URGENT- paying off car finance early

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emylou
emylou Posts: 444 Forumite
First Anniversary Combo Breaker
in Loans
Once you have signed a finance agreement with a car company do you have a cancellation period? Can I take the car today but pay the full amount (from a cheaper loan) within 28 days??
It's with Peugeot if that makes any difference?!
Married my wonderful husband February 2013!:happyhear
I want to wear my beautiful wedding dress everyday- it would make shopping so much more fun, I mean, people go shopping in their pyjamas these days.......
Must STOP spending!!! :)
Proud to be dealing with my debts!
Beautiful Rainbow Babies born on 31/12/14 @2:45am and 7/6/2017 @12:44pm

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  • FelOn_2
    FelOn_2 Posts: 170 Forumite
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    emylou wrote: »
    Once you have signed a finance agreement with a car company do you have a cancellation period? Can I take the car today but pay the full amount (from a cheaper loan) within 28 days??
    It's with Peugeot if that makes any difference?!

    So, you can't be bothered to read the T&C's of your credit arrangement?
    Martin Lewis is
    “The UK's Tightest Man”
    – Philip Schofield This Morning
  • geekinaseat
    geekinaseat Posts: 38 Forumite
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    FelOn wrote: »
    So, you can't be bothered to read the T&C's of your credit arrangement?

    No need to be rude.

    I think it is law that you have a 14 day cooling off period in any financial agreement -any more than this and it will depend on how nice the lender is (ha!) and be written in the terms and conditions.

    Hope that helps!
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
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    geekinaseat wrote: »
    No need to be rude.

    I think it is law that you have a 14 day cooling off period in any financial agreement -any more than this and it will depend on how nice the lender is (ha!) and be written in the terms and conditions.

    Hope that helps!


    I'm afraid this is not so. For example, if the agreement was signed on the suppliers premises there is no cooling off period at all.

    The OP urgently needs to read the T&Cs of the agreement.
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