Is there a 14 day Cooling Off Period for Agreeing Car Finance?
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 vehicle if they change their mind about the vehicle.
You are also wrong in saying that deposit gets returned. The Right Of Withdrawal relates only to the balance to finance and allows customers to withdraw from the finance agreement. They have 14 days from receiving the signed (executed) agreement through the post and a further 30/31 days to pay the balance. There will be a daily rate of interest charged to the balance until it is paid. It is not a right we have to return a vehicle, which was the question from Tanya.
August 23, 2013
As you haven't yet taken delivery of the car i believe you are within your rights to call the finance company and inform them that you now don't wish to go ahead with the purchase due to the dealer taking 3 days to fix the issues with the car. Hopefully they haven't yet released the funds to the dealership. Do you have a copy of the signed finance documentation?
Just so you know we can often beat rates offered by car dealerships. If you wish please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel