Cancelling car agreement

needsupport

I paid a deposit and signed an agreement to purchase a vehicle on finance but I’m not sure I have made the right decision and I’m not confident in the finance company the dealership has chosen due to previous issues with my current/outgoing car. I visited the dealership, where I paid the deposit, so distance sales doesn’t apply here. Can I cancel my agreement without significant penalties?

DE_612183

depends - when did you sign?

If they have ordered the car to a specific specification it might be harder.

normally finance has a cooling off period - what do the finance docs say?

needsupport

DE_612183 said:

depends - when did you sign?

If they have ordered the car to a specific specification it might be harder.

normally finance has a cooling off period - what do the finance docs say?

I initially signed a couple of days ago but they changed the finance provider and I signed new/amended forms yesterday 

I should have mentioned it’s a used car

there is no mention of a cooling off period, I think that applies to sales that weren’t agreed at the dealership - I could be wrong!

Goudy

Most regulated finance agreements have a 14 day cooling off period. So you should be well within your rights to cancel the finance.

But car finance and agreeing to buy a car are two things that are just intertwined.
As for the car you have effectively agreed to buy it, so they could insist you arrange another way to pay for it.

In reality, you could just walk away. I doubt the dealer will sue you over breach of agreement, but you might lose your deposit. 

If you are up front and share your concerns, you might get it back.

soolin

As above you need to see what you've signed re the finance, which should have a cooling off period, and the car purchase, which is unlikely unless you have something in your agreement that gives you the right to cancel.

If you withdraw from the finance agreement do you have another way to pay for the car? 

Herzlos

Is your intention to cancel the entire purchase i.e. no finance and no car, or just cancel the finance to fund the car in some other way?

ontheroad1970

Remember also it will take some time for your credit history to settle to show that you didn't take out the credit that you had a credit search for.