Cooling off period

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Fri 30 Dec 2005 21:26
Cooling off period - highwayone
Hi,

I've just made a mistake.

I've paid a £200 deposit on a car from a non franchised dealer
for a 98/S Vauxhall Corsa Envoy 1.2 3D with 78K on the clock.

The sticker price was £1695, the Parkers guide is under £1200.

Does anybody know if the 14 day cooling off period would allow me to cancel the sale ?
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Fri 30 Dec 2005 21:34
Cooling off period - Bill Payer
Which 14 day cooling off period?
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Fri 30 Dec 2005 21:35
Cooling off period - blue_haddock
Generally cooling off periods only apply if you have it on some kind of finance agreement. It will pretty much depend on the individual trader if he gives you the deposit back.

The Parkers guide is strictly that though - a guide and to be honest not a particularly accurate one. If you are happy with the car and deal then whats the problem?
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Fri 30 Dec 2005 21:39
Cooling off period - Fullchat
Does not the "cooling off period" relate only to any agreement signed in your home or away from the point of sale??


Fullchat
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Fri 30 Dec 2005 21:44
Cooling off period - bell boy
you wouldnt get your £200 back off me ,but you would have signed a legal agreement when you gave it to me
£1695 doesnt sound extreme either
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Fri 30 Dec 2005 21:47
Cooling off period - highwayone

Thanks for the replies... I've just learned another valuable lesson...

I'm carrying on with the transaction... fool on !!
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Sat 31 Dec 2005 16:57
Cooling off period - P3t3r
It depends what the terms and conditions were really. The terms can vary a lot. Some places may be willing to do a refund, but man probably won't. If you can't get a refund you may be able to use the deposit on a different vehicle from the same dealer.

As somebody else has mentioned the Parkers prices are just a guide. I looked at parkers for my car, and it was about £900 for one in good condition, about £600 in bad condition IIRC. I then looked on autotrader, and saw one with higher mileage for £1000.
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Sat 31 Dec 2005 17:09
Cooling off period - DavidHM
There is only ever a cooling off period when you sign an agreement at your home (basically away from the trader's premises). This is to stop you from being browbeaten into submission by a double glazing salesman, etc., calling at your door and you sign anything just to get him to leave. Basically it allows you to invalidate an apparently good agreement so that there is no evidential burden in cases where the salesman has been oppressive.

There is no cooling off period for any finance agreement (although there may be for warranties) although you do have a right to settle early and only pay a maximum of two months' interest in doing so (plus any interest accrued to that point).

A despoit is just the first payment under the contract. It provides an incentive for the seller to hold the goods and prepare to perform his side of the contract whilst you perform the remaining part of yours, i.e., you pay the balance. You don't need to sign anything - your promise to take the car at that price is sufficient consideration to form your half of the contract.

£1,695 is the right ballpark for a 1.2 Corsa. Of 30-odd 1998 1.2 Corsas with sub 80k miles on the Trader, yours would be in the first 10 in ascending order of price. I'm not saying it's the best car you can get for the money but you've not been ripped off based merely on the price you've agreed to pay.
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