Consumer Credit Act 1974 - Cooling off period following contract amendment

[dixon1983]

Hi,
I hope someone can help.

Can a recently extended car lease be cancelled within the 14 days cooling off period as per the Consumer Credit Act 1974? (revert back to the original contract)

My wife recently extended her contract to allow for delivery of her new car. This has subsequently been brought forward meaning she no longer requires the extension. We have notified the lease company of this in writing within 14 days of signing the new contract but are being told the act doesn't apply to contract extensions, only new contracts. The terms have changed, including duration and monthly cost.

The amended contract we have received states the contract falls under the 1974 act.

Any advice would be greatly appreciated.

Thanks.

[R0b]

Hi

Sounds about right, because a variation is classed as a 'modifying agreement'. However, if it did apply, the cooling off period may not be what you think under the CCA because you are effectively ending the arrangement but accelerating the payments under that agreement - you don't get to walk away scot-free, rather the lease company will invoice the full amount due to be paid within 30 days - lose lose situation either way.

Also, was the extension done in the presence of the lease company or someone acting on their behalf?

[dixon1983]

Thanks for the response.

The extension was done online via the lease companies online portal. A credit check was performed as part of the contract amendment process with new contract documentation being made available afterwards.

We were hopeful we could revert to the original contract as circumstances had changed within a short period.