PCP cooling off period?

02ktown

I've stupidly, I admit, entered into a PCP agreement with Lloyds Mini. I've now realised I can't afford it. I signed the contracts today and paid a 500 pound deposit to collect the car next weekend. Have I got any rights to cancel this using the 2 week cooling period? Please help.

DCFC79

Do you have a copy of the agreement ?

Call them tomorrow and cancel ?

Why sign up when you couldn't afford it ?

andyfromotley

it should say on the paperwork you have. (iirc it may depend on where you were when you signed the contract??)

contact them immediately as this may prevent them from registering the vehicle which will make things much more difficult.

Get on it right away!

Nearlyold

The 14 day right to withdraw from a finance agreement is a right to withdraw from the finance agreement only it does not cancel the associated purchase.

As you have not yet taken delivery you should contact the dealer and tell them you no longer wish to go ahead, they should allow you to cancel but they are allowed to charge you their reasonable costs (which they can take from the deposit)

ccluedo

Nearlyold wrote: »

The 14 day right to withdraw from a finance agreement is a right to withdraw from the finance agreement only it does not cancel the associated purchase.

As you have not yet taken delivery you should contact the dealer and tell them you no longer wish to go ahead, they should allow you to cancel but they are allowed to charge you their reasonable costs (which they can take from the deposit)

What if u haven't paid any deposit? I ordered a new car last week but tnx to a post on here I just found it 2k cheaper on drivethedeal so want to cancel my order. Car not due til mid-end Sept.

Nearlyold

ccluedo wrote: »

What if u haven't paid any deposit? I ordered a new car last week but tnx to a post on here I just found it 2k cheaper on drivethedeal so want to cancel my order. Car not due til mid-end Sept.

Whether or not you have paid a deposit won't effect whether you will be asked to pay their reasonable costs, costs have to be quantifiable and limited only to the genuine cost to the dealership of your cancellation. In your case if its only just been ordered there is probably no real cost to the dealer so they will more likely have no real problem with you cancelling. However if you had ordered an unpopular spec in a hideous colour which had already been built for you they might be more difficult!

ccluedo

Nearlyold wrote: »

Whether or not you have paid a deposit won't effect whether you will be asked to pay their reasonable costs, costs have to be quantifiable and limited only to the genuine cost to the dealership of your cancellation. In your case if its only just been ordered there is probably no real cost to the dealer so they will more likely have no real problem with you cancelling. However if you had ordered an unpopular spec in a hideous colour which had already been built for you they might be more difficult!

There is nothing on the paperwork about cancellations so altho they may ask me to pay reasonable costs, could they actually enforce that legally?

Nearlyold

I've never seen a car dealers purchase contract that didn't cover their rights should you fail to complete the purchase. You are slightly coming at the question from the wrong direction anyway, there is no automatic right to cancel a purchase contract (unless covered by particular consumer protection legislation) so even if there was no mention of cancellation charges in the contract (which I would doubt) they could enforce it legally if they wanted too. Having said this I suspect you are worrying unduly - if its a car they can readily sell to someone else I can't see you having much of a problem.