un-wind finance agreement

[Tone69]

Hi there, could anyone explain in more details about the term of un-wind the finance agreement? Is this at the car dealerships discretion as to be able and willing to do this for you if you decide that you no longer want the vehicle within the 14 day period from when you signed the agreement? Are there any other options? Can the finance company do anything for you? Please help as I am worried sick as I cant afford the payments. I have finance already for another car through MotoNovo, I thought I was halfway through the agreement but mis calculated this, having only paid 48 per cent. Ive taken out finance with another company through a broker for another car now, then realised I still had money owed to MotoNovo, Id hastily VTd the car with them but Ive had to reverse that decision now, which they have accepted. So, now Im left with 2 cars and paying 2 finance agreements which I cant really afford to the dismay of my wife who now thinks Im mad. I have contacted the broker and the new finance company and made them aware of my situation, apparently the brokers customer service department are going to talk with the 2nd hand car dealer and try to persuade him to un- wind the agreement but you know what car dealers are like, once they have the funds thats it. I really dont want to be stuck with 2 cars that I cant afford and its making me sick with worry about how Im going to be able to pay this. Any advice would be much appreciated, thank you for listening to my stupidity

[jje93]

Have you taken delivery of the second car?

The 14 day cooling off period applies ONLY to the finance agreement. ie you can pay off the finance within the 14 days. It doesn't apply to the car. If you haven't taken delivery of the car they can't force you to take it as it is linked to a finance agreement.

[Tone69]

Have you taken delivery of the second car?

The 14 day cooling off period applies ONLY to the finance agreement. ie you can pay off the finance within the 14 days. It doesn't apply to the car. If you haven't taken delivery of the car they can't force you to take it as it is linked to a finance agreement.

Yes I did take delivery, I went through to the dealers and picked it up unfortunately.

[jje93]

Unfortunately this is a difficult one in that case. Especially if you have picked the car up from the dealership the distance sale regulations won't apply either.

I would imagine all you can hope for is goodwill off the dealership to unwind the deal and asking the finance company to put some pressure on if you explain you can't afford it. Have to bear in mind it is in neither's interest to cancel the deal. Good luck with it