for him-my son told them he was able to pay 200 a month-they offered him a car on sunday and he signed for it-now hes realised the payments are far more than 200 pound and theres no way he can afford it-the firm has said tough you cant change your mind now(he hasnt taken the car yet) can he do anything? please help if u know x
2007-02-22 05:06:47 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
PS he signed for it at the car shop so does he have a cooling off period?
2007-02-22 05:23:01 · update #1
the firm didnt give him the contract in the big envelope at the end but when hes rung up they are denying this
2007-02-22 05:48:25 · update #2
This transaction sounds as though it is caught by the Consumer Credit Act 1974. Under those provisions the agreement has to be signed on "appropriate Trade Premises". If the agreement was signed at your home it does not meet the criterion and thus it is cancellable - within a few days only. Act NOW and write/ phone the finance company - not the dealer - and see a solicitor.
2007-02-22 05:19:42 · answer #1 · answered by Duffer 6 · 0⤊ 0⤋
There is no cooling off period for finance signed on trade premises if it is HP In the key information section it states "You have no right to cancel this agreement under the Consumer Credit Act 1974, the timeshare act 1992 or the financial services distnace marketing regulations 2004.. He can however use a little known rule (Not on all HP agreements)which states that he has checked the goods over before signing. If he didnt and agree that he was happy he could possibly tell them to cancel it (Finance Company) I speak as having used these documents since 1979. If he fails to collect the car they could sue for loss of profit if it was a cash only deal however he can cancel the finance if you are hard enough on the dealer, mention linked agreements to him. Plus if the figures are on the sales contract are not the same as the fin. document he has a very strong case and I suggest he nips to Trading Standards.
2007-02-22 14:11:02 · answer #2 · answered by bwfcphil 2 · 0⤊ 0⤋
i think that if he has signed a finance agreement that you have a period of time where you can change your mind,think its 7 days.get in touch with the finance company and tell them that you do not want the car,also check the small print on the contract as it may state on there about cancelling it.hope all goes well
2007-02-22 13:19:43 · answer #3 · answered by lou 2 · 1⤊ 0⤋
he could not pick the car up and stop all direct debits from being taken at the end of the day they are in breach of contract he can change his mind as he has 14 days so he is well in his rights failing that i would seek some advice from a solicitor
2007-02-22 13:21:06 · answer #4 · answered by bubblyblonde_ladette 3 · 0⤊ 1⤋
Get off to Citizens Advice and Trading Standards pronto!
2007-02-23 14:35:52 · answer #5 · answered by Dimples 4 · 0⤊ 0⤋