PCH 14 day cooling off period
Discussion
On the verge of completing a PCH deal (first time leasing), and just wanting to get things clear regarding the 14 day cooling off period.
Dealer #1 (who I'm ordering through) has told me that it's fine for the vehicle to be delivered within the 14 days, and the risk is with the lender if I decide to return it (for any reason I like), and they'll just be miffed if I've put 500 miles on it and decided I don't like it.
Dealer #2 told me that cars never get delivered before that 14 days to stop precisely the above happening, and this is a condition of the lender (same lender as dealer #1 is talking about)
That very same lender has told me that the 14 day cooling off is for the finance product, not the vehicle product, and therefore if I exercise my right to quit in 14 days then it's a matter for me and the dealer to sort out who owes what and where the liability on anything lies.
Obviously all very contradicting, I would like car delivered ASAP but just wanting to make sure I'm not going to get caught out anywhere here, so hoping someone can provide some wisdom.
Dealer #1 (who I'm ordering through) has told me that it's fine for the vehicle to be delivered within the 14 days, and the risk is with the lender if I decide to return it (for any reason I like), and they'll just be miffed if I've put 500 miles on it and decided I don't like it.
Dealer #2 told me that cars never get delivered before that 14 days to stop precisely the above happening, and this is a condition of the lender (same lender as dealer #1 is talking about)
That very same lender has told me that the 14 day cooling off is for the finance product, not the vehicle product, and therefore if I exercise my right to quit in 14 days then it's a matter for me and the dealer to sort out who owes what and where the liability on anything lies.
Obviously all very contradicting, I would like car delivered ASAP but just wanting to make sure I'm not going to get caught out anywhere here, so hoping someone can provide some wisdom.
Bit confused by that.
So say the car is delivered on day 10 and I decide I don't want it anymore, surely I can cancel it all and the finance arrangement is annulled. But you've made it sound like I must keep that car and pay the finance company the total balance of the finance deal? Or of the whole car?
So say the car is delivered on day 10 and I decide I don't want it anymore, surely I can cancel it all and the finance arrangement is annulled. But you've made it sound like I must keep that car and pay the finance company the total balance of the finance deal? Or of the whole car?
In the case of a PCH you are renting a car so if you opt to cancel the lease within the cooling off period then the car will of course need to be returned to the finance company.
If it has not yet been delivered then that will of course make life a bit easier.
Some finance companies will withhold delivery of the vehicle for the 14 day period, some won’t.
If it has not yet been delivered then that will of course make life a bit easier.
Some finance companies will withhold delivery of the vehicle for the 14 day period, some won’t.
OK I guess that's helpful to remember that at no point do I have any ownership of the car.
So I suppose there's no real liability on me at any point beyond any usage I might gain from the car before deciding to return it.
TBH the only reason I'd return it is if it turned up in anything but brand new condition, so I don't think I have anything at all to worry about.
So I suppose there's no real liability on me at any point beyond any usage I might gain from the car before deciding to return it.
TBH the only reason I'd return it is if it turned up in anything but brand new condition, so I don't think I have anything at all to worry about.
CSLM3CSL said:
The 14 day cooling off period is for the finance not the car. You can't return the car but you have 14 days to withdraw from the finance. To do so you would need to pay the finance company in full.
That might be the case for a finance product, i.e. PCP, HP, etc.However, the OP is talking about a lease which is very different as he won't actually have an ownership or registered keeper interest in the car.
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