My missus has bought a second hand X-reg rover but she hates it,she's only had it two days!! She signed a finance agreement on it, could she take the car back to the dealer or does she have to live with it now ?

Any advice is much appreciated.

I believe you get seven days to change your mind?

Cheers, were did you hear this ?

Yep - cooling off period on the finance agreement - should be on the terms & conditions - act asap. Be lucky to get back any deposit made however.

Was it from a main dealer? Most of the approved cars have a 30 day exchange policy

All we can see on her finance agreement is a termination rights, which states you have the right to cancel if you have paid half the finance back?? Can't see a cooling off period? We did phone the dealer this morning but the main guy isn't there til tomorrow. They said it wouldn't have been a problem if the finance hadn't been sent off but it has, they may be able to reverse it ? ?

If only two days finance can't have yet surely 99% sure 7 days cooling time.
Cheers

Sorry - just had a look at my agreement - no sign of the cooling off period, but I am fairly sure it does exist. Anyone else shed any light?

Did she not test drive, inspect the vehicle before purchase?

Can't see it on the agreement over any cooling off period. I know when I've had loans in the past I do have a cooling off period. Maybe the dealer settles the finance and we lose money ?

She did look at the car and test drove it, but she has now changed her mind.

I'm 99% sure this is also just part of the sale of goods act.

A few years ago I bought an incredible lotus (some may remember the saga). Unfortunately "Lots Of Trouble Usually Serious" came true and I complained within 7 days...

they said they would fix it, but didn't (many times) so I demanded a full refund and gave them the car back, which I was entitled to do.

It was not a new car, but it was 28K worth, so they would have got out of it if they could have. It was a main dealer though.

The most important thing to do is act right now and send them a fax saying you do not want to keep the car and will return it to them and want a full refund. Check with a solicitor what the actual law is on it so you can quote the right things, and send a similar fax to the finance company.

Just act really quickly as it was the only thing that saved me.

All the best

Simon

Thanks Simon,

The man I spoke to on the phone this morning said not to worry that they will sort it out. But I'm sure if they do cancle with the finance company we will indeed be charged a months payment and any interest I imagine at the very least. All I can think is that the dealer will buy iy back but obviously at a loss, the car hasn't even been registered in her name yet.

If you've set up a standing order or direct debit, just cancel it before they attempt to take a payment.
You definately do have 7 days after signing a contract like that to change your mind. It's the law!

So, it is defo a seven day cooling off period ? It's just that it doesn't state this anywhere ?

Cheers,
Steve

Well my mate worked as a financial advisor, and we spoke about this the other week, and he confirmed that there is a 7 day period.
You could try phoning the CAB tomorrow morning, maybe they can inform you of the best approach.

I'm sure the 7 day cooling off period is for any finance signed for at home. Anything done on trade premises is a done deal as far as I know.

Cancel any direct debit asap. I bet you a bottle of whisky there
is 7 day cooling off period!

Ok Wos, ur on! I'll let you know the outcome tomorrow, a bottle of single malt ?!

http://www.compactlaw.co.uk/cpdsr.html

http://www.bbc.co.uk/northernireland/fairplay/factsheets/shoppingfromhome.shtml

"What isn't covered by these regulations?
Most sorts of goods and services apply, except in the following circumstances:
· Financial services, like banking or insurance
· Auctions
· Goods bought from a vending machine
· Goods bought using a payphone
· Contracts for the sale of land
· Food, drink or other goods for everyday consumption delivered by regular rounds (such as milk)
· Accommodation, transport, catering or leisure facilities for a specific time or date (such train tickets, hotel bookings or concert tickets)
· Timeshare and package holidays
· Finally, the Regulations only apply when you buy from a trader who is organised to sell to you without face to face contact. So, if you saw something in a shop window, went home and ordered the goods from the shop by phone, this will not be considered to be buying at a 'Distance'."

The Distance Selling Act, doesn't apply to face to face contracts. Did she sign up at the dealers?

She did sign at the dealership. Does this make a difference ?

Steve,
Hope i win that bet but for you and your wife not the whisky
and yes i'm from Scotland.

I'd be happy to be wrong, but I've never heard of a 7 day cooling off period for general HP. I know one exists if you sign up over the Net, or at home and so on, but not if you do face to face at the person or businesses place of trading. The links say the same thing.

I used to be self employed and changed cars regularly. The Rep was happy to come out and sign me for the cars at home, as that was my registered office. When I retired from the business, and my house was no longer the "office", they wouldn't do it anymore. I had to go in to them, or sign in at the dealers.

Let's face it, if such a thing existed, it'd make quite a few dealers bankrupt very quickly - car's a heap of junk? Take it back and walk away from it and the HP agreement. It'd be chaos, and the good dealers would suffer as well as the bad. People would change their mind all the time. Few would sell new cars on that basis either. Buy a new car, have it registered in your name, run it for 7 days and return it as you changed your mind. Nice for us, but not for a dealer...

Good luck anyway.

Cheers

[Edited by Toonman1 - 6/8/2003 6:57:00 PM]