Cousin bought a car 5 months ago in a finance agrement over 4 years costing £65 a week £17.50 of which is various insurances. His circumstances have now changed so can he tke the car back to where he bought it from and the agreement cancelled?
2007-02-24 21:16:45 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The only paperwork he has been sent is relating to insurance. There is nothing in the way of a finance agreement to review. The price of the car was £5000 but at £65/week he will be paying back £13200! I make tht n APR of about 30% My major problem with this is the fact that he can not read and he's certainly not good with numbers but yet managed to get himself in this position signing up for a contract he did not understand. Surley the garage that sold the finance should have some moral code to work by so this sort of thing does not happen.
2007-02-24 22:33:40 · update #1
You are only allowed about 14 days to completely cancel an HP agreement and return the goods without being liable to pay anything.
After that period if you want to return the car you can do so.
But your cousin will still have liability - for up to the total cost of the HP agreement less what he has paid, less what the car raises when resold. This will probably amount to thousands as the interest, insurances etc all form part of the agreement. The figures for the costs should be stated on the front of the original contract.
If there is any damage to the car, or it hasnt been kept in good condition, they can also make a charge for bringing it back up to saleable standard.
Your local cab should be able to give the finer points and help write the necessary letters.
You have to put in writing that you want to take the car back.
2007-02-24 21:40:55 · answer #1 · answered by jeanimus 7 · 1⤊ 0⤋
No I dont think he can they usually give you 30 days to take it back. As its been five months the car would have gone down in value a lot. The only way to get rid of the car would to either part exchange or to sell the car back to the company. He would make a big loss on the car. He might be able to cancel the insurances he would have to check with the company who he got hp from.
2007-02-24 21:33:05 · answer #2 · answered by claireisabel2007 1 · 0⤊ 0⤋
Read the Agreement. Really, it is that simple. Although all Agreements will be similar and within the law, there really is no substitute for sitting down and reading the thing. Even if he goes back to where he bought it, the chances of them knowing the answer and/or telling the truth are limited.
2007-02-24 21:28:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. Your mom has the stronger credit. She'll be the primary buyer. That's the only way the lender will fund the loan. If she doesn't sign, you don't have a car. Has she already filled out a credit app? She would have to in order for them to send her the contract. Or are they sending both to her? If you have a good relationship with your mom and she trusts your judgment, things should work out for you. But if they're sending both the credit app and the contract to her, I hope you called her already and discussed this with her. B/c is she gets both in the mail unexpectedly, s*** could hit the fan and you'll be out of a car. It's been my experience in dealing with situations just like yours that if the parent already filled out the credit app, most times they'll sign the contract too. Good luck.
2016-03-28 23:37:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Try contacting your local Trading Standards Office. If your brother has no written contract then they need to know about this garage. They may have already received complaints from other people about dodgy sales. Please make sure you have all paperwork relating to the sale before you ring them.
Alternatively the local Citizens Advice Bureau could advise on this as well.
Good luck.
2007-02-24 23:37:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i got a moped on finance the other year which i rode about twice? due to the fact i was frightened to death of it..i got in touch with the finance people and because i d paid off so much i returned it with nothing more to pay. bearing in mind though it was still in excellent condition.read your agreement policy,then give em a ring see what they come up with?
2007-02-24 21:37:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
congratulations on your cousins new car. he signed a loan agreement, he agreed to pay it back. the only way out is to sell the car and pay off the note.
2007-02-25 01:23:25 · answer #7 · answered by jay 7 · 0⤊ 0⤋
Get your cousin some legal advice, try the citizens advice
2007-02-28 00:02:10 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, it can but he may have to pay a little bit to get out
2007-02-24 21:23:21 · answer #9 · answered by kay 1 · 0⤊ 0⤋