Car finance cooling off period

Steve321VFR

Hi all, I took car (PCP) finance through a broker, the garage on day of collection said car faulty electrics and unable to release car as couldn't solve issue and said best look for something else, so I informed my broker and finance provider which is now 12 days ago I wish to cancel during 14 day cooling of period, they said okay, yesterday I phoned the finance provider for update and they said broker has not returned monies, so still active account and I have my first payment due soon, I feel I shouldn't have to start paying for something I don't have, I don't have the car or the money, so not sure if I'm within my rights to cancel my direct debit?

Isthisforreal99

The risk of doing that ia getting a missed payment recorded on your credit file. Think you need to chase the broker. Any late payment could probably be challenged but would be a hassle.

Ayr_Rage

I agree with the above, far better to pay and then ask for a refund than to have a missed payment recorded.

As you have already budgeted for it this should not cause you any financial strain.