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Thread: Advice please

  1. #1
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    Advice please

    I want to cancel my Audi fiance agreemet?

    I signed the papers 1500 hours saturday , and phoned them up at 1200 sunday to cancel the fiance , salesman said he needs to speak to his boss who will be in today.

    1530 hours today they ring me up saying i can not cancel as it's leagally binding, and it became live when i signed the papers!

    I have yet to receive any moneys or the car!

    The ID i used was of my old address, ive just moved!

    Any help please?

    Thanks

    p

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  3. #2
    JohnS3's Avatar
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    By law there is a "cooling of period" for all financial products. Speak to your local CAB (citizens advice bureau) for advice.


  4. #3
    marriedblonde's Avatar
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    Thats what I was about to say... I thought they all came with a cooling off period!

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  5. #4
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    Can you explain Cooling off !

    p

  6. #5
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    Quote Originally Posted by phantom
    Can you explain Cooling off !

    p
    Time to change your mind and cancel without penalty.
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  7. #6
    Amchlolor's Avatar
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    From Autotrader's finance section.

    Is there a cooling off period with credit agreements?
    There will normally be a cooling off period of a couple of weeks in which you will have the opportunity to think about the conditions of the loan. You lose this right if you sign the documents on the dealers premises however.
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  8. #7
    JohnS3's Avatar
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    You have up to 14 days to change your mind. In case of high presure sales techniques.

    Check your copy of the paperwork, you may find that you have to write to the loan provider (which may not be the dealer) to set the wheels in motion. I'm no expert, but the CAB will certainly tell you where you stand. Give em a call!!


  9. #8
    JohnS3's Avatar
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    Quote Originally Posted by bowfer
    From Autotrader's finance section.

    Is there a cooling off period with credit agreements?
    There will normally be a cooling off period of a couple of weeks in which you will have the opportunity to think about the conditions of the loan. You lose this right if you sign the documents on the dealers premises however.

    Didn't know that!


  10. #9
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    It is only certain credit agreements that are cancellable and usually credit agreements, which you sign in the dealers, are non-cancellable. You need to read over your credit agreement very carefully to see if it says anything about a right to cancel. If it does not say anything about cancellation rights then the only way you might get out of this contract is if the agreement has not been “executed” that is signed by, or on behalf of, the finance company. If the dealer has just signed as a witness and not on behalf of the finance company then, if you move quickly and contact the finance company, you may be able to withdraw your application before they have actually accepted it. However if the dealer has signed the agreement on behalf of the finance company then it is binding and you do not have the right to cancel it.
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  11. #10
    Amchlolor's Avatar
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    Quote Originally Posted by JohnS3
    Didn't know that!
    Neither did I...
    Evidently why they push, push, push to sign up on the day.
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  12. #11
    JohnS3's Avatar
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    Mmmm, commision on the finance perhaps.....


  13. #12
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    Quote Originally Posted by JohnS3
    Mmmm, commision on the finance perhaps.....
    They definetly get commision on finance and in my experience can rarely beat the internet deals, the main benefit being convenience as car credit is generally easier to obtain than personal credit.

    I'd speak again with the dealer, explain you still want the car but not the finance and I'm sure they could help out, make sure you speak to the dealership manager who will just want a quiet life.

    Good luck
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