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Put a deposit down on used 5 series at BMW dealership at the weekend. Mutual agreement, I signed, they signed.
I've now taken a call saying they want to refund the deposit and cancel - apparently, following the approved used checks, all 4 wheels are buckled, and they need to do some minor bodywork too, but clearly feel they have undersold it given that total cost.

As far as I am concerned, we have signed at the price agreed, they take the risk and I take the risk. They are not in a position to renege.

Any precedent? Anyone have experience in this?

The contract says, subject to the terms and conditions*, I am committed to pay and they will sell the vehicle for the the Purchase Price on the contract. Both parties sign under that.
* The only clause in the T&Cs I can see they can potentially use is if they increase the Purchase Price or fail to deliver.

Clause 14 states:
"If we cancel the Agreement pursuant to Clause 9, or if you cancel the Agreement pursuant to Clause 5 or 11, we will refund your deposit and, provided the cancellation was due to circumstances beyond our reasonable control, we shall have no further liability to you."
(reasonable control?)

Clause 5 states:
"If [BMW] or the importer or other supplier of the Goods changes the recommended price after you have ordered them but before delivery, we will notify you of any revision we propose to make to the Purchase Price. If we propose an increase in the Purchase Price, or a decrease which is less than a decrease in recommended price, you may give notice within 14 days cancelling this Agreement, in which case clause 14 shall apply."
(it's a used car, but I suppose they could change the 'recommended price' - they haven't done this though)

Clause 9 states:
"We may give you notice cancelling the Agreement at any time before delivery if the Manufacturer ceases to make the model or specification of goods, or if we are unable to obtain them from the importer or other supplier, and clause 14 shall apply."
(I don't believe they can claim this)

Clause 11:
"If we fail to deliver the goods within 42 days of the estimated delivery date, you may give us notice requiring delivery. If we fail to deliver within 14 days of receipt of such notice, you may give us notice cancelling the Agreement and clause 14 will apply."
(I suppose they could just fail to deliver - but then I don't see how they could argue it was 'beyond our reasonable control')
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