cancelling a lease deal, finance documents not signed
cancelling a lease deal, finance documents not signed
Author
Discussion

rainagain

Original Poster:

330 posts

186 months

Thursday 30th March 2017
quotequote all
I agreed a lease deal, however I've had a change of circumstances which means it would be handy if I could cancel the deal.

I have signed an agreement with the lease agent however the car is delayed (delivery date ~June) so I have not yet signed the finance company agreement. It has been over 14 days since I signed my initial agent agreement, I have also paid an admin fee to the agent.

As I have not signed the finance documents could I cancel the deal and just lose my admin fee?

papa3

1,560 posts

217 months

Thursday 30th March 2017
quotequote all
rainagain said:
I agreed a lease deal, however I've had a change of circumstances which means it would be handy if I could cancel the deal.

I have signed an agreement with the lease agent however the car is delayed (delivery date ~June) so I have not yet signed the finance company agreement. It has been over 14 days since I signed my initial agent agreement, I have also paid an admin fee to the agent.

As I have not signed the finance documents could I cancel the deal and just lose my admin fee?
When you say "Agreed a lease deal" in one sentence then "I signed my initial agent agreement" in the next there is a great disparity in what you have done. It will depend on what you have signed to this point, what type of lease you have signed, whether it is personal or a business lease and who you are dealing with.


Monkeylegend

29,369 posts

261 months

Thursday 30th March 2017
quotequote all
Best to speak with the leasing agent, they will be in a better position to advise as they will have access to your agreement and the T&C's relating to it.

rainagain

Original Poster:

330 posts

186 months

Thursday 30th March 2017
quotequote all
Sorry what I mean is I found a deal through an agent and signed their form and paid them an admin fee.

They said they would send on the documents from the finance company, so I have not signed them as they have not arrived yet.

I looked through the agent form I signed it said I can cancel but I will be liable to pay any costs they have incurred to the finance company or the manafucter. However it doesn't specify how much these could be, which reads as a bit of a blank cheque.

Monkeylegend

29,369 posts

261 months

Thursday 30th March 2017
quotequote all
I am not sure anybody on the internet will know what these costs will be, but I am betting the lease agent will have an idea.

rainagain

Original Poster:

330 posts

186 months

Thursday 30th March 2017
quotequote all
I was more looking for other people's experiences. So if I have a rough idea of what to expect when I speak to the agent.

Monkeylegend

29,369 posts

261 months

Thursday 30th March 2017
quotequote all
Until you know what the lease agents says you will not know if you have a problem or not. They might well say you are ok to withdraw with no financial consequences?

Alternatively you would be better to post the agreement on here for the internet legal beagles to peruse if you want a reasoned answer. Anything else is just guesswork.

papa3

1,560 posts

217 months

Thursday 30th March 2017
quotequote all
rainagain said:
Sorry what I mean is I found a deal through an agent and signed their form and paid them an admin fee.
I suspect you will lose anything you have paid them.


rainagain said:
They said they would send on the documents from the finance company, so I have not signed them as they have not arrived yet.
If you haven't signed a Lease agreement then you don't have to take the car. They can't make you sign it.

rainagain said:
I looked through the agent form I signed it said I can cancel but I will be liable to pay any costs they have incurred to the finance company or the manafucter. However it doesn't specify how much these could be, which reads as a bit of a blank cheque.
You told them to do something, which they have done, and you want to cancel. Why should they suffer the costs? They can also look to recover any profit they would have made had the contract been completed.

You need to check with the agent.

Soov330e

35,829 posts

301 months

Thursday 30th March 2017
quotequote all
rainagain said:
Sorry what I mean is I found a deal through an agent and signed their form and paid them an admin fee.

They said they would send on the documents from the finance company, so I have not signed them as they have not arrived yet.

I looked through the agent form I signed it said I can cancel but I will be liable to pay any costs they have incurred to the finance company or the manafucter. However it doesn't specify how much these could be, which reads as a bit of a blank cheque.
So you're liable for their costs. It's dead simple!

Alucidnation

16,810 posts

200 months

Thursday 30th March 2017
quotequote all
Found a better deal elsewhere?