Hire Purchase Cooling Off Period?

rudeyjudey

Hi

On friday i purchased a car on HP, i have since discovered my partner is expecting and basically the car will not be suitable. I have contacted both the garage and the finance company to see if it is poss to cancel the agreement and they both seem to be passing the book as to who makes the decision. I would think that the finance company would cancel the agreement with GE Capital? but the car dealer received the cheque today and against my wishes has cashed it! Anyone know what the procedure is ie can the cheque/finance be cancelled and is there a cooling off period with HP on cars

Thanks

LisaT186

Apparently there is no cooling off period (Husband works in the car industry). You can obviously ask for a settlement figure and sell the car but you would suffer depreciation.

Congratulations on your news though!

avi_3

It's going to be a expensive affair having a child. Sure you can tell.
Congrats

file_wizzard

Unfortunately if the agreement was singed on the dealers premises then there is no true cooling off period, you should however still retain the right under the consumer credit act to cancel the agreement within the first 30 days and avoid paying any interest on the agreement, you would however still be liable for any arrangement fees or other incidental costs associated to the contract.