I bought a car on finance yesterday but have changed my mind now. Can I cancel?
I made an impulse buy, tying myself to a 4 year loan to finance the car, without really thinking how I could afford the repayments. And now I've realised I can't afford them am wanting to cancel, I am due to pick the car up today.
Public Comments
- i think you can cancel but you might have to pay a small fee - better than being tied down to a huge loan though!!!
- You have a legal cooling off period. Just call them and tell them you have changed your mind. Or get it and just don't pay, you might get to keep it for about 6 months.
- It might be too late. If you are due to pick it up today then I guess you have already signed all of the contracts and a finance agreement. You might be able to sell back the car (at a loss), but the finance company will almost certainly charge you for an early repayment...
- if you have not taken delivery you may be able to get out of the contract... good luck....
- i also think you can. i belive theres a 30 day time frame to return it but you would have to pay a fee.
- This sounds like an English Hire Purchase agreement. You will have noticed when you signed the form, there was a box left blank for someone else's signature - the Executor. Until the Executor signs the form, the HP CAN be cancelled. The Executor must sign the original form, not a photocopy, fax or email. So that means the form must be posted. If you only signed yesterday, they shouldn't have the form just yet, so hurry. EDIT - this is unclear - "buying on finance" sounds like you bought on HP - but you also say "4 year loan" which is something completely different. Legally, a loan is easier to get out of, and is just a matter of returning the loan amount within the time specified by the Consumer Credit Act. Ending an HP agreement is more difficult (provided the Executor has not countersigned it.)
- Yes you can change your mind in that short a space. You do have a cooling off period which maybe 7 days so you are well within it. Simply go to the sales room and just say that with working your finances out you can no longer afford it and your sorry to mess them around. They may cancel the finance agreement for you or you may need to contact the finance company directly yourself however your account will be closed when the dealer confirms to the Finance company that they have got the car and not you.
- Since you have not yet picked up the car you might be able to. Call them ASAP and go in and tell them you have changed your mind. Find out the name of the finance company, get their phone number and call them immediately. Write down date, time and names of people you talk to. This may be very important. You might have a 3 day option to cancel. DO NOT ACCEPT THE CAR - DO NOT EVEN SIT IN THE CAR - UNLESS YOU DECIDE YOU WANT IT.
- Your statutory rights in the uk are 28 days - you can waltz on in there & tell them you have changed your mind & shouldn't have to pay anything admin or not - i'd phone because if you are that easily persuaded you'll probably still leave with the car - these people are comissioned & fearless!
- Am not sure.... have a try. Or sell it to someone.
- haha, you are screwed!
- Did you ask for extras, this can add to the cancellation costs. Sorry to hear of your situation but I'm sure you are not the only one!
- You can probably cancel the loan agreement, they have cooling off periods. but you cannot cancel the car purchase. they could buy it from you, but you have no right to cancel. The finance and the car are seperate contracts. If they are a decent company, they will moan but let you cancel. They might want to pay a bit of admin, if it is £200 I'd bite thier hand off, pay the money and be grateful i was able to walk away.
- If you are in the USA, no. Car sales are final and there's no law that allows a buyer to cancel a deal. If you are in the UK or elsewhere, I have no clue.
- There is no legal cooling off period (as per the Federal Cooling Off Law, which doesn't cover houses or cars). It might be too late.
- you have a 14 days to change your mind on anything you buy.................
