Financing agreements - 30 days to change your mind?

BrunoM

Can anyone confirm that if you sign up for a (car) financing agreement you definitely have a cool-off period to change your mind (and pay the amount in full, or return the car, etc)? Is it 30 days?

Thanks!

Hammyman

Its not 30 days, its more like 7.

CvPiper

I thnk you can settle the finance with no fees in 14 days (i.e. pay it off). But the agreement is with the finance company, not the dealer and the car cannot be returned?

Kilty_2

CvPiper wrote: »

I thnk you can settle the finance with no fees in 14 days (i.e. pay it off). But the agreement is with the finance company, not the dealer and the car cannot be returned?

I think this is more like it - the terms and conditions for my new car order say "If you are financing the balance you may cancel the finance agreement within X days however the vehicle cannot be returned to the Supplier (xyz Motordealer Ltd)"

BrunoM

Turns out tis indeed 14 days thanks all. Although I would think you can return a car anyway under general selling type regulations, independent of finance, no?

Jakg

BrunoM wrote: »

Turns out tis indeed 14 days thanks all. Although I would think you can return a car anyway under general selling type regulations, independent of finance, no?

No - you get a cooling off period under the distance selling regulations, if you signed the finance paperwork out of the premises.

Theres no "normal" xx day returns policy in the law.

wealdroam

BrunoM wrote: »

Although I would think you can return a car anyway under general selling type regulations, independent of finance, no?

Only if it is faulty.

There is no facility "under general selling type regulations" to undo a sale if you have changed your mind.

harveybobbles

If YOU went to the dealer and signed paperwork on THIER premisis then there is no cooling off period once the car is collected by YOU.

nelly12

harveybobbles wrote: »

If YOU went to the dealer and signed paperwork on THIER premisis then there is no cooling off period once the car is collected by YOU.

Under the new CCD regulations a finance agreement can now be signed off trade premises as long as there has been face to face contact between the dealer and the customer on the trade premises. Different to distance sale regulations.

spiro

A friend who is a car dealer says there is a 14 day period for the finance which is a real pain in the a**e because if the buyer cancels the finance company dont pay him. Therefore he wont release the car until the 14 days are over. He is even considering stopping offering finance because of it.

CvPiper

spiro wrote: »

A friend who is a car dealer says there is a 14 day period for the finance which is a real pain in the a**e because if the buyer cancels the finance company dont pay him. Therefore he wont release the car until the 14 days are over. He is even considering stopping offering finance because of it.

Thats definitely not the case - they have to settle the finance to get out of it.