Can I cancel new car order and keep my deposit?

[efinel]

Yesterday I paid a £500 deposit on a brand new car from a Ford dealer and at the same time signed a credit loan agreement which has been accepted. I have since had second thoughts about buying this car and wanted to know if I can cancel the the purchase legally without loosing my deposit. Is there a legal cooling off period when buying a new car?

[efinel]

96 views and counting, I think that says it all.

[abonae]

I'm not an expert but when I looked at this 2 years ago, when I was in a similar situation, it seemed that you had rights to cancel the credit agreement. By cancelling the credit agreement I think you have the right to get all associated deposits back.

 

You would need to read the Consumer Credit Act. Hopefully someone will be along with more definitive knowledge.

[efinel]

OK thanks for the info.

[efinel]

Did you manage to cancel and get a refund?

 

 

 

I'm not an expert but when I looked at this 2 years ago, when I was in a similar situation, it seemed that you had rights to cancel the credit agreement. By cancelling the credit agreement I think you have the right to get all associated deposits back.

 

You would need to read the Consumer Credit Act. Hopefully someone will be along with more definitive knowledge.

[abonae]

Yes, I did.