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  • FIRST POST
    • bungle86
    • By bungle86 14th Sep 18, 12:39 PM
    • 2Posts
    • 0Thanks
    bungle86
    Cancelling HP Finance Before Collecting the Car
    • #1
    • 14th Sep 18, 12:39 PM
    Cancelling HP Finance Before Collecting the Car 14th Sep 18 at 12:39 PM
    Hey all, totally new to this and really need some help.

    My dad, foolishly, signed an agreement in principle with Vauxhall a few days ago for a used car. As part of the agreement they performed searches and offered him HP finance @ 15.9%!

    Now the car he wants is fine, but i don't really want him taking HP when he can get a loan for the same value for 3.4% APR saving him well over 50 on the repayments and shaving 's off the final fee.

    The question is this... if he walks away from the finance now will this impact him negatively?

    Thanks
Page 1
    • zx81
    • By zx81 14th Sep 18, 12:43 PM
    • 18,559 Posts
    • 19,818 Thanks
    zx81
    • #2
    • 14th Sep 18, 12:43 PM
    • #2
    • 14th Sep 18, 12:43 PM
    The worst that will happen is that it will show as a closed account.

    If he does it within the cooling off period, not even that.
    • molerat
    • By molerat 14th Sep 18, 12:48 PM
    • 19,304 Posts
    • 13,517 Thanks
    molerat
    • #3
    • 14th Sep 18, 12:48 PM
    • #3
    • 14th Sep 18, 12:48 PM
    No. He can cancel the finance within the 14 day cooling off period and it is treated as if it never existed. The only possible negative is that the search footprint will stay.
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    • MEM62
    • By MEM62 14th Sep 18, 12:48 PM
    • 1,720 Posts
    • 1,324 Thanks
    MEM62
    • #4
    • 14th Sep 18, 12:48 PM
    • #4
    • 14th Sep 18, 12:48 PM
    I don't really want him taking HP when he can get a loan for the same value for 3.4% APR saving him well over 50 on the repayments and shaving 's off the final fee.
    Originally posted by bungle86
    Final fee?

    Are you sure this is HP? Sounds like it could be PCP to me.
    • bungle86
    • By bungle86 14th Sep 18, 1:06 PM
    • 2 Posts
    • 0 Thanks
    bungle86
    • #5
    • 14th Sep 18, 1:06 PM
    • #5
    • 14th Sep 18, 1:06 PM
    Thanks all, thats really clear!
    • PRAISETHESUN
    • By PRAISETHESUN 14th Sep 18, 1:47 PM
    • 264 Posts
    • 108 Thanks
    PRAISETHESUN
    • #6
    • 14th Sep 18, 1:47 PM
    • #6
    • 14th Sep 18, 1:47 PM
    You can cancel the finance within the cooling off period (usually 14 days). Just be aware that depending on the terms of the sale, cancelling the finance doesn't always remove any obligation to complete the sale (ie. you still have to pay and can't just return the car).

    From what you say, your dad still wants the car just with a better finance deal so just keep in mind what the fallback might be if he can't actually get approved for the loan he's eyeing off.
    • Clive Woody
    • By Clive Woody 14th Sep 18, 9:29 PM
    • 4,516 Posts
    • 5,104 Thanks
    Clive Woody
    • #7
    • 14th Sep 18, 9:29 PM
    • #7
    • 14th Sep 18, 9:29 PM
    Hey all, totally new to this and really need some help.

    My dad, foolishly, signed an agreement in principle with Vauxhall a few days ago for a used car. As part of the agreement they performed searches and offered him HP finance @ 15.9%!

    Now the car he wants is fine, but i don't really want him taking HP when he can get a loan for the same value for 3.4% APR saving him well over 50 on the repayments and shaving 's off the final fee.

    The question is this... if he walks away from the finance now will this impact him negatively?

    Thanks
    Originally posted by bungle86
    Has he got the loan offer confirmed in writing at 3.4%?
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    • jonesMUFCforever
    • By jonesMUFCforever 16th Sep 18, 12:02 PM
    • 25,176 Posts
    • 12,430 Thanks
    jonesMUFCforever
    • #8
    • 16th Sep 18, 12:02 PM
    • #8
    • 16th Sep 18, 12:02 PM
    I was wondering that too - is the new loan at a lower rate in place?
    What goes around - comes around
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