arranged to collect the bike today.
This afternoon I went down there, signed the finance deal, and returned home pleased with my new purchase. Shortly after I got home (and after the dealer had closed) I got a call from the sales guy saying that they had screwed up, and basically done the finance with a double deposit, meaning I still owed them £1,900 for the bike, and needed to make arrangments to go down there and pay the difference.
Basically I want to know what my rights are in this situation, am I able to reject the bike because the repayment is now going to be a lot more than I was originally quoted, can I tell them where to shove it now I have a signed agreement, or am I now stuck in an unburstable credit agreement while needing to hand over an extra load of money I didn't want to part with?
PH gurus, I need your help!
All credit agreements now days should have a 14 day cooling off period which means that you should be able to return everything and then walk away with no cost to yourself, but my only experience of thIs is normal loans with no vehicle associated. The other thing to possibly argue is that once you and they have signed the credit agreement it is binding for them to contInue with it as signed.
Best bet is to pop into a citizens advice bureau with all the paperwork and get their advice
Best bet is to pop into a citizens advice bureau with all the paperwork and get their advice
Did you not have an inkling it had been done wrong?
It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
Tuscanless Ali said:
Did you not have an inkling it had been done wrong?
It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
I don't think he should volunteer to do anything.It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
He should wait for them to call again. Tell thm that he has been advised that the contract has been made and that he is under no obligation to do anything.
Then, depending on whether he feels he has crossed a moral obligation, he could suggest that he feels a bit bad about it and ask how they could approach the deal so that he doesn't lose the bike.
But they ned to be doing the 'sweet overtones'. If he believed that the deal was correct, he has no legal obligation to tear that contract up at all.
V8mate said:
Tuscanless Ali said:
Did you not have an inkling it had been done wrong?
It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
I don't think he should volunteer to do anything.It must have been a pretty nice bike to be costing almost 10k, did you not mentally tot up how much it was going to cost you overall and realise someone had dropped a clanger?
Best thing to do is to phone the dealer, I am sure they would sort something out for you amicably.
He should wait for them to call again. Tell thm that he has been advised that the contract has been made and that he is under no obligation to do anything.
Then, depending on whether he feels he has crossed a moral obligation, he could suggest that he feels a bit bad about it and ask how they could approach the deal so that he doesn't lose the bike.
But they ned to be doing the 'sweet overtones'. If he believed that the deal was correct, he has no legal obligation to tear that contract up at all.
If the bike is no longer wanted then I think the best thing to do would be to call the dealer and settle it amicably.
http://whatconsumer.co.uk/consumer-credit-act-righ... might help.
The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
randlemarcus said:
http://whatconsumer.co.uk/consumer-credit-act-righ... might help.
The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
The loan is not for a financial product or service though.The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
I still think the best way is to phone the dealer and sort it out amicably.
randlemarcus said:
http://whatconsumer.co.uk/consumer-credit-act-righ... might help.
The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
Yeah - and had the OP got home, had a crisis, decided he couldn't really afford a new bike and took it back thinking he had a 'cooling off period', how quickly do you think their response would have been "Sorry, you signed it on business premises, there is no cooling off period, tough"?The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
This is the bike shop's problem. The OP should use his own moral compass to decide what to do, but would be a fool if he didn't make them work for the settlement. He is on solid ground.
haworthlloyd1 said:
also, i hate to say this but don't be so randy to buy something you blindly sign without reading it. lesson learnt.
Yup, I should have checked the finance agreement over more carefully, I think that I confused the total repayment with the total goods value. Lesson probably not learnt because I'll have forgotten this happened by the next time!V8mate said:
randlemarcus said:
http://whatconsumer.co.uk/consumer-credit-act-righ... might help.
The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
Yeah - and had the OP got home, had a crisis, decided he couldn't really afford a new bike and took it back thinking he had a 'cooling off period', how quickly do you think their response would have been "Sorry, you signed it on business premises, there is no cooling off period, tough"?The way i read it, the dealer is the intermediary, so clause 3 applies. Which gives you the right to walk away. Whether you actually want to is a different matter...
This is the bike shop's problem. The OP should use his own moral compass to decide what to do, but would be a fool if he didn't make them work for the settlement. He is on solid ground.
The CCA covers (nearly) all loans and is regulated by the OFT (http://www.oft.gov.uk/).
There should be a KFI with the loan agreement to state your cancellation rights, but you probably won't get them as you signed at the garage.
I hate the fact that a consumer on a trading location with high pressure sales people don't get the same consumer rights as one buying from a distance!
Check what you have actually given them, is still owing and what the fianance package covers and compare that to what you have and what you are still waiting for. Depending on how you feel about it and what is outstanding from both parties decides what to do - I'd agree with V8Mate and stand your ground, but this can quickly become something that hangs around, eats your time and means you enjoy the bike less, so you may want to work out how much that is worth to you.
There should be a KFI with the loan agreement to state your cancellation rights, but you probably won't get them as you signed at the garage.
I hate the fact that a consumer on a trading location with high pressure sales people don't get the same consumer rights as one buying from a distance!
Check what you have actually given them, is still owing and what the fianance package covers and compare that to what you have and what you are still waiting for. Depending on how you feel about it and what is outstanding from both parties decides what to do - I'd agree with V8Mate and stand your ground, but this can quickly become something that hangs around, eats your time and means you enjoy the bike less, so you may want to work out how much that is worth to you.
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