Car Finance

[Hettyjen]

My son today went into a garage and signed a finance agreement to purchase a new Ford Fiesta, with money off for scrapping his car. He got caught up in the moment with the salesman selling lots of extras, now he is unsure in he can meet the repayments. My question is can he go in tomorrow and cancel? Is there a legal cooling off period for this type of contract? They spelt his first name wrongly but he has sign, so I'm guessing that irrelavant?

[237SJ]

I`m pretty sure there is a 7 day cooling off period (14 days for remote selling) by law when you enter into a contract of this type. The CAB will be able to advise if you don`t get anywhere via Google.

[ll_billym]

Some good info on here..

http://www.which.co.uk/consumer-rights/regulation/consumer-credit-act#link-4

[Peter Pedant]

yeah I didnt want to say - in case I was wrong - that there should be a cooling off period....
in case I was wrong.

quig ! read the contract !

CAB are useful on this....

wrong name is irrelevant - the judge will say did you sign this ?
[ erm and the answer if he did should be yes ]

[Peter Pedant]

.

sorry re-read the question - car and finance agreeement

yes there should be a cooling off period that he should activate as soom as possible....

[Hettyjen]

Thank you all.It's cancelled! Did not have a contract and at this stage or even shown one. not signed credit agreement, although it had been set up ready for signature,only paid deposit and signed car order form. Luckily he had to go back with documents as this was scrappage scheme, which gave us parents time to bring him back to earth, lesson learnt, I hope on dealing with over zealous sale staff!

[Peter Pedant]

end happily
thank God for that

Lessons learnt
Since there has been no loss - hence no REAL LESSON - I think you can both son and parent discuss high pressure sales to both's advantage.
and both come out of this looking less like patsies


one of my frenz said glumly once ( more than once ) as you said Peter, they saw me coming.... clearly the end to that one was not as happy ( locked into a zero interest bond for two years )