car loans

[mgfboy]

I was just wondering , if car loans still need to be signed on the companies premises for them to be valid agreements?????

[BBoo]

Re: car loans

Copied and pasted from Trading Standards Website:


Signed at home:
You have a statutory right to a cancellation period if you signed your credit agreement away from the trader's premises, e.g. you signed at home and you talked to the seller about the deal face-to-face (rather than only on the telephone). The agreement should contain a notice of your cancellation rights.
When you have signed the agreement, it will be sent to the finance company for an indication of the company's acceptance of the deal by adding an authorised signature to the agreement and sending you a second copy through the post. The cancellation period runs from the date you signed the agreement and ends five days after you received either the second copy signed by the creditor or a separate notice of your cancellation rights. In such circumstances, it is essential that you act quickly and notify the creditor immediately, in writing, that you wish to cancel. If you have not been given notice of your cancellation rights, the agreement is unenforceable. Keep copies of any correspondence you send and obtain proof of postage.
When an agreement and any linked transaction are cancelled, you are entitled to have any deposit you paid returned.
If you have entered and then cancelled an agreement, you do not have to pay interest on money received if it is returned within a month of cancellation or, if the credit is repayable in instalments, before the date of the first payment.
If you have received goods financed through an agreement, which is subsequently cancelled, you are obliged to take reasonable care of them and not dispose of them until they are returned to the supplier.