Urgent - ACR Car Finance / The Fundin Corp - New Agreement / Cooling Off Period Pls Help

[masjntt]

Hi

 

My friend purchased a car from ACR car finance on saturday afternoon. Since leaving the premises and reflecting on the figures etc he realised he has made a big mistake. Also to top matters off there are now rumours of possible job losses at his place of work.

 

According to the CCA the finance co is a company called "the Funding Corp Ltd". The CCA looks enorceable as far as I can tell and from the research I have done it appears that because he signed the paperwork on the premises that he loses his rights under the DSR to have a cooling off / canx period.

 

I've also read that if you act quickly you can cancel/end an agreement but lose the deposit that you put down as a penalty clause. Can anyone please advise the best way forward to deal with this bearing in mind that time is of the essence.

 

Thanks x

[dx100uk]

cancel the lot its within the cooling off period, read the agreement.

 

ps

you've posted this in the mortgage section?

p'haps not the right place?

 

dx

[masjntt]

Hi

 

Thanks for your reply, i've looked at the T&Cs and it doesnt refer to a cooling off period, and ive read that you dont always get one with car hp tranasctions if the paperwork is signed on the premises.

 

I posted it here as its a secure loan but might try i a different forum too

Thanks x

[masjntt]

Hi

 

My friend purchased a car from ACR car finance on saturday afternoon. Since leaving the premises and reflecting on the figures etc he realised he has made a big mistake. Also to top matters off there are now rumours of possible job losses at his place of work.

 

According to the CCA the finance co is a company called "the Funding Corp Ltd". The CCA looks enorceable as far as I can tell and from the research I have done it appears that because he signed the paperwork on the premises that he loses his rights under the DSR to have a cooling off / canx period.

 

I've also read that if you act quickly you can cancel/end an agreement but lose the deposit that you put down as a penalty clause. Can anyone please advise the best way forward to deal with this bearing in mind that time is of the essence.

 

Thanks x

[42man]

I believe you get a 14 days cooling off period......check with Consumer Direct first - Consumer Direct

[masjntt]

Thanks 42 man x will have a look

[masjntt]

Have had a look at consumer direct but cant find anything specific to my query. If anyone else out there has any advice it would be greatfully appreciated x

[masjntt]

**UPDATE**

 

We rang the head office dept which deals with the finance and explained about the job loss and fact that wouldnt be able to make first repayment etc - they said they hadnt executed the agreement yet so were able to cancel the deal on this occassion providing the vehicle is returned by 7pm this evening so all in all a lucky escape !

 

Just thought I would post the outcome for anyone in a similar position in the future x

[Markiemark1]

You're right, there is no cooling off period as the Agreement was signed on trade premises. It isn't a secured loan tho!!! Will be up to the lender if they are happy to cancel the Agreement or not.

 

Mark