Stoneacre Car Finance

ShineyChez

We entered into a car finance agreement with Stoneacre last Saturday, but on reading the fine print the APR is over 16% which really wasn't pointed out! We are going to be paying over £5000 on the car price over the 5 year term.

What are our options to cancel?
Can we cancel the finance agreement and pay for the car separately?
Do we have to return the car?


Please advise!

Thanks

SeanG79

If you read the finance agreements T&C's, you will see your cancellation rights, you normally have 14 days to cancel the finance without giving a reason on regulated Hire Purchase or conditional sale agreements.

You will then need to pay for the car via another source.

ShineyChez

So we cancel directly with the Finance company and then pay for car seperately or do we need to go back to Stoneacre and do it though them?

SeanG79

You don't have to go through Stoneacre, they are just a broker. You cancel via the actual lender - they will no doubt notify the broker. I would call up and state your intention to cancel and at the same time send a notice in writing via recorded delivery.

ShineyChez

SeanG79 wrote: »

You don't have to go through Stoneacre, they are just a broker. You cancel via the actual lender - they will no doubt notify the broker. I would call up and state your intention to cancel and at the same time send a notice in writing via recorded delivery.

Do I just then go pay Stoneacre for the car?

Sorry if these seem really silly questions, but I felt we were rushed through the Finance side of the agreement and not fully informed of the figures

SeanG79

Speak to the bank, and find establish their procedures. They may want you to pay the money they have advanced on your behalf directly to them.

ShineyChez

Thanks for your advice. We will be speaking to the Finance company tonight!

poppasmurf_bewdley

The %APR isn't in the 'fine print'. It's usually written or typed into the agreement of the first page.

What you meant was that you got down to reading the agreement once the novelty of the new car wore off, and you then realised what you had signed.

ShineyChez

poppasmurf_bewdley wrote: »

The %APR isn't in the 'fine print'. It's usually written or typed into the agreement of the first page.

What you meant was that you got down to reading the agreement once the novelty of the new car wore off, and you then realised what you had signed.

Not really what happened at all, but thanks for your "help"?!?
It wasn't until the paperwork was produced and whilst trying to go through T&C's whilst being bombarded with extras such as GAP insurance and having to speak to an insurance broker for over 20 mins that we noticed.
Thought by that point it was too late. It was only after speaking to colleagues at work, that I realised it may not be. Didn't think I was able to do anything about it and after googling it, found other people in similar situations. Didn't realise that had a right to cancel agreement.

SeanG79

irrespective of what happened, it doesn't matter the reason, you have 14 days to cancel without attributing a reason for the cancellation...