When should I sign the finance agreement

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This topic contains 2 replies, has 2 voices, and was last updated by  Ellie 2 years, 8 months ago.

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  • #65652 Reply


    We are in the process of buying a new car from Toyota on PCP. They have asked us to go and sign the hire purchase finance agreement – the car is due for delivery in about 1 month.

    I feel nervous as I expect we should have the right to reject the car etc when we collect it if the new car isn’t right (ie arrives with body work damage or engine failure). The hire purchase agreement has a 14 day withdrawal clause.

    My question is when should the finance hire purchase agreement be signed normally – should I ensure it is not more than 14 days before collection?

    Much appreciate any advice.

  • #65654 Reply
    Stuart Masson
    Stuart Masson

    Hi Ellie. In theory, the contract shouldn’t be activated until the finance company pays the dealership (which is usually the day of delivery or the day before), and you have 14 days from then to cancel.

    However, I would sign the agreement no earlier than 48 hours before collecting the car. There is no need for you to sign it any earlier than that, regardless of what the dealer may tell you.

  • #65664 Reply


    Thank you! Appreciate that.

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