Help! Finance problem!

fizzle-187 · 1 Apr 2011 at 17:54

Hi guys,

I've got a problem, basically I tried to get a car on finance and my finance didn't go through the first time because I put a small deposit on the car and then I told the guy I'll increase the deposit from £250 to £1000 but I think I kind of changed my mind and just buy a £1000 car in the mean time.

Here is the problem, the finance went through when I told the guy this and I was disappointed because I didn't want to get the car anymore (come to my senses) and I told him I want to bail out and the guy said it will 'affect my credit score real bad' is this true? The finance went through just now but I have not paid the £1000 deposit yet just £250.

Would it really affect it?

SGWills · 1 Apr 2011 at 18:03

not 100% on this but i would have thought there would be a cooling off period anyway as people do change their minds. worth checking the small print instead of taking their word for it as they sometimes just look for the sale instead of your best interests

Cuchulain · 1 Apr 2011 at 18:04

fizzle-187 said:
Hi guys,

I've got a problem, basically I tried to get a car on finance and my finance didn't go through the first time because I put a small deposit on the car and then I told the guy I'll increase the deposit from £250 to £1000 but I think I kind of changed my mind and just buy a £1000 car in the mean time.

Here is the problem, the finance went through when I told the guy this and I was disappointed because I didn't want to get the car anymore (come to my senses) and I told him I want to bail out and the guy said it will 'affect my credit score real bad' is this true? The finance went through just now but I have not paid the £1000 deposit yet just £250.

Would it really affect it?

It won't affect your credit score at all, other than a search being registered when you applied for the credit, tell him go F himself in his lying A.

ZG002 · 1 Apr 2011 at 18:07

Cuchulain said:
It won't affect your credit score at all, other than a search being registered when you applied for the credit, tell him go F himself in his lying A.

Pretty much this, You will have done more damage with the failed application already (don't worry about it)

If you ain't paid the man, Just walk away.

fizzle-187 · 1 Apr 2011 at 18:09

Cuchulain said:
It won't affect your credit score at all, other than a search being registered when you applied for the credit, tell him go F himself in his lying A.

Are you 100% sure on this mate? Because I'm going to ring the guy now and I don't want it to affect my credit rating!

[TW]Fox · 1 Apr 2011 at 18:29

Have you signed anything?

EddScott · 1 Apr 2011 at 18:29

It will affect the credit rating to a point - anything you do regarding credit affects your rating - if you apply for 2 or 3 cards or loans in a short space of time it will affect you.

It might affect you but only a little - not enough to worry about.

fizzle-187 · 1 Apr 2011 at 18:33

[TW]Fox;18808097 said:
Have you signed anything?

Paperwork but that was rejected. (The finance)

I have to go in tomorrow to sign the documents of the finance that was accepted. But I'm going to ring the guy tomorrow and bail out.

And I put a deposit of £250 down and I think it's fully refundable.

Disco Boy · 1 Apr 2011 at 18:35

Just go and get your money back, don't listen to their scaremongering.

fizzle-187 · 1 Apr 2011 at 18:45

Disco Boy said:
Just go and get your money back, don't listen to their scaremongering.

Will do! I don't need to go in to get my deposit back do I? I can just phone up and get it refunded? I payed by direct debit...

Iceman · 1 Apr 2011 at 20:11

Deposit is a deposit aint it, Dont you lose it if you dont go through with it?

SGWills · 1 Apr 2011 at 20:52

some deposit are refundable some are not, there should be some form of document they gave you when you put your deposit down that will tell you whether or not you get it back

PeterNem · 1 Apr 2011 at 21:28

fizzle-187 said:
Will do! I don't need to go in to get my deposit back do I? I can just phone up and get it refunded? I payed by direct debit...

You paid your deposit by direct debit?! Are you sure?

Maz · 1 Apr 2011 at 22:55

Any deposit paid for a deal on finance is refundable under all circumstances, they do have the right to keep back some money if they can prove that they've had to spend money on the car.

atpbx · 1 Apr 2011 at 23:23

Just get an adult to go with you when tell the lying **** to give you your deposit back.

Once they start lying and trying to con you by frightening you into signing something it is just a case of telling them to do one and to hand the money over.

I changed my mind about buying a new mondeo a good few years back from Lincoln Ford when it was part of the pendragon group I think it was. I put £1500 down on it on my mastercard on top of my trade in on the Saturday morning and was just waiting on the finance to go through. Come the Sunday I had changed my mind, I rang them up and told them no thanks, the sales guy said I would lose the £1500 deposit if I didn't go through with the deal.
One call to credit card company later, money credited back to the card.

Antipasti · 1 Apr 2011 at 23:38

atpbx said:
Just get an adult to go with you when tell the lying **** to give you your deposit back. .

Scrutinize · 2 Apr 2011 at 01:09

fizzle-187 said:
Hi guys,

I've got a problem, basically I tried to get a car on finance and my finance didn't go through the first time because I put a small deposit on the car and then I told the guy I'll increase the deposit from £250 to £1000 but I think I kind of changed my mind and just buy a £1000 car in the mean time.

Here is the problem, the finance went through when I told the guy this and I was disappointed because I didn't want to get the car anymore (come to my senses) and I told him I want to bail out and the guy said it will 'affect my credit score real bad' is this true? The finance went through just now but I have not paid the £1000 deposit yet just £250.

Would it really affect it?

As been said, you should get your deposit back. Keep details of failed finance, if garage refuse to refund, tell your card company or bank you want the money charged back due to failed finance and garage holding deposit.

They should do this under these circumstances.

What car were you buying?

peterattheboro · 2 Apr 2011 at 01:36

fizzle-187 said:
Paperwork but that was rejected. (The finance)

I have to go in tomorrow to sign the documents of the finance that was accepted. But I'm going to ring the guy tomorrow and bail out.

And I put a deposit of £250 down and I think it's fully refundable.

Why would anyone sign a rejected finance agreement? You sign when you've been accepted. :confused:

Hades · 2 Apr 2011 at 02:06

peterattheboro said:
Why would anyone sign a rejected finance agreement? You sign when you've been accepted.

From what I can work out I think the OP originally had finance declined. He then increased his deposit to £1000 and the finance was then accepted (presumably because with a bigger deposit he needs a smaller loan).

So if I understand correctly he has now paid £1000 and has an accepted finance agreement.

I think the OP needs to carefully read the finance agreement and anything else he signed. They will indicate whether there is a cooling off period or whether he can get his deposit back.

fizzle-187 · 3 Apr 2011 at 18:20

Hades said:
From what I can work out I think the OP originally had finance declined. He then increased his deposit to £1000 and the finance was then accepted (presumably because with a bigger deposit he needs a smaller loan).

So if I understand correctly he has now paid £1000 and has an accepted finance agreement.

I think the OP needs to carefully read the finance agreement and anything else he signed. They will indicate whether there is a cooling off period or whether he can get his deposit back.

Yes thanks for clearing that up, but I haven't put the £1000 down for the car yet just £250 I was meant to put it down on Monday with me signing documents as well. But I'm going to tell him no thanks.