I have recently paid a deposit to buy a brand new Ford car on PCP. The monthly payments are affordable. I have also signed a contract Declaring that I agree to purchase the vehicle.
Two things have creeped up with this brand new vehicle. I asked the dealer if this vehicle had a DAB radio and he said yes. On further research it turns out that the DAB is an optional extra therefore I had been told wrong information as the DAB radio is not an optional extra I paid for.
The second issue is the finance option I chose to pay for the car. It is a PCP meaning I have a balloon payment at the end of the finance. I did not originally want a PCP however the salesman persuaded me by leading me to believe I could use the Balloon payment as equity to put as a deposit for a new car when the time is up. It turns out on further research the the only equity I get would be the value the car is above the ballon payment value.
I may be wrong. This is a brand new car that I haven't physically seen. It will be available for me to pick up in roughly two weeks, meaning that It may not have been dispatched to the dealership yet. I do not have any evidence of misleading information however I have one witness and I know what they said.
I feel as If I was mislead into a sale that would benefit a dealer a hell of a lot more than me. I'm happy for them to keep the deposit I paid towards a different car maybe second under a different finance plan.
What are my rights?
Am I wrong about the PCP equity