Cancelling car finance?

[darronwall]

My lovely son signed up for some car finance a week ago and now decides he doesn’t want to go ahead,all he has paid is a 100 quid holding deposit on the car.
The car is now ready to collect,and he has received a letter from the finance firm stating the finance has been agreed.
On telling the salesman he now does not wish to go ahead he is being told he will have to pay for the car anyway?
Any advice

[anonymous-user]

Does he not have 14 days to cool off

If so, cancel, he will lose the £100

If over 14 days stuck I guess

https://www.which.co.uk/consumer-rights/advice/how...

[PHlL]

Has he signed the finance paperwork or just done an application?

Essentially a deal can be unwound and if the finance company have paid for the vehicle, the dealer would need to return this money to the finance house.

However, judging by the way you've said the dealer would still want the car paid for, I'm assuming the finance company haven't paid them. As such, it should be a case of sucking up the £100 loss of deposit.

Please don't confuse right to withdraw to the finance company and this is to simply withdraw from the finance and not the vehicle purchase so then his liability it to pay the finance company and not the dealer.

Until he's taken collection of the vehicle, the contract hasn't been fully fulfilled so far easier to get off.

[darronwall]

He has never seen the car but being threatened by the salesman that he can cancel the finance but will still have to pay for the car
Sounds like ste to me

[darronwall]

Thanks

[superlightr]

darronwall said:

He has never seen the car but being threatened by the salesman that he can cancel the finance but will still have to pay for the car
Sounds like ste to me

that's also quite an important fact. Distant selling regs apply. Should get his deposit back as well.

[bad company]

superlightr said:

that's also quite an important fact. Distant selling regs apply. Should get his deposit back as well.

In theory perhaps. In practice it sounds like trying to get the deposit back from a dodgy sounding dealer will be more trouble than it’s worth.