Car finance 14 day cooling off period

[Guest]

Hi,

I'm wondering if someone can help.

I've signed a car finance agreement with Moneybarn 2 days ago. They've yet to pay the dealership and I haven't picked up the car yet either.

Can I cancel my agreement? Will there be any penalties for this?

Thanks

[R0b]

If its in person you can cancel the finance agreement but you will still be liable to pay the balance of the car to the dealership unless they agree otherwise.

If you signed your contract online or not in the dealership then it would be considered a distance contract and you'd have your 14 day cancellation rights.

[Sefaraah]

Thank you for this.

Everything was signed online - the contract with the finance company and also the broker. I'm just a bit concerned because I signed the attached online as well.

Before doing so, I called the broker to query it. I told him that I wasn't at the dealership with the car yet so I couldn't sign to say that I was, but he said it was fine, because of COVID-19, they were doing things differently so I should just sign it and send across a copy of my drivers licence and a selfie - both of which I did.

So does it count as signing online or at the dealership? Will I still be liable for payment from the dealership and possibly the broker too?

Thanks.