How to get the better of a dealer
Discussion
You presumably have a copy of the finance agreement which you signed? The headline terms of the amount you borrowed, the interest rate, and any guaranteed future value of the car will all be on the 1st page of the document.
If you signed the agreement and the terms were fair, clear and reasonable, I can't see why you would be entitled to some kind of compensation.
It sounds like you have borrowed the full value of the car from the finance company. On that basis, you wouldn't be able to just hand the car back. The dealer might offer to buy the car from you, but they wouldn't be under an obligation to do so.
You would also be paying much higher repayments, as you would be repaying the full value of the loan rather than the allowing some of the cost to be offset by the future value of the car, as is the case with PCP.
If I were in your circumstances, I don't think you have many options. I would suggest arranging to go and see the dealer and asking to see the original person who sold you the car. I'd explain that you misunderstood the agreement, and feel disappointed and let down as the deal wasn't what you thought you were getting.
If you explain it properly to the right person and don't resort to making threats, you might find they will offer you a gesture of goodwill. After all, you are interested in buying a new car, and are interested in trading in your other car, so there should be a deal which could be done.
If you signed the agreement and the terms were fair, clear and reasonable, I can't see why you would be entitled to some kind of compensation.
It sounds like you have borrowed the full value of the car from the finance company. On that basis, you wouldn't be able to just hand the car back. The dealer might offer to buy the car from you, but they wouldn't be under an obligation to do so.
You would also be paying much higher repayments, as you would be repaying the full value of the loan rather than the allowing some of the cost to be offset by the future value of the car, as is the case with PCP.
If I were in your circumstances, I don't think you have many options. I would suggest arranging to go and see the dealer and asking to see the original person who sold you the car. I'd explain that you misunderstood the agreement, and feel disappointed and let down as the deal wasn't what you thought you were getting.
If you explain it properly to the right person and don't resort to making threats, you might find they will offer you a gesture of goodwill. After all, you are interested in buying a new car, and are interested in trading in your other car, so there should be a deal which could be done.
EddieSteadyGo said:
You presumably have a copy of the finance agreement which you signed? The headline terms of the amount you borrowed, the interest rate, and any guaranteed future value of the car will all be on the 1st page of the document.
If you signed the agreement and the terms were fair, clear and reasonable, I can't see why you would be entitled to some kind of compensation.
It sounds like you have borrowed the full value of the car from the finance company. On that basis, you wouldn't be able to just hand the car back. The dealer might offer to buy the car from you, but they wouldn't be under an obligation to do so.
You would also be paying much higher repayments, as you would be repaying the full value of the loan rather than the allowing some of the cost to be offset by the future value of the car, as is the case with PCP.
If I were in your circumstances, I don't think you have many options. I would suggest arranging to go and see the dealer and asking to see the original person who sold you the car. I'd explain that you misunderstood the agreement, and feel disappointed and let down as the deal wasn't what you thought you were getting.
If you explain it properly to the right person and don't resort to making threats, you might find they will offer you a gesture of goodwill. After all, you are interested in buying a new car, and are interested in trading in your other car, so there should be a deal which could be done.
Thanks for your advice. If you signed the agreement and the terms were fair, clear and reasonable, I can't see why you would be entitled to some kind of compensation.
It sounds like you have borrowed the full value of the car from the finance company. On that basis, you wouldn't be able to just hand the car back. The dealer might offer to buy the car from you, but they wouldn't be under an obligation to do so.
You would also be paying much higher repayments, as you would be repaying the full value of the loan rather than the allowing some of the cost to be offset by the future value of the car, as is the case with PCP.
If I were in your circumstances, I don't think you have many options. I would suggest arranging to go and see the dealer and asking to see the original person who sold you the car. I'd explain that you misunderstood the agreement, and feel disappointed and let down as the deal wasn't what you thought you were getting.
If you explain it properly to the right person and don't resort to making threats, you might find they will offer you a gesture of goodwill. After all, you are interested in buying a new car, and are interested in trading in your other car, so there should be a deal which could be done.
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