Returning a new car

Kemik

Kemik

Kemik

Soldato
Joined
7 Nov 2005
Posts
4,961
Location
Widnes
Hi guys,

Does anyone know if it possible to return/hand back a new car? I picked it up on PCP on Sunday but having drove it for a few days, I really think I'm regretting it.

I know you have 14 days grace period to cancel finance but what would happen with the car? Would it be like selling it back?

Cheers
 
totalled-cars-for-website.jpg



May be a bit of a grey area mate :p
 
I would imagine that there is documentation that accompanies the agreement you made which would explain this?
 
Is it the Golf GTD on your twitter? You may have a chance as it appears to be from a franchised dealer, but I highly doubt it.

What is it about the car you don't like?
 
This can't end well. Afaik if you've ordered/purchased a brand new car its your problem. While you can cancel the finance agreement - you'll need to find a method of paying the finance company.

The car must be worth what - 80% of its financed value to sell back to the dealership?
 
Kemik said:
Hi guys,

Does anyone know if it possible to return/hand back a new car? I picked it up on PCP on Sunday but having drove it for a few days, I really think I'm regretting it.

I know you have 14 days grace period to cancel finance but what would happen with the car? Would it be like selling it back?

Cheers
Click to expand...

If you've picked it up and signed the finance paperwork on the dealers premises, which all decent dealers would insist on, then no, you cannot simply return a brand new car because you don't like it. It's not a brand new car any more - its a used car, so who should take the loss incurred by your change of mind?

Sadly you are stuck with it, if you regret it and want out your options are:

a) Obtain permission from the finance company and sell the car. You will then need to find the extra money to settle the finance agreement as there will almost certainly be negative equity in the car at this point.

b) Retain the car until you have paid 50% of the amount owing and then voluntarily terminate the agreement. Note that with a PCP because of the GFV the 50% point is usually almost at the end of the agreement anyway

c) Trade the car in for something else, and roll the finance into yet another finance deal. Probably a bad idea.

Sadly this is the enormous downside of a PCP - they tempt you in with a 'low payment' for a brand new car offset by a massive balloon at the end of the agreement but in doing this they rob you of flexibility. Had you bought the car outright or perhaps with a bank loan it'd be your car to do with as you please, so you could sell it, take the hit and chalk it up to experience.
 
[TW]Fox;27733590 said:
Had you bought the car outright or perhaps with a bank loan it'd be your car to do with as you please, so you could sell it, take the hit and chalk it up to experience.
Click to expand...

Depending on his credit score he could still get a bank loan, to pay off and terminate the finance agreement. The car is then his to sell - I think?
 
Mike19 said:
Depending on his credit score he could still get a bank loan, to pay off and terminate the finance agreement. The car is then his to sell - I think?
Click to expand...

You could in theory borrow enough money to settle the agreement but on a 15 plate Golf GTD this is going to be require a hefty loan - and there is already a finance agreement for this amount outstanding on his credit file. I wouldnt fancy his chances! Besides, he'd never sell it for the outstanding amount so he'd end up not being able to pay off all of the loan anyway.
 
He could, yes - but then he would be paying interest on top of interest at god knows what rate and or a penalty for repayment so early (even if this is just anon refundable arrangement fee or the likes) as well as losing a massive chunk of value just for the thing being a day old
 
Suck it up, keep it, enjoy it for a few years and then sell it just before it is out of warranty.
 
mattyfez said:
Unless the law has changed a lot, then you can return it under the Consumer credit act, there's a cooling off period.
Click to expand...

There's a cooling off period for the finance agreement yes. So he can cancel the finance agreement, but still is going to have to pay for the car.
 
mattyfez said:
Unless the law has changed a lot, then you can return it under the Consumer credit act, there's a cooling off period.
Click to expand...

I think you should point out specifically which part of this legislation allows you to return a brand new car to a dealer when you've collected it from and signed for it on the dealers premises?
 
Last edited:
mattyfez said:
Unless the law has changed a lot, then you can return it under the Consumer credit act, there's a cooling off period.
Click to expand...

Buying a car in person from a dealership

A vehicle order signed on the dealer’s premises has no cooling-off period. Once you sign it, you are legally committed to everything shown on the form. Obviously you have consumer rights to return a car which is faulty and get a full refund, but you don’t have the legal right to simply change your mind either before or after taking delivery. You have signed a contract and you are expected to fulfill it. A dealer may be prepared to negotiate changes to the contract in order to keep you from walking away, but they do have the moral high ground here as it’s you who wants to change the contract.
Click to expand...

Source : http://www.thecarexpert.co.uk/bought-a-car-and-changed-my-mind/

May not be the best of websites but it sums it up pretty well.
 
You can sell it back to them, not give it back unless there is something really wrong with it. Talk to the dealer they will buy it back from you and you can cancel the finance if you are still within the 14 days. You will just have to pay the finance company the difference between what the dealer buys it back from you for and what ever you paid for it. Probably around 20%.

I also suffer from buyers remorse from time to time.
 
Last edited:
You must log in or register to reply here.
Back
Top Bottom