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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can i cancel my hire purchase agreement?

Hi, I have taken a hire purchase agreement but refused the vehicle and the dealer is to pay the finance money back to the lender as i cancelled within the cooling off period.

As my credit rating is shown as poor (705) do i have to wait before applying for finance on a more suitable car?

Posted by Jo on

Answer.

Hi Jo, you are well within your rights to apply for car finance straight away as the agreement will be cancelled as soon as the dealer sends the finance advance back to the finance company. I would check that this has been done first though.

Just to confirm - Did you cancel the agreement within the 14 day cooling off period? Also did you sign the original documentation on the dealers premises or did you sign the agreement at home and then send it into the dealership? I ask as if you signed at the dealer there may well be a financial penalty as the contract you signed is legally binding.

Once this issue has been resolved i'd be reasonably confident in getting you approved for a car loan as you have a fair credit score - you can then choose another car from any dealer of your choice. I hope i haven't unnerved you but i wanted to check that the old deal is 100% cancelled before you try and enter a new one.

Please apply when you're ready and if accepted with us we provide a no obligation quote and you can buy a car from any dealer. Looking forward to your response. Kind Regards, Edwin

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Question.

I have signed on the dealers premises, i havent had a test drive. I want to cancel the agreement. I signed today at 4pm. I believe i have jumped in far too quickly. Will i have to pay a penalty and how much?

Posted by Trasi on

Answer.

Hi Trasi, i'd advise you speak with the dealer and the finance company immediately to see if you can cancel the agreement before it is funded.

Also, i assume that you haven't taken delivery of the vehicle which puts you in a greater position of strength. If you signed an order form / invoice to purchase the car and have paid a deposit you may well lose this. Kind Regards, Edwin

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