Deposit on a car - subject to finance T&Cs

rolion

Hello,

A sarcastic situation here.

Put a deposit for a car,subject to finance approval terms, that was €1,000.
I was pretty confident that i will get the funds,as i spoke with the custoemr service staff when chekce dmy account.
Loved the car, moved on.That was about 3 weeks ago...

Filled the application with the bank and been told that amount of €30k is a bit too high as a first time business account loaner and they are more likely to discuss a lower figure,of let's say €20ish.

Got back to garage and told them that i've been approved only half of the amount and therefore i have to cancel the purchase as finance application didnt meet my requested amount.

Well,garage said that the deposit is a legal binding contract to buy the reserved car... and if i dont have the funds to buy THAT car i have to buy another car from their garage that is in my finance meaning reasons... blahh...
I dont mind buying another less dear car but they are not giving my type or model that i initially put deposit on.
Same,they refused to bring another similar spec vehicle from UK,at my suggestions.

Can't move ahead with the application with bank until i find another car in the price range.
There are cars in the 20-25 range but dont want to lose the €1k either.

Any of you been in this kind of situation with a garage, when finance fails short of funds and you can lose the deposit !?

Thanks.

colm_mcm

Did you sign a contract?

rolion

colm_mcm wrote: »

Did you sign a contract?

Cant remember...good question... thanks.
I have some papers from garage that were given to the bank same day.

Hmm ! Will that change it ?
I ill send an email to bank and ask them for more info.

Very peculliar is that the car is still for sale even after almost a month from my deposit.

colm_mcm

If you’ve just given them money without a contract then you should be entitled to it back.

If you have signed a contract then you need to read it.

I would be taking the line that you are no longer buy long a car given that the car you want is out of reach. You aren’t going to buy a cheaper car.

What was the time between you applying for finance and being declined?
Have you tried a different finance option like a loan from bank?

bazz26

Was the car in question a custom factory order you placed that has arrived or a car from stock? If not a custom order then it just sounds like poor form from the dealer not to give back the deposit based on the circumstances. Yeah they probably have the right to keep your deposit but practically forcing you to buy a cheaper car that you don't want from them or face losing the deposit is not a good way of retaining a customer. Unless it's something unique that you ordered that they might find hard to resell I don't think they would be out of pocket by giving you your deposit back.

Miike

I'm assuming the finance wasn't arranged via the dealer then? Sorry I couldn't really get a clear understanding from the OP

Is this a main dealer or an independent dealer?