caffyns repayment scheme via GE Capital Bank

Juliee

Hi all

I've made a mistake and wonder if any of you have any suggestions? I should have taken out a loan with lower interest rate to buy a 1 year old car from Caffyns last week. I have signed the contract which is through GE Capital Bank and myself to repay what I owed (£3000). the interest is 8% and APR 16.4% with a £299.00 admin fee! I'm sure I could do better than this but it may be too late as I have signed the agreement.

As mentioned previously, I'm picking up the car on Sat 30th Aug 08.

Many thanks for any advice.

molerat

If it is a loan, which I suspect it will be, and you signed on the company premises you have no cancellation rights. Read your documents carefully to see the clauses.

Juliee

I will double check, I suspect you are correct, thanks for your help...what a shame

Juliee

Just read it again and under TERMINATION YOUR RIGHTS, it has:

you have a right to end this agreement. To do so you should write to the person you make your payments to. They will then be entitled to the return of the Goods and to half the total amount payable (£2720.63)

Meaning? I have to return the car and pay £2720.63 if I do cancel?? Sorry if I sound a bit ignorant here.