Cancelling car finance agreement

SpendlessKaren

My friend bought a car on finance yesterday....mixture of stupidity and nothing more really.
Now in the cold light of day he is regretting his decision and wonders if there is any hope of getting out of the contract?
He signed the finance agreement at the garage...

thanks in advance if anyone can help

[Deleted User]

I believe not if he signed at their premises.

Even if he could get the finance agreement cancelled, he would still be liable to pay for the car. Can he afford to?

Brokeattheminute

The majority of the time when u sign a contract you have 14 days to decide whether you want to keep it or not, after that time you would be tied into the contract so if your friend wants to cancel the finance they are within their rights to do that.

Caz3121

Is he trying to get out of the finance contract or trying to get out of buying the car? Does he have an alternative way to pay for the car?

iolanthe07

The majority of the time when you sign a contract you have 14 days to decide whether you want to keep it or not,

Are you sure that applies if you signed on the dealer's premises?

SeanG79

iolanthe07 wrote: »

The majority of the time when you sign a contract you have 14 days to decide whether you want to keep it or not,

Are you sure that applies if you signed on the dealer's premises?

Yes, the customer will usually have 14 right of withdrawal on the finance irrespective of where he signed the agreement, however it wont get him out of purchasing the vehicle. Only out of the finance.

SpendlessKaren

I will tell him to ring the finance company...thanks

Clive_Woody

SpendlessKaren wrote: »

I will tell him to ring the finance company...thanks

Make sure that he understands that it is only the finance he can cancel and not the purchase of the car. The two things are separate.

If he has signed the contract to buy the car then he needs to find an alternative way to finance this if he cancels the current finance agreement.