Car Finance Can I Still Cancel Car Finance

katkatmachine

We bought a car through car finance (in house). It will probably be delivered next week, just paid £100 for deposit. Now I want to cancel the finance and just pay everything in cash. Is it still possible? Help. 

ontheroad1970

You can cancel anytime in the first 14 days.  Contact the finance house concerned, or the dealer.  There might be a delay with the delivery while your payment goes  through if you cancel via the dealer. or get the settlement figure from the finance house and pay it off via them.  

Nearlyold

ontheroad1970 said:

You can cancel anytime in the first 14 days.  Contact the finance house concerned, or the dealer.  There might be a delay with the delivery while your payment goes  through if you cancel via the dealer. or get the settlement figure from the finance house and pay it off via them.  

As above you have 14 days in which to withdraw from a finance agreement  however when calling the finance company I would caution against asking for a "settlement figure" as that is not the correct terminology (and could cause confusion resulting in the finance company charging you two months interest and any associated doc. fees and/or option to purchase fees ), tell the finance company that you wish to exercise your "right of withdrawal" from the finance agreement (aka cancelling the finance agreement), you than have to pay back to the finance company the amount you borrowed plus interest for just the days the agreement has been in force. 

katkatmachine

Thank you guys. Really appreciate the help. I will ring the dealer first thing tomorrow morning.

Nearlyold

You can cancel the finance via the dealer and just pay the balance when you collect the car however that may not be the best way to do things if the dealer has given you any incentives or extra discounts for using finance to buy the car, if this applies to you, then you may be better off letting the deal go through on finance as arranged, picking up the car then calling the finance company shortly afterwards (within the 14 days) and exercising your right to withdraw - that way you'll keep any incentives.