Can You Cancel Car Finance Within 14 Days

Ariana

12 May, 2019

Did you obtain the finance through ourselves. You can cancel your vehicle order with the dealer but you dont automatically have the right to get your deposit back.

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So if you use credit to finance the purchase of a car for example you can withdraw from the credit agreement but you would still need to pay for the.

Can you cancel car finance within 14 days. If you have already taken delivery of the car than you cant simply return it. How to cancel a contract without being penalised to ensure youre not penalised for cancelling a contract cancel within the cooling off period. Hire purchase is a type of borrowing where you agree to pay instalments on an item but you dont own the item until youve paid off the.

Under the consumer credit act you have 14 days to withdraw from a. You are correct than you can cancel the finance agreement within 14 days however this does not cancel the purchase agreement. Depending on the circumstances you will probably lose your deposit but there are unlikely to be any further costs.

If thats the case you can cancel the finance agreement within 14 days. There is no cooling off period with car finance you have however 14 days from signing the paperwork to cancel the finance agreement in which case means you need to notify the finance company you want to cancel the finance agreement and then you get approx another 30 days to pay back from the date you notify of your intention to cancel the. Our regulation pages help you arm yourself with knowledge of your consumer rights so you know what youre.

Our step by step guide helps you avoid hefty penalty fines. You can cancel and return something youre paying off through hire purchase at any time but you might owe money to the company you bought it from. If you have signed the order form at the dealership however technically the dealership isnt obliged to take the car back unfortunately.

Have a read of this article about changing your mind after buying a car. If so and you are still within the 14 day cooling off period you would be able to cancel the finance deal with us.

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