Can I Get out of a Contract of Sales?

mandarin on 20/01/2018 - 21:33
Last edited 21/01/2018 - 03:05 by 1 other user

In Sydney. Signed contract for a new car today but now having bit of buyer remorse. Wondering if it's possible to rescind from the contract withing a 'cooling off' period.

I was not going to get finance arrangement and was going to pay for it outright. But I read on the new fair trade website that…

"There is a ‘cooling-off period’ that applies if you purchase a car from a dealership and the dealership:
arranges your loan for the car, or
supplies application forms for, or a referral to, a credit provider. This is called a linked credit arrangement.
Under these circumstances only, there is a ‘cooling-off period’ giving you 1 day to change your mind. The cooling-off period begins when the contract is entered into and generally closes at 5pm on the next day that the dealer is open for business."

So would it not be possible to cancel the contract if I didn't have a loan arrangement?

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  bobbified on 20/01/2018 - 21:38

  +1

  Read the terms on the contract!

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  Butt Scratcher on 20/01/2018 - 21:42

  +4

  Did you read the contract? it should say what the penalties might be, it could be something as small as an admin fee, could even be subjected to finance, maybe forfeiture of the deposit.

  I hope u actually read the contract before you signed it, cause it kinda looks like you haven't

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  Iamnotcheap on 20/01/2018 - 22:01

  Did you have a subject to finance clause even if you were paying outright?

  If so, you can walk away on the basis that the finance you were going to receive was not favourable.

  With that said, my last car contract actually had a cooling off period as a standard term; which was 10 days or delivery of vehicle (whichever came first); delivery was when the car was registered to my name.

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  darthhasbro on 20/01/2018 - 22:02

  +1

  If you’ve signed a contract for the purchase of the car and it was not subject to finance or any other conditions then you are legally bound to proceed

  There is no cooling-off period on the sale of a new car. Make sure you are happy with the car and the terms of the contract before signing it or paying a deposit.

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  darthhasbro on 20/01/2018 - 22:03

  +1

  As everyone has already said, read the contract you signed….

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  theHMASfriendship on 20/01/2018 - 23:21

  Yes, death or insurance fraud

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  teacherer on 21/01/2018 - 08:41

  +1

  So what did the contract say?

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  Seraphin7 on 21/01/2018 - 09:40

  Read the terms of the contract. It will contain what options are available to you to get out of the contract. Note that "getting out" of the contract pay attract a penalty such as loss of deposit.

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  Iamnotcheap on 21/01/2018 - 15:15

  +1

  What was the verdict? Curious to know what the outcome was if you don’t mind sharing.

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  mandarin on 22/01/2018 - 12:50

  Reread T&Cs. Didn't look like there was a cooling period for non finance options. So going ahead with purchase.