Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
This is my first time here and I am sorry if I am posting my message wrongly.
I have bought a car last weekend. Yesterday I signed the finance agreement. U suallu people are very happy when doing this but I was terrible nervous. Anyway, I would like to know if possible if I have the right to get my finance copy straight way as soon I signed it. The reason it is because I asked for my copy but they said it will be delivered by posr in two weeks. I could not read all details and now reading this forum I am even more scared. Do you know if I can ask for my agreement today or tomorrow? Id that true that it is possible to cancel this agreement in 5 days?
This is my first time here and I am sorry if I am posting my message wrongly.
I have bought a car last weekend. Yesterday I signed the finance agreement. U suallu people are very happy when doing this but I was terrible nervous. Anyway, I would like to know if possible if I have the right to get my finance copy straight way as soon I signed it. The reason it is because I asked for my copy but they said it will be delivered by posr in two weeks. I could not read all details and now reading this forum I am even more scared. Do you know if I can ask for my agreement today or tomorrow? Id that true that it is possible to cancel this agreement in 5 days?
Thank you all for helping
You bought a car last weekend but you signed the finance agreement yesterday? Was the finance arranged by the garage or did you organise it yourself?
Where did you sign the agreement - on the premises of the dealer / lender or in your own home? Who is the lender?
Please answer these and I will get back to you about the cancellation aspect.
Regardless of where you signed it you should have been given a 'pre-contract' copy of the agreement for your to read and consider prior to signing the main agreement and then a copy of the main agreement after you had signed it. Further 'executed' copies do follow in the post but this does not change the fact that you should already have copies of the agreement to refer to.
You bought a car last weekend but you signed the finance agreement yesterday? Was the finance arranged by the garage or did you organise it yourself?
Where did you sign the agreement - on the premises of the dealer / lender or in your own home? Who is the lender?
Please answer these and I will get back to you about the cancellation aspect.
Regardless of where you signed it you should have been given a 'pre-contract' copy of the agreement for your to read and consider prior to signing the main agreement and then a copy of the main agreement after you had signed it. Further 'executed' copies do follow in the post but this does not change the fact that you should already have copies of the agreement to refer to.
Hi Thank you for answering my questions.
I signed on the premises of VW dealer and the lender is VW Finance.The finance plan was arranged by VW dealer. Yesterday I went to collect the car and I asked for a photocopy of agreement. They gave me a copy but it seems to be missing pages. Well at least I could see figures better. It is mentioned that I can give the car back only when I have paid half of amount price. There is no mention if I decide to cancel right now. I believe is too late as I have the car. Unfortunately I found the interest high and I will pay more than 4000 pounds in interest. If I decide to bring the car back in one or two years, a big amount of money will be lost. I mean, deposit, fees, interest and car depreciation.
Unfortunately I found the interest high and I will pay more than 4000 pounds in interest. If I decide to bring the car back in one or two years, a big amount of money will be lost. I mean, deposit, fees, interest and car depreciation.
Surely these are things that should be considered before buying the car and entering into a finance agreement?
As an on-trade agreement you have no right of cancellation - this is correct. The law is designed to protect those who sign agreements in their own home - maybe under duress - and therefore gives them a way out if they have been taken in by bogus callers etc. If you sign on a trade premises however the law assumes that you have gone in there under your own steam and the choice was yours.
This is also a good thing if you consider the other consequences of being able to cancel on-trade agreements.
1. A motor dealer could order in a specific one off model/secification of car on behalf of a customer signing a finance agreement only to be stuck with it if the customer then cancels the agreement.
2. Suppliers of goods on credit would make us all wait 14 days before delivering the goods.
As to whether £4000 interest is a lot of money in relation to the agreement this is a matter of individual opinion and the rest of us cannot comment unless we know the amount of credit, the term, and the interest rate (which if it is VW finance probably won't be too bad).
If you intended to change the car after just a year or two then the most cost effective solution would be to choose the shortest finance term you can afford. Depreciation will still make this expensive though - that's the joy of car ownership
As an on-trade agreement you have no right of cancellation - this is correct. The law is designed to protect those who sign agreements in their own home - maybe under duress - and therefore gives them a way out if they have been taken in by bogus callers etc. If you sign on a trade premises however the law assumes that you have gone in there under your own steam and the choice was yours.
This is also a good thing if you consider the other consequences of being able to cancel on-trade agreements.
1. A motor dealer could order in a specific one off model/secification of car on behalf of a customer signing a finance agreement only to be stuck with it if the customer then cancels the agreement.
2. Suppliers of goods on credit would make us all wait 14 days before delivering the goods.
As to whether £4000 interest is a lot of money in relation to the agreement this is a matter of individual opinion and the rest of us cannot comment unless we know the amount of credit, the term, and the interest rate (which if it is VW finance probably won't be too bad).
If you intended to change the car after just a year or two then the most cost effective solution would be to choose the shortest finance term you can afford. Depreciation will still make this expensive though - that's the joy of car ownership
The figures above was just an example. My only frustration was the difference of interest. My old car was 9% and the new 13.5%. but it is something that should be checked before signing the deposit contract as told here. Anyway it is just an opnion.Thanks for the advise, it was very helpful.
Simple - you should have been given a copy of a 'pre contract' agreement.
This is a carbon copy of the finance agreement you signed. If they did not supply you with this they are in breach of FSA regulation.
You have no right to cancel the agreement now. If signed on trade premises there is no cooling off period. It's a legal binding contract.
Only one reason they never gave you a copy - they probably don't want you to read it - I wonder why??
Get back in touch with this outfit and advise them about what I have posted and see what response you get back - ask to talk with the sales manager - he will be fully aware of the process that does need to be followed.
Simple - you should have been given a copy of a 'pre contract' agreement.
This is a carbon copy of the finance agreement you signed. If they did not supply you with this they are in breach of FSA regulation.
You have no right to cancel the agreement now. If signed on trade premises there is no cooling off period. It's a legal binding contract.
Only one reason they never gave you a copy - they probably don't want you to read it - I wonder why??
Get back in touch with this outfit and advise them about what I have posted and see what response you get back - ask to talk with the sales manager - he will be fully aware of the process that does need to be followed.
Good luck!
Agrred - same as the point I made in Post #2. Just one correction though - its nothing to do with the FSA as they do not regulate consumer lending other than 1st mortgages.
The only people who may be interested are the OFT and it involves practice under a Consumer Credit Licence. Speak to the garage first though.
Several months ago, I went to purchase a car from a dealer, went through all the paper work, I was handed the agreement and told "Just sign in the box" I told the dealer I would like to take it away and read over and have it checked, the dealer didn't like this one bit, the manager came over, he said I wasn't allowed to take it away, but once I sign it i'd be given a copy to take away. So I sat at the dealers reading the entire contract, as I wanted to be sure of what I was letting myself into, and any get out clauses etc...
After 10 minutes, I still hadn't finished reading it, the salesman rudely said "You done, happy with it?, here's the pen".
Needless to say, I never signed it, but instead wrote across the agreement "VOID" And walked out.
Sales people don't expect you to want to read the contracts, instead its usually "You just need to sign here." And if you do want to read it, your rushed.
Some people don't like reading the agreement, but thats when problems occur, as the excuse "I never read it or understood it" usually isn't good enough if you start having problems in the future.
The moral of my story is... don't sign for or agree to something if you have any doubts or your unsure about the contents of what your signing, as it may come back and bite you on the arse.
Thanks
- Hobbie
-------------------------------------------------------- Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.
Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.
If my post helped you in anyway, please click on the scales to the left.
Simple - you should have been given a copy of a 'pre contract' agreement.
This is a carbon copy of the finance agreement you signed. If they did not supply you with this they are in breach of FSA regulation.
You have no right to cancel the agreement now. If signed on trade premises there is no cooling off period. It's a legal binding contract.
Only one reason they never gave you a copy - they probably don't want you to read it - I wonder why??
Get back in touch with this outfit and advise them about what I have posted and see what response you get back - ask to talk with the sales manager - he will be fully aware of the process that does need to be followed.
Good luck!
Interesting your comments John. When I asked for a copy of agreement. The responsible for the finance was surprised with my question and told me that he would check if he was allowded to do that. After a while he brought a copy of first page of agreement where is the price, interest and everything connected with payments and cancellation as I told here before.If I am not wrong the contract had more 2 pages or 3 total.
Well I understand I signed the agreement and I am not able to cancel as you guys explained me very well. My concerns now are if is something else like something wrong with the car. They said that I would have the agreement sent by VW finance by post in two weeks. Shall I wait for that? I remember my previous car agreement was very simple without any details.
Agrred - same as the point I made in Post #2. Just one correction though - its nothing to do with the FSA as they do not regulate consumer lending other than 1st mortgages.
The only people who may be interested are the OFT and it involves practice under a Consumer Credit Licence. Speak to the garage first though.
Reasonableron,
I will be checking the OFT if necessary. Thanks for that.
VW finance agreement
Reply With Quote
Re: VW finance agreement
Originally Posted by hmoliv
