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Edwin Miles. Underwriting Manager

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Can i cancel my car loan?

Hello, My grandson bought a car 3 days ago and has realised he can not afford the payments plus the insurance. He rang the garage to explain he will not be able to afford it they told him he can not return the car.

Posted by Peter Barnes on

Answer.

Hi Peter, did your grandson pay cash for the vehicle or take out car finance? If he took out finance there will be a 14 day cooling off period in which you can hand back the car and the deal can be un-wound.

Please call the finance company immediately and take advice from them. They usually liaise with the dealer to see what resolution can be found. The finance company will try and help you out as much as possible but the dealer needs to be an agreeing party too. Your grandson may well lose his deposit (if he put any into the deal). Good luck! Kind Regards, Edwin

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Question.

Hi, I have just got a Fiesta automatic on a 57 plate, the problem is i have only had it 2 weeks and the power steering pump is playing up, the air con doesn't blow cold air and 2 tyres are nearly at the legal limit. Also a brake light bulb as gone. When i told the garage aftersales team i didn't want the car and wanted to cancel they told me i can't cancel the deal. Is this true? It seems to me like she was playing for time!

Posted by Graham Franks on

Answer.

Hi Graham, you may well struggle to be honest. Did you buy the car for cash or on finance? If you bought the car on finance you have a cooling off period for 7 days in which if you change your mind you can hand the car back. The issue is you either handed over the cash or signed the finance agreement agreeing to buy the car. You obviously would have checked it over before buying i assume. However, the garage should be given the chance to put these things right before you demand to hand the car back. What have the garage said. Will they look at the car for you? Have you spoken to your finance company to see where you stand? Have a great weekend. Edwin

Posted by on

Question.

Hi, I bought a car on finance about 6 months ago. I have been fine with it until recently. Now due to family related issues I can't afford the car and afford to live (rent, bills, food etc). Is there any way to get out of a finance agreement even if they re posses the car? I have no idea what to do. I can't even afford to run the car at the moment. I have had to cancel the insurance and can't tax it and am still struggling with payments. Please help.

Posted by Stuart on

Answer.

Hi Stuart, the only option you have is to sell the car privately and use the proceeds to settle the finance. What is your car worth approximately and how much finance do you owe? You need to get an exact settlement figure from the finance company. Did you place a deposit or part exchange into the deal 6 months ago? Regards, Edwin

Posted by on

Question.

Hey there, my partner bought a car on finance last weekend. We got it on the Wednesday and within 24 hours found a fault with the passenger drive shaft nut that had sheered off. After a lot of hassle with the company we got a courtesy car for the weekend. Turns out tonight they ordered the wrong part. Both feeling really down and don't know where we stand. Lexi

Posted by Alexandra Knight on

Answer.

Hi Lexi, you have the right to withdraw from any finance agreement within the 14 day "cooling off period". However, this just relates to the actual finance agreement. The dealer is within his rights to try and repair the vehicle. If you really don't want the car this will have to be discussed with the finance company and the dealer to see if they are willing to send the funds back to the supplying finance company (un-wind the deal). There isn't any guarantee that the dealer will do this though but it is worth trying if you don't want the car. Kind Regards, Edwin

Posted by on

Question.

Hello, i have a car on purchase payment plan with Barclays Finance. We cannot afford the car now so could Barclays cancel the agreement and just take the car back with no further payments?

We have had the car a year, we do not work and my husband is disabled. Any info or help would be grateful. Could they stop the interest on the payments as that may help?

Posted by Laura Conlon on

Answer.

Hi Laura, thank you for your question.

One option you have is to sell the car privately or at a local dealer and then clear the finance in one payment. Barclays won't just take the car back however, you could try and call them to reduce the monthly payments or see if they could give you a payment holiday.

Good luck whichever route you choose. Kind Regards, Edwin

Posted by on

Question.

I have purchased a car from "Car Giant" 2 days ago and agreed to finance the car. When they gave me the rates I felt they were higher then what I had seen however they then started asking technical questions which then made me doubt myself and entered into the contract - stupid I know.

I now started checking again and actually the deals I've come across are £70 a month cheaper, as I have an excellent credit rating I know that I should be able to get similar rates to what is being offered. I would like to keep the car but how can I change the loan companies and the deal as I now feel like a mug? Look forward to hearing from you soon.

Posted by Aydin Duran on

Answer.

Hi Aydin, thank you for your question.

As your agreement is active and live the only way to get a better deal is to settle your existing deal even after such a short space of time and get a new one to replace it.

The process is quite simple. You can apply with us, get approved for the amount required to settle the finance and sign the relevant paperwork. We'd then send the funds directly to your current finance provider to clear the agreement so that you could start your new one.

We deal with many high street lenders (Barclays / Santander / Hitachi etc) so i'm confident we could beat the rates offered by the dealer. I hope this helps. Kind Regards, Edwin

Posted by on

Question.

Hi, I need your expert help.

I ordered a Nissan in June and paid the deposit. At the beginning of this month I managed to get the finance from Nissan and was told the car would arrive at the end of September this month.

Now I have change my mind. I don't want new car so, can I cancel the finance? I have not received and signed for any documents for the car or for the finance yet. Thank you

Posted by Elizebeth on

Answer.

Hi Elizabeth, thank you for your question.

If you haven't signed anything at all then you're not under obligation to collect the new vehicle. You may well lose any deposit placed into the deal though.

However, if you have signed an order form this is a legally binding document so please double check the situation. If you would like a used car on finance for cheaper monthly repayments we can obviously help. Once you're ready please make an application here and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

I bought a car at weekend traded mine in and paid rest on finance same day te car has got engine problems and the dealer is refusing to pay the repair costs . We have asked for a refund or our car back and he refuses this also. What can I do now? Thanks lee

Posted by lee grundy on

Question.

I entered into a HP agreement just over 4 weeks ago. I'm due to make my first payment in a few days but have realised I can't afford the payments, insurance or running cost due to a change of circumstances at work. I've contacted the finance company who have offered me 2 options.

1. They would sell the car at auction and and amount left could be paid over 6 months

2. Sell the car back to the dealer but any amount left would need to be paid immediately in one payment.

I was told that the amount they try to recover will be the cost of the car plus all interest costs and fees. Am I right in thinking it is the same as an early settlement so interest should not be collected?

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