New Customer - Welcome Finance

[ogradyph01]

Just bought a car from Welcome finance. After leaving the office with the shiny car (3 years old) I found I have paid over 3K more then the car was worth. Also there is a big dent on one of the doors which they assured me would get fixed this week. As off yet I have not heard anything and cant get hold of the guy.

 

Can anyone tell me if I have a cooling off period with them? Need to know asap as I have had it for 7 days on Sat.

 

Thanks

[rosiecotton]

If you signed it on their business premises, once you have signed a credit agreement or HP agreement and it has been executed (i.e. signed by or on behalf of the finance company) then it is unfortunately a legally binding agreement and you don't have a cooling off period.

 

There's nothing you can do about the price of the car either as you have agreed to pay this price in your contract.

 

However I would write to them about the dent and explain that it was a condition of the contract that this dent was put right, and give them a date by which to rectify this.

[mim22070]

I have always thought that on ANY contract you have a minimum of seven days cooling off period, I am pretty sure this is correct if so you will have to act before Saturday.

[rosiecotton]

No, unfortunately you don't have a cooling off period once the agreement has been executed, if it was signed on trade premises.

 

The exception would be if the finance agreement was signed off normal trade premises (i.e. in your home) in which case you get 5 days to cancel from the date you receive the signed second copy through the post.

 

 

Incidentally, you definitely don't have cooling off rights on all contracts - you don't have legal rights to return goods to a shop if you just change your mind, for example. Only certain contracts, such as those made online, would give you a cancellation period.

[mim22070]

Many years ago we purchased a car and the finance was through Welcome, I

definitely

remember there being a 7 day cooling off period (the contract was signed on the dealerships premises), though we never 'used' it. If in doubt check through your contract it should give details there somewhere, or phone Welcome.

[rosiecotton]

Of course if they do allow for a cooling off period in the terms and conditions then do make use of it - but they wouldn't have to do this. Have a read and see what they say.

[surreylad]

Maybe this may help. This is from the Directgov web site.

 

" When you buy goods or a service, you are entering into a contract with a supplier that cannot normally be broken. The supplier must deliver the goods or service and you must pay the purchase price. You cannot get out of a binding contract just because you change your mind.

 

Cancelling goods or services is not the same as rejecting faulty goods or unsatisfactory services.

 

 

 

If the goods or services you receive are not what was agreed, you can reject them immediately. For further information, refer to the factsheets Your rights - goods and Your rights - services.

However, even if the goods or services are not at fault, in certain cases you can cancel a contract, as listed below.

Consumer credit agreements

 

Always read the forms before you sign. If you don't understand them get help from a trading standards office or Citizens' Advice. Once you sign you can't change your mind - unless you sign at home or at some other non-business premises.

However, the Consumer Credit Act allows you to withdraw from the agreement before the creditor signs it. The time period is very short and once the creditor has signed the agreement it becomes 'executed' and you cannot then withdraw. To withdraw from a prospective agreement you must contact the finance company or their broker and inform them of your intention to withdraw. This can be done by telephone but always back it up with a letter confirming the withdrawal."

 

How to cancel

 

Consumer credit agreements

 

If you sign a credit agreement in your home (or anywhere other than on the premises of the trader or creditor) after face-to-face contact with the supplier, they must give you written notice of your cancellation rights. These should be written into the agreement that you sign and the supplier should give you a copy of this agreement at the time you sign it. You should also receive either a second copy of the agreement signed by the finance company through the post, or you should receive a separate notice of your cancellation rights. You then have five days from when you receive this second copy or the notice to cancel your agreement.

• Write to the supplier telling them that you are cancelling the agreement as you are legally entitled to do. You should also complete and return any cancellation slip provided.
  
• Keep a certificate of posting and keep a copy of your letter and cancellation slip.
  
• Keep any goods safe until they are collected.

[rosiecotton]

Yes, that's an extension of what I was explaining, thanks for posting that.

 

I would point out though that it's very unlikely you could reject the car because of the trader not fixing the dent as agreed. I would have doubts that a court would see this as reasonable. You would need to give them an opportunity to put it right, as I previously suggested.