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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have recently purchased a new car using a finance agreement.

Resolved Question:

I have recently purchased a new car using a finance agreement. I signed the finance agreement on Saturday 14th June and picked up the car on 21st June. Today the car had to be taken back to the dealer to repair a fault which first emerged 2 days after I took the car.

My understanding is that I have a 14 day cooling off period, but is this from the date of signature of the finance agreement or from collection of the car?

If the former then I have 1 day to go. I think I should ask for a new car. Would you advise me to cancel the agreement now while I have maximum leverage?

John
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Did you sign on the premises please?
Customer:

Yes I did sign at the show room

Customer:

Should I be doing anything?

Alex Watts : You may have a very short window of opportunity to exercise an additional right to withdraw from the deal if the creditor has not yet signed their part of the agreement. In these circumstances, you should telephone the creditor immediately to establish whether the agreement has been signed. If not, inform them you wish to withdraw. Make a note of what was said and the name of the person you spoke to. You should then confirm your withdrawal in a letter. Send it by recorded delivery and keep a copy.
Alex Watts : Can I clarify anything for you about this today please?
Alex Watts : Once you have withdrawn, this will also cancel any agreement for the purchase of the goods or services and you are entitled to a refund of any deposit you have paid. You should be aware however that many retailers are entitled to sign credit agreements for, and on behalf of, the creditor and, therefore, you would not be able to withdraw as it would be binding when signed by the retailer. In this scenario you are still able to exercise your 14 day cooling off rights to cancel the credit agreement, but you will still be obliged to continue with the purchase of the goods or services and will have to make alternative arrangements for payment.
Customer:

My assumption is that an Audi main dealer will have already countersigned therefore you appear to have confirmed my fear in that I will merely be ending my means of payment and then be embroiled in an argument on whether the goods (car) is fit for its purpose. For example if the car had a puncture it would temporarily be unroadworthy but this would not reasonably entitle me to a new car. Conversely if the engine blew up then it would entitle me to a new car. My problem will be between these two extremes. Perhaps I should insist on an independent expertto look at the car?

Customer:

Do you agree with my analysis? Or am I being too defeatist?

Alex Watts :

Sadly yes. However unless the car's engine is about to fall out you wont get a refund, you get a repair.

Alex Watts :

But yes you can get an expert to look at it

Alex Watts :

Can I clarify anything else for you?

Customer:

No I thonk that covers what I need.

Customer:

Many thanks

Alex Watts :

Great.

Alex Watts :

If this does answer your question might I invite you to rate my answer today

Alex Watts :

If the system wont let you please do say

Alex Watts :

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