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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43288
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Purchased car from car yard Signed contract under 24hrs ago

Customer Question

Purchased car from car yard Signed contract under 24hrs ago Cannot afford repayments.
Traded car. What can we do legally as far as pulling out of contract and getting back our car we traded in.
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Was the contract subject to finance and did the dealer refer you to the finance company? If so you have 24 hours to change your mind

http://www.fairtrading.nsw.gov.au/ftw/Consumers/Motor_vehicles/Steps_to_buying_a_car/Before_you_buy_a_car.page

If not I am sorry to say that you cannot do anything.

If this happened yesterday you can cancel today if they referred you to the finance company in their offices.

The link I have provided you with is detailed on the cooling off. If you cancel under the cooling off you get your car back and any deposit you paid and do not lose anything.

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

Customer: replied 1 year ago.
We did finance from car yard. Did not have to but was informed about who they finance loans with. I continually asked the finance person what percent the loan loan was going to be but they would not provide an answer. All of this happened in 1 day. We paid $500 holding deposit and loan was approved the next day. Stupidly signed contract
Expert:  Leon replied 1 year ago.

Good Morning

If you signed yesterday you can back out under the cooling off.

You have to go and see them today first thing.

I hope this is clearer?

Expert:  Leon replied 1 year ago.

Good Evening

I am just following up my last post.

Are you in need of further assistance?