Paid deposit for an Audi Q7 on PCP - I want to back out

[Turn7]

Fast Bug said:

I can't believe people go out shopping for a car without working out a budget first.

Scary isnt it ?

There was a thread on here a while back, people were saying their car "only cost £150/month...."

[andymc]

they can't keep the deposit, they should be able to, to prevent you pissing around again

[layercake]

I did once get my deposit back, your best speaking to CAB or asking on the http://www.consumeractiongroup.co.uk/forum

I believe there is a cooling off period and your within your right to change you mind for whatever reason

[Sheepshanks]

Fast Bug said:

I can't believe people go out shopping for a car without working out a budget first.

Is there no requirment on the dealer to establish whether the customer can afford the finance?

[Butter Face]

Sheepshanks said:

Fast Bug said:

I can't believe people go out shopping for a car without working out a budget first.

Is there no requirment on the dealer to establish whether the customer can afford the finance?

If the customer says they can afford it, they sign to say they can afford it, and generally indicate to the dealer that they can afford it, how would you think the dealer would otherwise establish if they can afford it?

If he now tells them he can't afford it, then they shouldn't supply him the car.

[andy101093]

Sheepshanks said:

Is there no requirment on the dealer to establish whether the customer can afford the finance?

If it's anything like leasing (through VWFS), I just told them my monthly income and outgoings and they approved it...no proof required.

[Sheepshanks]

andy101093 said:

If it's anything like leasing (through VWFS), I just told them my monthly income and outgoings and they approved it...no proof required.

I did a PCP with VWFS last year on a Tiguan and I don't recall any income / outgoings questions. If they were any then not sure how we worked around my £8K/yr salary.

[Sheepshanks]

Butter Face said:

If the customer says they can afford it, they sign to say they can afford it, and generally indicate to the dealer that they can afford it, how would you think the dealer would otherwise establish if they can afford it?

Mortgage lenders seem to manage it OK.

[Butter Face]

Sheepshanks said:

Butter Face said:

If the customer says they can afford it, they sign to say they can afford it, and generally indicate to the dealer that they can afford it, how would you think the dealer would otherwise establish if they can afford it?

Mortgage lenders seem to manage it OK.

Mortgage lenders look at your income and normally need proof.

The onus is on the finance company to do a credit check, not the dealer. The dealer says 'can you afford this?, the customer says 'yes I can'

End of dealers responsibility (normally with a signature from the customer)

[Sheepshanks]

Butter Face said:

The onus is on the finance company to do a credit check, not the dealer.

So in the OPs case, is he likely to have already been approved? If not, then if he really can't afford it then it should soon become clear once the finance application is done.

[Fast Bug]

Sheepshanks said:

Mortgage lenders seem to manage it OK.

If we're using your analagy, an estate agent doesn't see if you can afford the mortgage the bank does. If the dealership sends the guys details through underwriting and the finance company say yes, it's not the dealers fault the guy has second thoughts is it?

I doubt the dealer will have any problem in refunding the deposit. I just can't get my head around why you'd agree to spending £700 a month without working out if you can afford to do it in the first place

[Sheepshanks]

Fast Bug said:

If we're using your analagy, an estate agent doesn't see if you can afford the mortgage the bank does.

A lot do.

Fast Bug said:

I just can't get my head around why you'd agree to spending £700 a month without working out if you can afford to do it in the first place

Perhaps he met an irresitable salesman!

[Butter Face]

Sheepshanks said:

Butter Face said:

The onus is on the finance company to do a credit check, not the dealer.

So in the OPs case, is he likely to have already been approved? If not, then if he really can't afford it then it should soon become clear once the finance application is done.

He has said he is due in tomorrow to sign paperwork. I would assume the finance application has been done, he had passed a credit check and paid a deposit.

[andy101093]

Butter Face said:

He has said he is due in tomorrow to sign paperwork. I would assume the finance application has been done, he had passed a credit check and paid a deposit.

Which begs the question, how does someone who presumably can financially afford £700 per month (either smart and has a good salary - or lives with parents and paying half his pay packet on a big car) not have the intelligence to budget for it first, and second ask a group of strangers if the dealer can force him to sign the contract?

[Fast Bug]

Sheepshanks said:

A lot do

When we bought our house we were asked if we had a mortgage in place or were paying cash but not asked to provide evidence of this. Even when we put offers in, at no point did any estate agent ask to see proof of funding.

Can you imagine the posts on here if car dealerships asked to see wage slips, bank statements and a breakdown of outgoings before letting someone drive a car?

Sheepshanks said:

Perhaps he met an irresitable salesman!

Well there are some charming mother fkers out there

[deltashad]

[briang9]

Fast Bug said:

I can't believe people go out shopping for a car without working out a budget first.

this all day long..and who in their right mind would pay £710 a month for a Q7, that is nuts.. I am an Audi fan, I have two of them, but these have to be the worst thing they ever produced.. I can only hope it's not a diesel too? I wish you luck and hope you learn from this very basic mistake

[TheLordJohn]

briang9 said:

I can only hope it's not a diesel too? I wish you luck and hope you learn from this very basic mistake

Hopelessly optimistic! Of course it's a diesel, I don't recall ever seeing a petrol engaged Q7.
No one wants a petrol anymore (Joe public).

[HTP99]

briang9 said:

Fast Bug said:

I can't believe people go out shopping for a car without working out a budget first.

this all day long..and who in their right mind would pay £710 a month for a Q7, that is nuts.. I am an Audi fan, I have two of them, but these have to be the worst thing they ever produced.. I can only hope it's not a diesel too? I wish you luck and hope you learn from this very basic mistake

Buyers remorse; it's affordable the OP just got swept up in the excitement of the purchase, once home he realised that £700 pm is a ridiculous sum for such a car (which it is).

[johnwilliams77]

I should be surprised to read this thread but unfortunately I am not - there are people actually this stupid in life.