I Put a £100 deposit down on a car and they have also agreed a £250 part exchange on my old car. I have been to take my drivers licence in today and have signed recievd my pre - contract agreement. When I was agreeing the finance on the car they told me the payments would be 48 x £85.83 which I could afford. I got home and checked my pre contract information and it says that my first and last payment are £235.83 and I have to make 46 payments of £85.83. I rang them and queried it as I couldn't afford the first payment they said they would contact the finance company. But then when I looked at my contract again what they have done is finance the car at the full price and taken my deposit and part ex as a first payment which is why my payments aren't what they first told me, Is this the correct way of doing things as I feel like I am paying interest on money I haven't had.

I am due to pick the car up on friday and as I feel that they are trying to pull the wool over my eyes I am now not happy to take the car. I am a female car buyer and I don't have any body to ask or to go with me so I rely on trust I feel that they have broken that trust and I don't want to continue with the sale. Where do I stand on getting my deposit back and cancelling the sale.

Any help advice would be appreciated

Hi there, Im only too happy to help

What usually happens is this.

Say for example the car is worth 5000. If you pay a deposit of 100 and part exchange of 250 then the amount financed should only be 4650. Then you would pay say 48 payments of that amount divided down plus any interest. So you need to check the exact amount of finance

In my opinion they shouldnt have financed you at full price. They should have done it less the deposit and part ex.

You could go back to them but what they might say is that you have now signed the agreement and if you pull out you would probably lose your deposit. Its probably worth asking them to have another look at it as they told you the wrong info in the 1st place. But it is also worth remembering to always check the figures and what you are exactly going to pay before you sign any paperwork as they are legally binding contracts.

Also might be worth contacting Citizens Advice Bureau and get their opinion. Sometimes they will even contact the credit company for you if you are not confident.

Hope this helps. Let me know how you get on

Angel --- You must act quickly if you want to end this credit agreement and get written confirmation to them first thing in the morning. !! (get them to sign and time when they receive it for your protection.

When a finance credit agreement is signed on the traders licenced premises there is only a very short time where it's possible to cancel, by giving written notice that you wish to do so.

In this case if you can get a written letter to the traders premises where you signed requesting your desire to end the credit agreement, before the other part of the credit agreement is signed at the finance co head office by a manager, then that is the only legal way that you could end this agreement before it's actually in force.

When this happens they are obliged to return your deposit and end the proposed credit agreement in full.

.............................. DOUBLED not sure why. ?

When a finance credit agreement is signed on the traders licenced premises there is only a very short time where it's possible to cancel, by giving written notice that you wish to do so.

In this case if you can get a written letter to the traders premises where you signed requesting your desire to end the credit agreement, before the other part of the credit agreement is signed at the finance co head office by a manager, then that is the only legal way that you could end this agreement before it's actually in force.

When this happens they are obliged to return your deposit and end the proposed credit agreement in full.

.............................. DOUBLED not sure why. ?

When a finance credit agreement is signed on the traders licenced premises there is only a very short time where it's possible to cancel, by giving written notice that you wish to do so.

In this case if you can get a written letter to the traders premises where you signed requesting your desire to end the credit agreement, before the other part of the credit agreement is signed at the finance co head office by a manager, then that is the only legal way that you could end this agreement before it's actually in force.

When this happens they are obliged to return your deposit and end the proposed credit agreement in full.

When a finance credit agreement is signed on the traders licenced premises there is only a very short time where it's possible to cancel, by giving written notice that you wish to do so.

In this case if you can get a written letter to the traders premises where you signed requesting your desire to end the credit agreement, before the other part of the credit agreement is signed at the finance co head office by a manager, then that is the only legal way that you could end this agreement before it's actually in force.

When this happens they are obliged to return your deposit and end the proposed credit agreement in full.