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Buying A Car On Finance... Cooling Off Period? What About Number Plate Transfer?

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Found 25th Feb 2013
Hi All,

Bit of legal/financial advice please.

I bought a car on Sunday, through Finance, with my car as deposit/trade.

The ‘hand over’ is scheduled for Thursday and the finance has been accepted/agreed today.

However, how long have I got as a “cooling off period” or a right to cancel? I remember someone saying that you have 7 days after signing any contract – especially in a salesman style, as you could have felt pressured to buy – then walk away/wake up the next day feeling swizzed.

Secondly, I have a private plate on my car, if I take all my documents down to my local DVLA and transfer the plate onto certificate (as I wont own both V5Cs at the same time to be able to do a straight transfer) do they print you off a new V5 for the cars new identity there and then?

As I'm told I have to hand over the MOT and V5 when I drop the car off, but I want to give them the V5 with its To-be-declared new number plate on it.

Any help people?

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9 Comments

Banned

There is no cooling off period with car finance, you have however 14 days from signing the paperwork to cancel the finance agreement, in which case means you need to notify the finance company you want to cancel the finance agreement and then you get approx another 30 days to pay back (from the date you notify of your intention to cancel the finance agreement) the original ammount borrowed (plus interst for the time you have had the finance) to the financing company.

HOWEVER you still own the car, ie its not a case of you can cancel the finance agreement and hand the car back to the dealership.

With regards to the number transfer, let the dealership handle it all. DVLA will not print you a new V5 it comes in the post upto 6 weeks. I can gurantee you if you send the V5 off to dvla the dealer will insist you wait until the V5 is returned before you collect the car.

Its just easier to allow them to do the transfer, and believe me they will have done thousands before.
Edited by: "crebera" 25th Feb 2013

The dealer won't do the transfer. You'll need to wait for the new V5 before you can do anything. If the car is on finance (HP), it'll be a lot of hassle to get the private plate put on the new car since the car will be owned by the finance company. You'll have to transfer the no. plate to them to put it on the car, then re-transfer to you when you pay off the finance. It is quite long winded and the finance company would technically own the no. plate while finance is outstanding. It is simpler if you are buying a new car though but most dealers will leave it for you to sort out unless you have a local DVLA office nearby.

Banned

The Therapist

The dealer won't do the transfer. You'll need to wait for the new V5 … The dealer won't do the transfer. You'll need to wait for the new V5 before you can do anything. If the car is on finance (HP), it'll be a lot of hassle to get the private plate put on the new car since the car will be owned by the finance company. You'll have to transfer the no. plate to them to put it on the car, then re-transfer to you when you pay off the finance. It is quite long winded and the finance company would technically own the no. plate while finance is outstanding. It is simpler if you are buying a new car though but most dealers will leave it for you to sort out unless you have a local DVLA office nearby.



The dealer WILL do the transfer, in my time in the motor trade ive done many dozens of them... With regards to the private reg and the financing the dealer will (or at least if they know what they are doing and their sales admin are worth anything) will propose the finance application to the finance co with the private reg on the application.

The finance agreement is not active until you have signed the paperwork, which I am assuming you haven't done as you have only just been accepted. You may have paid a deposit though which is at risk if you don't go ahead with the deal.

So you will lose the deposit, as there is no official cooling off period, buyer beware with pushy salesmen!!

With the private plate, if it is a main dealer then they will happily change the plate over for you, but it is probably in your interest to do it yourself as it will take a lot longer for them to do it, because the new car will have to be taxed before you take delivery, and they can't tax it without the right paperwork and insurance cover etc.

Original Poster

Right, I queued at the DVLA and done the transfer myself. They said ill get the V5 back (fir my current car, with its new designation) in about 7 working days.

The Dealership has said I can still collect tomorrow, even without the V5, as long as I drop it in as soon as it arrives.

Which is quite trusting.

But they didn't offer to transfer the plate for me, but do you suppose it's because it would have cost them V5?

I have signed some finance bits, which I think we're just the application fir finance, which I'm now god has been accepted. But I haven't signed for receipt of the car, so surely finance couldn't have started yet - as they haven't given me anything yet.

The Therapist

The dealer won't do the transfer. You'll need to wait for the new V5 … The dealer won't do the transfer. You'll need to wait for the new V5 before you can do anything. If the car is on finance (HP), it'll be a lot of hassle to get the private plate put on the new car since the car will be owned by the finance company. You'll have to transfer the no. plate to them to put it on the car, then re-transfer to you when you pay off the finance. It is quite long winded and the finance company would technically own the no. plate while finance is outstanding. It is simpler if you are buying a new car though but most dealers will leave it for you to sort out unless you have a local DVLA office nearby.



The last 4 cars I've bought - the dealer have dealt with transferring my plate over.
Therefore, the rest of your post is moot

Edited by: "gizmouk" 27th Feb 2013

Original Poster

gizmouk

The last 4 cars I've bought - the dealer have dealt with transferring my … The last 4 cars I've bought - the dealer have dealt with transferring my plate over.



Have you asked/paid for this - or have they noticed the plate on the car and kindly said "We'll do the paperwork on that too?"

Just intrigued... If I was a car dealer, id probably offer to do paperwork for my customer to make the whole thing smooth.

Ive been running around like a headless chicken trying to keep this whole thing 'on time', yet you'd think as the customer - buying a £10k car, they should be bending over a little bit no?

Silhouette

Have you asked/paid for this - or have they noticed the plate on the car … Have you asked/paid for this - or have they noticed the plate on the car and kindly said "We'll do the paperwork on that too?"Just intrigued... If I was a car dealer, id probably offer to do paperwork for my customer to make the whole thing smooth.Ive been running around like a headless chicken trying to keep this whole thing 'on time', yet you'd think as the customer - buying a £10k car, they should be bending over a little bit no?



I've always traded one car in for the next, so they've seen the plate on it and offered to transfer the plates.

Hi all my son wanted to buy a car on finance but couldn't,(due to being only 19)my husband was asked to go guarantor but wasn't able to so the dealer asked me to put the car in my name to get the car.my son paid £100 deposit to hold car. We went down Friday evening to pick car up and for me to sign for an 11k car , Saturday morning I have woke up and relised what a mistake I have made i have already got a £12k and a13k car in my husbands name what can I do to give the car back and get me out of the finance agreement
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