Yes, the legislation states that you have the right to terminate any «remote» credit agreement – i.e. by phone, online or on a pop-up site – within 14 days of signing the contract. My nephew just bought his first car from Bristol Street Motors last Saturday. His parents put 3500 pounds in cash and the rest on finances. The car went home and noticed stones on the paint hood. Called the garage deal While you can terminate the credit agreement, the contract of the item or service itself is not affected. If you wish to terminate a credit agreement, the first step is to contact the relevant lender to inform them. It is recommended to do this as soon as possible, so call the lender directly, but also be sure to continue to do so by written correspondence. This ensures that there is a paper trail that you can track if you then need to refer to certain data and information. You have 14 days to terminate the credit agreement. Whether you threw yourself into your deal or found a better deal elsewhere, you should be able to terminate your auto finance contract for up to 14 days after signing on the polka dot line. This two-week period is called the «reflection period».
If you take out a loan or get a loan for goods or services, you can enter into a credit agreement. You have the right to terminate a credit agreement if it is covered by the Consumer Credit Act 1974. You can resign within 14 days, which is often referred to as «reflection time.» .