Is there a 14 day Cooling Off Period for Agreeing Car Finance?
August 14, 2014
Total cost of credit | £ 2000 |
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Total repayment | £ 2000 |
48
monthly
payments of |
£
245
98
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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.
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Hi, I've recently purchased (drove off the fore court yesterday) a new car. For no reason other than my own guilt at throwing £270 a month at a car, I'm looking at my options around returning the vehicle. I don't want to cancel the finance agreement if it
August 14, 2014
Yes, if you change your mind and no longer want to continue with your car finance agreement, you have 14 days to reject it. This time is also known as the cooling off period. Your 14 days start on either the day that you sign your agreement or the day that you received a signed copy it, whichever happened later.
And it’s not just car loans, a 14-day cooling off period applies to all regulated finance agreements.
If you no longer want to proceed with your agreement, the first step is to contact the lender as soon as possible They can then ask the car dealership to reverse the deal and return the funds to them.
It’s important to remember that ending your finance agreement doesn’t automatically mean you’ve also pulled out of your contract to buy the car. In that case, you’ll need to find another source of funds to purchase the vehicle.
If your circumstances have changed but you’ve already had your loan for longer than 14 days, then you could still have options. With a refinance loan, you might be able to lower your monthly repayments and extend your loan term. This type of car loan allows you to settle your existing finance and take out a new deal.
Found an issue with your car? We work with trusted community-rated dealerships and issues with vehicles are rare but, unfortunately, used cars can sometimes go wrong. If the worst does happen, contact the dealership straightaway. It’s also a good idea to put your complaint in writing so that you have a record of all correspondence. You can find out more about your right to repair or replacement in our guide.
Hi, My nephew has just purchased his 1st new car last Saturday from Bristol Street motors. His parents have put down £3500 cash deposit and the rest on finance. Drove the car home and noticed stone chippings on the paint work bonnet. Rang the garage deale
Asked by Paula thomas
August 14, 2014
I've ordered a brand-new car through a local dealer and I have been told that the car has been assigned to me. How am I placed in just changing the model of the car at this stage? I am told that when a dealer acquires a car, they have had to pay for it so
Asked by Toria McNelle
August 14, 2014
Hi, I signed papers for finance for a car on Tuesday and was told I could collect the car later on that night. However, due to the car needing work done, I still don't have a date to pick up the car three days later. I have seen a better car that would su
Asked by Gillian aird
August 14, 2014
Hi, i'm hoping that you can you help me. I purchased a car from Carcraft (west midlands) on 17 Jan 2014. I gave them a budget of £250 a month at the most and after finding a car they got back to me with a figure of £285 a month. OK i thought fair enough
Asked by Adrian Butler
August 14, 2014
Hi, I've just put a £1k deposit down on a new car, the deal is to trade in my current car which has reached the end of its 2 year finance deal and take another finance deal on the new car! I've changed my mind as I think the payments are too high. Can I
Asked by Emma Tate
August 14, 2014
Hi Rachel, your advice is not completely correct.
It is not called the "cooling off period" but the Right Of Withdrawal. Advice as you have given it causes confusion and often leads to customers, like myself, thinking that they can return a
Asked by G Jones
August 14, 2014
Hi There, i purchased a car on a whim yesterday and i have changed my mind. I can't afford to pay back the amount each month and don't want to pay back £2000 over 4 years on a £5000 loan. It doesn't seem right.
I feel really silly but wha
Asked by Tanya S
August 14, 2014
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