Can I cancel HP contract for car, before collecting it?
You have a seven day cooling off period to cancel the finance part of the deal. If you do this, you still are legally bound to purchase the car using some other sort of funding. This could be another loan arranged by yourself but you must let the dealer know what you are doing. If you cancel the finance deal within 7 days you will not incur a penalty. But I repeat, you must still continue with the purchase of the car otherwise the dealer will be within their rights to sue you for breach of contract. If you no longer want the car, you had better get a good reason together and go and speak to the dealer who may let you out of the contract but be prepared to lose all or most of your deposit. Dealers are not charities and expect people to honour agreements, just like any other business.
