Hp

ElkyElky

I applied for car finance today and was told I would find out the decision within the next few days. I signed the paperwork and paid the deposit.

However, I am having second thoughts about it and wondered if you have a 7 day cancellation right like most other agreements? After going home from the dealer, I began to think about the long term commitment of this HP agreement and the more I think about it, the more it is making me have second thoughts.

I can't see anything about cancellation in the terms and conditions I was given.

Thanks.

irish_eyes_r_smiling

ElkyElky wrote: »

I applied for car finance today and was told I would find out the decision within the next few days. I signed the paperwork and paid the deposit.

However, I am having second thoughts about it and wondered if you have a 7 day cancellation right like most other agreements? After going home from the dealer, I began to think about the long term commitment of this HP agreement and the more I think about it, the more it is making me have second thoughts.

I can't see anything about cancellation in the terms and conditions I was given.

Thanks.

as far as I know if you sign on the premises their is no cooling off period, but I would of thought that you would sign the agreement after the finance company have made their mind up!

ElkyElky

irish_eyes_r_smiling wrote: »

as far as I know if you sign on the premises their is no cooling off period, but I would of thought that you would sign the agreement after the finance company have made their mind up!

Well I signed an agreement with all of the details of the prices and such and they told me that they've submitted the application to the finance company and will get a phone call within the next few days with the decision. The car was due to be picked up later this week.

I thought there was always a cooling off period, for any type of contract.

I'm going to call them first thing tomorrow to cancel and just wanted some advice about where I stand legally.

I did some calculations and it turns out the sales man misled me on the total amount repayable and I don't want it anymore.

EDIT: Just noticed the document I signed is called the "Vehicle order form" so I guess I would have signed the finance agreement when picking up the car??

PNPSUKNET

You will lose your deposit, but no cooling of period normaly when on trade premises

ElkyElky

PNPSUKNET wrote: »

You will lose your deposit, but no cooling of period normaly when on trade premises

The deposit was only £100 but comparing that to the price I would have paid, it's nothing.

I specifically asked the sales man how much in total I would have to pay for the car on finance and he told me 5k (the cost of the car is somewhat less than the 5k figure so I got the impression it included the costs of the finance itself), which I was happy with. After doing some calculations when I got home, it turns out I'll also pay an additional 3k in interest. Absolutely not!

He said if the finance was declined, I'd get the deposit back no problem.

selecta_c

ElkyElky wrote: »

The deposit was only £100 but comparing that to the price I would have paid, it's nothing.

I specifically asked the sales man how much in total I would have to pay for the car on finance and he told me 5k (the cost of the car is somewhat less than the 5k figure so I got the impression it included the costs of the finance itself), which I was happy with. After doing some calculations when I got home, it turns out I'll also pay an additional 3k in interest. Absolutely not!

He said if the finance was declined, I'd get the deposit back no problem.

I think the salesman meant you would get your deposit back if the finance company declined you and not that you changed your mind and decided not to go through with the agreement.

ElkyElky

selecta_c wrote: »

I think the salesman meant you would get your deposit back if the finance company declined you and not that you changed your mind and decided not to go through with the agreement.

Oh yeah but I'd be much happier loosing 100 quid than spending over 7k for the next 5 years for a car that's only worth half that price.

I'm awaiting the decision on the finance before I tell them I don't want to proceed. If it's declined then great, I'll get the deposit back and won't have to worry about it. If it's accepted then I'll tell them I won't be returning to sign the finance agreement.

ILW

I do wonder how many times people need to be reminded of a few simple rules for life.
Never make and instant decision on a large commitment.
Always take any paperwork away, them read and sign at your leisure.
When a salesman says I need your decision/commitment now they are more nervous about it than you.

I used to work in direct sales where it was all based on a first call close, the reason for this was because if people had time to think about the offer they would invariably say no.

The general terms used by the sales people for their customers were, mugs, punters, idiots, suckers etc.

It's is actually very easy to say NO.

iolanthe07

I agree with the above. You have a lot more rights if you sign away from the business premises - which is why they don't want you to.

mc33033

ElkyElky wrote: »

they've submitted the application to the finance company and will get a phone call within the next few days with the decision. The car was due to be picked up later this week.

As others have said you have not statutory cooling off period HOWEVER you can withdraw if your finance agreement has not been executed - i.e. if the finance co hasn't finalised the paperwork - you need to communicate this to the finance co as quickly as possible if this is the case. If the finance doesn't go through your deposit should come back to you. You are always best to withdraw in writing - get a fax of to the finance co ASAP.