Agreement with Car Finance - Can I Cancel and Get Full Refund?

rmamila on 21/05/2023 - 17:08
Last edited 21/05/2023 - 20:32 by 1 other user

Hi Fellow OzBargainers.. looking for some advice here..

I have paid a deposit for a car which is $132k with Dealer finance last Friday. However I want to cancel my order and go for a different option than doing their finance. Is there any way to get the full refund back as it hasn't even completed one day yet given it's still the weekend. What are my options?

The agreement says that they charge $400 or 2% of the purchase price (whichever is greater) if the order is cancelled within cooling-off period. So that means it's not possible to cancel during cooling-off period without losing close to $2600. Do I have any options to cancel and is there anything in ACCC that helps customers to cancel the order within cooling-off period without losing significant amount?

Deposit was $2000

It has a condition that if finance failed then they refund the full deposit.

Automotive BMW Finance

Comments

    • Brick Tamland on 23/05/2023 - 20:57
      +1

      Is it jealousy or ignorance about the value of the car? 132k is a bit of money if you found in the street, but not that much for a brand new euro high performance car. Thats m2 money which is matchbox car in reality.

      Hahaha. If I find $20 in the street I think it's a bit of money. And an M2 a matchbox car?? We live in very different worlds my friend.

      • [Deactivated] on 24/05/2023 - 13:08

        finding anything is a good day, but maybe read between the lines as to what im implying.

        He bought a bmw for 132k which isnt a very good one if its new. Would be a top end 2 or 3 series( non m series) or low end 5 series or a m2. We absolutely do live in two different worlds and im thankful for that.

        • Brick Tamland on 24/05/2023 - 13:38
          +1

          I hope your toys bring u happiness.

          • [Deactivated] on 24/05/2023 - 14:29

            @Brick Tamland: more than you can imagine :)

          • xeornet on 24/05/2023 - 17:27
            +1

            @Brick Tamland: The jealousy and mal-intent oozes.

            "We live in very different worlds my friend." - Same world, different perspectives.
            You definitely see money as scarce, yet it is extremely abundant.

  • Brianqpr on 23/05/2023 - 21:22
    +2

    All of this angst could have been avoided if you were just born with a larger penis.

    • Poor Ass on 23/05/2023 - 22:10
      +2

      What's an acceptable size with your experience?

  • BB-AU on 23/05/2023 - 21:23
    +2

    Mate, read what your contract says? Since when does a vehicle purchase contract force you to use the dealer finance? It sounds like you are not cancelling the 'car order' for which there would be fees but instead not proceeding with finance.

    If you have not even completed the finance application process then I doubt there is any fee for pulling out of that. After all, it is consumer finance for which there are very specific laws around fees and charges.

    • 01011010 on 23/05/2023 - 23:45

      ^^^ this - if you still are purchasing the vehicle but paying for it a different way then this cancellation 'fee'.

  • ribze1 on 23/05/2023 - 21:37
    +3

    If you can afford a $132k car, even via finance then the $2600 fee brought about by your action shouldn't be a problem, eventhough it's unpalatable.

  • living4music on 24/05/2023 - 00:01

    Easy, in the finance documents, just make your liability much higher than fact and income much lower, so they will refuse your application.

  • knk on 24/05/2023 - 10:57

    I have never seen a contract stipulate you have to use their finance provider.

    As long as they get their money you should be right, finance through whoever you like..

  • DingoBlue on 24/05/2023 - 12:07
    +3

    Speak to the SALES GUY who will do anything to not lose the sale, explain you still want the car but simply need to pay a different way.

    Should be fine, good luck!

  • ChickenTalon on 24/05/2023 - 13:32

    So many opinions, lets see what the law says.

    https://www.consumer.vic.gov.au/cars/buying-a-new-car/coolin…

    You have three business days (excluding weekends and public holidays) after you sign a contract to change your mind.
    Ok so far

    If you … terminate the sale agreement….. the licensed motor car trader may keep $400 or two per cent of the purchase price (whichever is greater).
    If you've only paid 2k, they'll struggle to get any more than that back if you don't go through with the entire sale.

    As you're intending to still purchase the car, firstly try get them to match the finance you're getting elsewhere. Otherwise, workout which is cheaper and see if it's worth the $2.6k extra cost to switch.

    Given you're still intending to buy the car, they'll probably help you out and may wave it the cooling off fee, or you could ask if they could throw in some extras to make up for the charge (is there anything extra you want?), esp if you're a repeat buyer. Only issue is that they might have discounted the purchase price based on you taking finance with them, if so they'll probably not be in the mood to help you.

    Another option is to take the BMW finance and pay it out early, if it's less than $2.6k. Then you can refinance with your preferred provider if they offer that.

  • krezii on 24/05/2023 - 13:54

    Hard to feel sympathy as someone who is living on borderline poverty

    • xeornet on 24/05/2023 - 17:28
      +2

      He wasn't asking for sympathy.
      Not sure it's his problem that you're on the borderline either. Focus on increasing your income, and less time commenting on OzB.

  • Drakesy on 24/05/2023 - 14:18
    +5

    Lol
    Financing a car is for chumps.

    Only time you'd do it was if it were a novated lease.

  • drprox on 24/05/2023 - 18:21

    looks up what Tesla costs $132k

    • WhyAmICommenting on 25/05/2023 - 16:59

      BMW M2 is in the ballpark.. looked it up after seeing one terribly parked today

  • Maxxjet on 24/05/2023 - 19:13

    If you haven't provided any financial information to support the loan then that's your chance to get out free of charge….

  • johnfuller on 30/05/2023 - 10:51

    yes you can get a refund, you can also get married and exchange your wife for her sister if you feel the sister is better ..

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