Car Finance Papers

ZoppZ

In the process of buying a car and looking to part finance it through the dealer. The salesman promised to bring the papers home for us to sign because it was taking too long with the under writers. At the last minute, he said it is not legal for us sign the paper at home and we need to be on their premises to do so. They have already got the proof of ID and relevant information, all we had to do sign the form.

Is it true that we can't sign papers at home or a lot of BULLS?

Apples2

If you sign on their premises, you waive your right to withdraw.
He is protecting his sale commision in case you get cold feet.

DCFC79

If your not happy with the finance aspect then go elsewhere, go for a cheaper car.

~Brock~

Apples2 wrote: »

If you sign on their premises, you waive your right to withdraw.

No longer correct (since Feb 2011). The old regime of 'on-trade' and 'off-trade' agreements doesn't apply anymore.

ALL CCA regulated agreements have a 14 day right of withdrawal regardless of where they are signed.

It therefore follows that, by definition, the dealer is talking rubish by saying it is not 'legal' to sign them at home.

Apples2

I was referring to the commission on the car sale not the finance, I do accept it came across badly

ZoppZ

Thank you all for your help. Basically it tell me that I can't trust this guys on anything he says and I need to double check all the facts before we commit. We are taking finance because it come with 2 years of free service and we could pay off the loan after 3 months.

SeanG79

ZoppZ wrote: »

Thank you all for your help. Basically it tell me that I can't trust this guys on anything he says and I need to double check all the facts before we commit. We are taking finance because it come with 2 years of free service and we could pay off the loan after 3 months.

Many banks INSIST the agreement is signed on trade premises and forms part of the dealers trading agreement with the said banks/lenders. It would not be worth risking a credit line with a bank just so that 1 customer has the comfort of being able to sign at home. So whilst not "illegal" the salesman is most likely executing orders from "above"...

There should be a pre-contract supplied, which you can take home and read through which will have all the figures, rates, etc. The agreement though banks/lenders want signed on trade premises.

Brock_and_Roll

Treat car salesman like you would estate agents and you wont go too far wrong!