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JGM
JGM, Solicitor
Category: Law
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Experience:  30 years as a practising solicitor.
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My daughter signed a financial agreement for a car last monday

Customer Question

My daughter signed a financial agreement for a car last monday (2 weeks this coming monday) She has contacted the garage to say that she no longer wants it and can't afford it. They have said she still needs to pay the finance? is this correct pleaqse as they are saying the car is now pre registered. She told them she didn't want the car on Day 6.
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.

You have a 14 day cooling off period in which to change your mind and cancel a credit agreement.
You have to repay the amount borrowed along with any interest that’s accrued up to the point at which you cancel.

The 14-day cooling-off period starts from the day the agreement is concluded or if later, from when you receive a copy of the agreement.

While the credit agreement can be cancelled, the contract for the item or service itself won't be affected so in this case where she used credit to finance the purchase of a car she would need to find some other way to pay for it unless she has some other right to cancel the main contract. She would have to look at the contract for th purchase of the vehicle to find that out.

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