Pcp finance-immediate cancellation

neilmcl

bigadaj wrote: »

There wouldn't be a specific clause, but there would be generic clauses stating that any incentives may need to be repaid if any conditions of the sale or contract were not fulfilled, cancelled or completed.

Whether such a clause would be enforced is a very different matter but it would be surprising if it weren't present.

Again, the contract of sale has nothing whatsoever to do with the finance agreement, and tbh there are probably very good legal reasons why such conditions wouldn't be allowed to exist in the agreement to tie the two together. I've never seen any such clauses in any of the agreements I've held.

highet

you arent withdrawing or cancelling the finance agreement - you are settling it which you have an absolute right to do at any time - no one can force you to continue a finance agreement and they cannot demand repayment of incentives to take finance initially as that would be illegal - no more right to demand incentives back if you settle after 14 days than if you settle 1 day before the end of the agreement

bazzyb

highet wrote: »

you arent withdrawing or cancelling the finance agreement - you are settling it which you have an absolute right to do at any time

paisleybuddy wrote: »

Would I be able to opt for the finance and pay outstanding amount within the 14 days cooling off period without incurring any interest/charges etc.

You can't settle within the first 14 days, you instead use your right to withdraw/cancel. After the 14 day cooling off period has passed, you are then able to settle.

highet

sorry - your advice is wrong - you do have 14 day cooling off period to withdraw from finance agreement which effectively cancels it and may result in request for repaying any incentives as, to all intents and purposes, finance agreement never existed therefore no entitlement to incentives for having finance BUT you also have the right to SETTLE the agreement from day 1 - interest paid for length of time from getting car to paying off loan - may be as little as one days interest - as finance agreement was in existence and paid off, finance was taken so entitled to incentives and no requirement to repay them
quote from Santander car finance
''Yes, you can settle your agreement at any time and there is no penalty charge for doing so. In order to understand how much this will be, simply get a settlement figure by clicking on this link.''