Part-ex deal cancellation

Hello all,

Earlier today I took my K6 SV650S (what else?) to Fowlers in Bristol, with a view to part-exing it for a rather tidy looking SV1000N they have in stock.

They offered me £1950 part-ex for my bike against the SV1000N (up for £2899), since my bike apparently needs new head bearings and a front sprocket. They would have given me £2100 if not (it's an '06 bike, with partial service history and 15k on the clock - but it IS red).

As per usual, I was distracted by the bright shiny bikes and sparkly baubles, and signed a vehicle order form. This was with a view to picking up the SV thou next Saturday and handing over my 650. I think I also applied for a finance deal for the outstanding £1500 or so after everything had been written off/paid up etc.

On returning home after 100 miles on the M4, and speaking with the wife, I decided that perhaps part-exing my bike wasn't such a good idea, and the sums of money involved were (plus interest rates) too great considering the bike I was buying was two years older than mine.

Where do I stand if I want to cancel this purchase agreement? I have not put down any deposit or given them any money as yet.

If any of you could help me out I would appreciate it very much. I'm afraid I possess the financial acumen of a turnip or similar root vegetable.

Cheers all,

Mike

[Old Git]

Mike not a brief or anything, but when you enter into a credit agreement, I thought there was a 7 day cooling off period to allow for 'heat of the moment' things just like this.
Get in touch with your local citizens advice 1st thing Monday, they will put you right.
Good Luck.

yeah gov changed the law me thinks as well as old git says contact them asdap you might ahve to pay a bit of admin (only fiar and form them has to be reasonable) ... or agree to go through if they give you 2200 part ex on your....

It all depends what it says on the order form under the deposit section to where you stand - are you still wanting the bike but not p/x? they should be fine with that. If you just want to cancel due to changing your mind you might find thats just proven costly unless due to omittigating circumstances and/ or the dealer cannotget you finance etc.

I can't quote the fowlers order form as never been there let alone ordered anything - but most dealerships are similar.

I can't believe they knocked it so hard for the bearings etc - but then again they can do that all they like the harsher they are the more deals we do

There is a cooling off period so dont worry about it, check the small print and it will be there. Just phone up and cancel it, then put it in writing so there can be no mis-understanding. Give notice to both the finance company and to Fowlers. The minimum cooling off period they can give you is 5 days but most give you 14. Also note that cancellation within this period must not include any financial penalties what so ever so dont give them any money.

Thankyou all, the advice is very much appreciated. Have emailed them, and will call tomorrow.

Stu - she is an ex-George Whiter bike. I don't know how you guys can live with yourselves, knowing that after 15000 hard miles she requires minor work done. Shame on you all

Will post how it goes.

Thanks,

Mike

Aaah I just noticed you haven't given any money yet so their tough luck just don't go back- lol

Also different rules ref cooling off period if signed on site rather than over the telephone

More to the point why didn't you pop into GW's and see me? Ignore the fact I only have 1 SV thou and thats a brand new naked!

[Swin]

My dad fell foul of this, he didn't notice there was a "non returnable deposit" phrase on his order form so he lost £100 when he cancelled his order. I offered to take him to the shop and take our money back in plate glass but he declined.

I'd phone them and explain that you've changed your mind just out of courtesy and leave it like that, I'm certain you won't be the first person to examine your finances in this day and age and decide to play it safe!

Originally Posted by Needsy

On returning home and speaking with the wife.......

There's you problem I often "change my mind" in the same way.....

Morning all,

have just spoken to Fowlers and explained the situation.
The were very helpful, and the purchase was cancelled without any problems whatosever.

If any of you are in the market for a silver SV1000N, they still have a nice one for sale!

Thankyou all for your advice,

Mike