Cancel your car purchase: Your rights and steps

Questioner

We recently viewed a car and signed a purchase agreement subject to approval of financing. The first two banks rejected this because of a BKR code of my partner. We did everything we could to get rid of this, but unfortunately. Then we also got the offer to finance it in my name only, but this turned out to be completely unprofitable and does not correspond with the 5 years for which we wanted financing. Now we want to cancel the purchase, we have not made a down payment or anything. However, the garage now wants to receive 15% of the sales price. But we want to cancel because the loan does not fit what we had in mind, namely in both our names and for 5 years. We ourselves have the idea that we do not owe that 15% because the purchase agreement is subject to approval of financing.

Lawyer

Your question cannot be answered properly, because the answer depends mainly on the wording of the termination clause. I advise you to send a registered letter to the seller, in which you invoke the resolutive clause (the 'subject to'). You state that you have not been able to obtain financing and that therefore no legally valid agreement has been concluded. You enclose a copy of both rejections.

Questioner

The terms and conditions state: Yes, the buyer has the authority to cancel the purchase agreement based on the BOVAG general terms and conditions, regardless of whether the seller has failed to meet his obligations. This cancellation can only take place in writing. The buyer is obliged to compensate the seller for all damages suffered as a result of the cancellation within one week of this cancellation. These damages are set at 15% of the purchase price of the cancelled car. If the buyer has not paid this compensation within ten days, the seller has the right to inform the buyer in writing that he requires compliance with the concluded agreement. In that case, the buyer can no longer invoke the cancellation. The authority to cancel lapses if the car to be purchased has been delivered to the buyer by the seller. And as an extra addition, it states on the agreement that it is subject to approval of financing. It does not state whether this must be approved by me or the bank. To be clear, it has been rejected twice in the name of my partner and me together. There is a possibility of financing in my name only, but I do not want this.