I hope i havent done something stupid!

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I hope i havent done something stupid!


New member
Dec 9, 2012

I am after a bit of advice as to where it stands when it comes to buying a car from a large dealership.

I no longer want to carry on with the purchase because i've realised i don't want to pay their HUGE APR!

Upon thinking closely about it this evening i have realised i will be paying back £4,000 on borrowing £8000 with finance. Thats 50% APR?!

I have signed a document at the start which include no prices, no T&Cs, etc
I then signed a document giving permission to do a credit check
And another document which again did not state anything to do with a price.

Am i able to cancel without any hassle as i haven't signed anything about the finance company, a total cost, T&Cs, APR

I have basically signed saying, i want this deal. But haven't agreed complete purchase of the car, nor has anyone gone through total repayment prices with me. Surely thats not legal if they did let me drive away?

Any help please? Getting rather worries as i don't want continuous credit checks declined or anything as my credit rating will drop :(
Just tell them you've changed your mind and no longer wish to purchase the car.

You might loose a deposit, but that be it at worst I'd have thought.
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Just tell them you've changed your mind and no longer wish to purchase the car.

You might loose a deposit, but that be it at worst I'd have thought.

I haven't left a deposit because i was doing a 0 deposit deal with them (Stoneacre)

I've been doing some reading and they have terrible reviews! Maybe it's best i cancel it then.

What if they try and argue the case and say im stuck with the car?
'cooling off period' however next time I strongly suggest you arm yourself with the facts and get the information before you sign on the dotted line;)
I very much doubt it's 50% A.P.R. I'm guessing your taking the finance over a period longer than 1 year?

If so you need to divide the amount of interest by the number of years of the term. If it's a 5 year term it would work out at about 10% APR which isn't too bad ;).

But as said you're under no obligation to continue. Even if you have signed on the dotted line and picked the car up there's a cooling of period. Good luck cleaning your credit file however :rolleyes:
I would read here about cooling off periods:


I take it you signed the agreement on their premises?

EDIT - I presume this bit relates to you, with regards to financial products and services :"This 14 day cooling off period also covers situations where you bought a financial product from an intermediary or a broker, even if it was discussed and signed face to face."

EDIT 2 - However, I note this: "your statutory cooling off only applies where the paperwork was signed away from the trader’s normal premises, or where it was entered into as a distance contract. If you signed the agreement while you were in the dealership, you do not have a statutory cooling off period. The right to cancel you refer to is nothing more than a goodwill gesture of the finance company and as such subject to their own ts and Cs"
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Done some sums!

8k over 4 years at 50%APR comes in at a shade under 21,900 quid! so that figures not right for a start!

8k over 4 years at 14.5% APR comes to about 12k which is still high but more realistic, pearticulalrly if you have a low credit rating.

FSA rules say the full terms of the deal should have been clearly explained to you before entering into the agreement. Have you got something in writing that gives you the details that is signed by someone at the dealership?
That is not FSA compliant in any way shape or form. Ask to redo it all properly, you may have a better feeling if it's done properly. It's not 50% Apr though.