Hi,

is there any way in which I can cancel a finance agreement on a car ? I thought there was a cooling period of 14 days but as it was signed on trader premises this does not apply.

 

You should be able to cancel...all depends on the small print though.

Surely you can just cancel and then pay the remainder of the finance ?

 

If you can pay the balance off of course you can cancel.

You cant just cancel the agreement for the sake of it though, otherwise the finance company is x amount of thousands out of pocket & who's going to pay them otherwise lol.

 

Just read your post again...you mention a cooling off period..

Have you actually taken delivery of the car ? Or have you just signed an agreement ?

If you've just signed an agreement, then you should be able to cancel. If anything, you may just have to pay an admin fee.

 

and you will probably lose the deposit you put down on the car.

 

You dont get a cooling off period.

It a legally binding document

The only way is to settle the balance - simple

You should only be charged one or two months interest as an early settlement penalty which wont be a huge amount anyway

 

hi,

i've taken delivery of the car but know I'll obviously have to give that back ! I was hoping there was a loophole or something where I can give the car back and have the finance cancelled on some other pretence.

Jai

 

In that case i dont think there is any way you can cancel without settling the finance.

If you call the finance company, they should give you a settlement figure.