Expensive ... Can she cancel?

jaqui59

Hi everyone ...

My daughter has just informed me she has purchased a car today ... She also entered into a deal with one of those packs where you get 3 years protection on chips, dents and scratches, full bodywork and upholstery protection, and full price back on the car in the event of a write off.

This pack has cost her £798.00 which I think is extortionate, and was wondering if anyone might agree with me.

She has purchased the car on finance and that pack has been put in the monthly payments.

She has signed the finance agreement and paid her deposit.

I think its a good idea she cancels this pack deal and saves her money, and was wondering what her chances might be of cancelling it, now its all signed for.

On the other hand, maybe some of you guys might inform me the £798 is money well spent.

Olza23

Hi, the GAP insurance is I think on a new car just one of those things you should have. In regards to the SUPAGUARD paint protection it may be little to late as all the paperwork has been signed.

All she can do is ask the question at the dealers, I want to say there is a possibility it can be cancelled but its only a suspicion of mine..

If you need any clarification about GAP insurance i'd be happy to explain.

flashg67

I agree GAP insurance may be worthwhile but it can be found for around half the price by going direct.

I hope someone proves me wrong, but I don't think there's a cooling off period for finance signed on the dealer's premises?

arcon5

flashg67 wrote: »

I agree GAP insurance may be worthwhile but it can be found for around half the price by going direct.

I hope someone proves me wrong, but I don't think there's a cooling off period for finance signed on the dealer's premises?

Unfortunately you are correct.

Have a read of this op:
http://www.whatconsumer.co.uk/cooling-off-and-cancellations/

Maybe see it as a learning curve?

EdGasket

Children can be very trying; one of mine burnt the roof off our house.

jaqui59

Thankyou for your replies )

Maybe its best DD and myself don't stress out over this ... She's signed up, and I guess its probably a badly spent £798.00 even more so now i've learnt you can buy the GAP insurance at a much cheaper price .. Also the car isn't new, its a 59 plate and already has minor scratches on the bodywork and stains on the upholstery .. Oh well. I suppose our only consolation is that I did manage to get £250.00 of the price of the car.

Also, I forgot to mention that before she picks up the car, it has to have a repair done to a quite badly scraped front scuttle, and some stains (hopefully) removed from the upholstery, which begs me to ask where would we stand (bearing in mind the signed agreement) if we were not happy with the quality of the repairs?

scotsbob

Taken from this page http://www.tradingstandards.gov.uk/cgi-bin/glos/con1item.cgi?file=*ADV0011-1011.txt

SIGNED ON TRADE PREMISES
You may have a very short window of opportunity to exercise an additional right to withdraw from the deal if the creditor has not yet signed their part of the agreement. In these circumstances, you should telephone the creditor immediately to establish whether the agreement has been signed. If not, inform them you wish to withdraw. Make a note of what was said and the name of the person you spoke to. You should then confirm your withdrawal in a letter. Send it by recorded delivery and keep a copy.
Once you have withdrawn, you are entitled to a refund of any deposit you have paid. You should be aware however that many retailers are entitled to sign credit agreements for, and on behalf of, the creditor and, therefore, you would not be able to withdraw as it would be binding when signed by the retailer. In this scenario you are still able to exercise your 14 day cooling off rights to cancel the credit agreement, but you will still be obliged to continue with the purchase of the goods or services and will have to make alternative arrangements for payment.

KTF

jaqui59 wrote: »

This pack has cost her £798.00 which I think is extortionate, and was wondering if anyone might agree with me.

She has purchased the car on finance and that pack has been put in the monthly payments.

These protection pack things are pure extra profit for the dealer imo. Just by saying no the price magically gets cut in half without blinking as a 'special offer' to still try to get you to sign up.

Aside from that as the cost has been put on the finance she will be paying interest on it as well. Do you know what rate she is paying?

If it was me I would do whatever I could to undo the deal and start again but at the same time I could see how that might annoy your daughter.