Finance Q&A - Change/Amend Finance

If I put a deposit on a car can I change my mind?

I've put a deposit towards a car, but have since changed my mind. Can I have my deposit back or do I need to go through with a deal? Thanks


Answer from the Stoneacre finance team:

In most cases, the deposit is non-refundable, as it counts as an initial payment of a car. 

Here are a few situations where you can get the deposit back: 

When the car is no longer available to purchase and has been sold;

If you have it in writing that the deposit is refundable (email counts as well);

If the application for car finance has been rejected, you should be able to get your deposit back;

According to Motor Ombudsman, a 14-day cooling-off period doesn’t apply for car deposits, as you’ve essentially signed two contracts, one with the finance and one with the dealership.

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