Last week i agreed to purchase a brand new car on finance. I put a deposit of £200 down. Everything had been agreed, finance etc, i was suppose to pick up the car this weekend. However, i have now changed my mind about the car and no longer want it. I've told them this, they said fine but they won't give me my deposit back. Is there anyway i can get my £200 deposit back?

 

No.

You signed an agreement on Trade premises, legally they can keep the deposit dude.

 

I use to give deposits back if people pulled out in the early stages, but if the cars been registered and prepped then dont expect anything back as you now own it!

I'm sure if you make enough noise they'll sort something out or do you a better deal but dont hold your breath ....

 

in a word NO as YOU put a deposit on the car and YOU have now changed YOUR mind.
unless the car you put the deposit down on has NOW changed in away way from what you 1st asked for that is

 

As said, they've spent money pdi'ing car etc

I wouldn't have returned deposit, sorry

 

I didn't want to post this on the board, but we deal with this all day everyday, the only possible way to get your deposit back is to lie to the dealer, tell them ANYTHING but you've "changed your mind", I know this is horrid but it'll have to be a reason like a death in the family or something, or you lost your job and can't make the payments anymore, still they don't have to give the deposit back.

We've had this happen so many times, but it costs us money to advertise, the finance company charge us a fee if people back out and more importantly, when I take a deposit the car comes off sale so we're often turning people away that will actually want to buy the car.

You're best off chatting with the salesman as they may well let you have it back if you're nice to them or they'll transfer your deposit to another car

I know it's probably not the answer you were after but the conditions of deposit would have been explained to you when you signed the finance forms

 

you are in breach of contract, they can actually sue you if they wished to persue it you need to accept you have lost £200

 

Your moneys gone, thats the rules, its to stop people like yourself stitching them up at the last minute.

200quid on a car costing id guess 10k+ means you got off light IMO

 

Is there not a 7 or 14 day cooling off period?

 

Interesting...

I would say defintely for the credit, but the deposit was probably for the purchase of the car, and not the credit.

So, you could decide you've gone cold on the credit, but I am not sure that would apply to you wanting to buy the car (and you would still lose the deposit).

 

The Consumer Credit Act only provides a cooling off period if you sign away from trade premises.

If you go to the garage and sign there, the law holds that you made a conscious decision to enter into the credit agreement, and the Finance Company would be entitled to hold you to the finance deal, and the garage are also entitled to insist you buy the car.

If you are only losing the £200, I'd count your blessings.