I bought a car on finance yesterday but have changed my mind now. Can I cancel?
This sounds like an English Hire Purchase agreement. You will have noticed when you signed the form, there was a box left blank for someone else’s signature – the Executor. Until the Executor signs the form, the HP CAN be cancelled. The Executor must sign the original form, not a photocopy, fax or email. So that means the form must be posted. If you only signed yesterday, they shouldn’t have the form just yet, so hurry. EDIT – this is unclear – “buying on finance” sounds like you bought on HP – but you also say “4 year loan” which is something completely different. Legally, a loan is easier to get out of, and is just a matter of returning the loan amount within the time specified by the Consumer Credit Act. Ending an HP agreement is more difficult (provided the Executor has not countersigned it.
You can probably cancel the loan agreement, they have cooling off periods. but you cannot cancel the car purchase. they could buy it from you, but you have no right to cancel. The finance and the car are seperate contracts. If they are a decent company, they will moan but let you cancel. They might want to pay a bit of admin, if it is £200 I’d bite thier hand off, pay the money and be grateful i was able to walk away.
