Can I get out of a car finance agreement? Pleas help!

dougal38

We have today been to see a car at arnold clark that we like and rather than taking time to think gone ahead with the finance on it. We paid £100 deposit and signed the finance agreement. Since returning home and talking to others we think that we have pushed ourselves to far per month budget wise. Is there any way we can get out of this? We are really starting to panic and feel so stupid! Please help with any advice.
Thank you.

System

Isn't there a cooling off period (2 weeks)?

I guess you would lose the deposit though

muckybutt

Did you get paper work today ? that should show you cooling off period. I believe a face to face agreement is a 5 day cooling off period, not sure if you could ask for your deposit back though.

You would be better getting in touch with a moderator and getting this question moved onto the Loans forum http://forums.moneysavingexpert.com/forumdisplay.php?f=12

Credit Agreements

You will only benefit from a cooling off period if the credit agreement was made in one of the following ways:

1. For agreements signed away from the creditor’s normal business premises – i.e. at your home, place of work or at an exhibition stand
2. For agreements made at a distance (online, by phone or by post)

For agreements which fall under (1), you will have a cooling off period of 5 days,which begins from the time you receive the second copy of the agreement (containing the cancellation form). For contracts which fall under (2) and (3), you benefit from a 14 day cooling off period. Unlike the cooling off period for goods bought under the Distance Selling Regulations (DSRs), the creditor may make a reasonable charge for any service (such as insurance cover) which was operating during this time.
There are specific guidelines on how you should cancel the contract, which must be notified to you by the creditor before or immediately after the contract is made. If the creditor does not make this information available to you, then your cooling off period will not begin until this happens.

From : http://whatconsumer.co.uk/cooling-off-and-cancellations/

dougal38

Yeas i recieve the terms and conditions today and the vehicle order agreemement but there is no mention of a cooling off period? I am aware we might lose the £100 but we are really worrying about being stuck in this finance deal. We really did not take the time to think it through properly.

muckybutt

Best asking in the Loans section !