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We have just signed an financial agreement to purchase a…

Customer Question
We have just signed...

We have just signed an financial agreement to purchase a car. The loan papers were not available to peruse before signing as the dealer wanted the car to be picked up today to meet their targets. As such the conditions on termination of the contract seem unreasonable and the rate was not discussed. We would like to know if there is a cooling off period to render the contract void. The finace company does not have a cooling off period clause in the cointract. Can you please advise whether this can be the case on the contract. Many thanks Steve

Lawyer's Assistant: What state is this in? And how old is the car?

Victoria. It is a brand new car purchased and driven away today at 11.15am

Lawyer's Assistant: Has anything been filed or reported?

Could you please ring me on 0407 095 234. I have just made an anonymous call to Toyota Finance and they have advised that there is no cooling off period. The finance amount is $77,500

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No. I have had a wonderful experience buying the car up until i realised that if i wanted to find a better rate, i was locked into the contract or pay an early release fee of 30%.

Submitted: 3 months ago.Category: Australia Law
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Answered in 1 hour by:
12/29/2017
Solicitor: Leon, Solicitor replied 3 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,243
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question today. I may ask a few questions. I can call you for an extra fee.

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Solicitor: Leon, Solicitor replied 3 months ago

Good Afternoon

Please accept my apology for the delayed response.

The loan does not have a cooling off but the car contract is always subject to finance.

If your finance is cancelled then you can terminate the purchase contract.

Because you have collected the car then any right you had to terminate has now expired.

The loan contract though should allow you to pay it out early and refinance.

They are not a draconian as they were.

If you have been mislead by the dealer when you took out the loan you can take them VCAT and seek compensation for any penalty you may have to pay as they have an obligation to explain the rate, penalties etc and they should have asked you to initial the clauses at the time.

Here is the law as it stands in all states of Australia

https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims

If you do not have the contract you have a right to get a copy and if they refuse to give it to you then you can lodge a complaint about them with Consumer Affairs.

Look for a new loan and you should be able to refinance and the bank should assist you but the loan agreement will be required and look for any penalty sections.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. I am happy for you to ask further questions on anything you wish more detail on.

Regards

Leon

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Solicitor: Leon, Solicitor replied 2 months ago

Good Evening

I am following up my last post.
Is there anything else I can assist you with, if so please let mw know.

Regards

Leon

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