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The trade centre


loz1234
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I wonder if i can have all you help again. Within the last few days my cousin purchased a car from the above company. She had the car on finance. The above company chooses from a panel of lenders accessing the clients suitability. She was accepted for finance at a whopping 36.9% apr. She did know how high the Apr was which put an extra 4 + thousand pounds onto the loan. The issue is that she was told by the salesman she could pay extra each month, which would reduce the amount of interest paid. So she signed up. She was also told by the salesman that the car came with two keys, but when she collected it, it did not. She called the finance company after she had signed the agreement to ask about the extra payments, and they told her, that even if she did make extra payments, it would not reduce the amount of interest on the finance. She then called the car company and said she did not want the car if this was the car and wished to cancel, and they said they would have to buy the car back from her and would only give her market value. I have looked through the contract for the finance and there is the usual about being able to cancel within the 14 days but the there is some extra in there about what she will have to pay on termination, which i do not understand. Just to let you know she has had the car for 4 days. Thanks for your help

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she has a cooling off period so can return the car. as it belongs to the finance co it is really their problem, the garage is being awkward because they lose not only a sale but the commission for the finance co they have pushed on her. She should contact the finance co and tell them that she cannot agree to their terms and is thus not going ahead with the agreement. She should cancle any DD set up and inform them in writing.

You will have to have a look at the debt forums, there are sections on motor finance that will be more helpful .

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