car finance

andy_welsh101

hi
today i singed a finance contact for a used car in lookers but getting home it seems way to high and i am not happy with it. can i still cancel this tomorrow ? i dont have the car until the end of the week.
do i get a cooling off period ?
thanks

DCFC79

What does the contract say ?

andy_welsh101

hi
we never got it broke down to us and did not get a copy. they said we get all copys when we get the car

[Deleted User]

You can cancel the finance within 14 days but will need to find an alternative way of paying for the car if you bought the car on their premises.

forgotmyname

Can you find cheaper credit? if you can then get that and cancel the agreement with them. But some of the discounts may have been tied to their finance.

andyfromotley

Just thinking out loud,

You can cancel, although you in theory still have to pay for the car, if you don't what are they going to do? They obviously won't give you the car unless you pay them but what are they going to sue you for? Its hard for them to show any loss they have suffered? I reckon you will get threats and bluster but in the end that may be it. They will sell the car to someone else.

Tell the company this immediately, before they tax or register it to you which will have a financial value loss etc.

Can i just stress this is me just thinking about what is likely to happen. I COULD BE COMPLETELY WRONG!!

andy_welsh101

i can get a bank loan to pay for the same car. thanks for your advice.

andy_welsh101

andyfromotley wrote: »

Just thinking out loud,

You can cancel, although you in theory still have to pay for the car, if you don't what are they going to do? They obviously won't give you the car unless you pay them but what are they going to sue you for? Its hard for them to show any loss they have suffered? I reckon you will get threats and bluster but in the end that may be it. They will sell the car to someone else.

Tell the company this immediately, before they tax or register it to you which will have a financial value loss etc.

Can i just stress this is me just thinking about what is likely to happen. I COULD BE COMPLETELY WRONG!!

thats the thing i dont even have the car yet.

R_P_W

Read before you sign! Why would anyone sign something if they didn't understand what they were signing?....

andyfromotley

no i understand that you don't have the car yet but you have probably already 'bought' it!

Hence my explanation. Contact them first thing (both the finance company and the garage and inform them of your change of mind)