Cancelling car agreement

[sunshinesandwaves]

Hoping for some advice.

At the weekend DH and I went car shopping. He found a car he liked and agreed a deal based on him part exchanging his current car and repaying the new one on PCP.

No deposit taken and new car was in a sister branch so has not been delivered to our local branch and won't be until friday.

We have realised that actually we jumped into something and this car won't be right for us in the future.

Could anyone shed any light as to what our cancellation rights are? The agreement we have to hand only mentions distance selling regulations relating to the car but I am assuming that we would be covered by a cooling off period for the finance agreement?

If you haven't paid a deposit I think you'll be fine. Contact the dealer as soon as you can.

I cancelled a PCP a few days AFTER buying a new car. I repaid the loan in full and got to keep the deposit contribution and the free services that came with the PCP.

Mind you PCPs are a legal scam, designed to keep motorists in debt to car manufacturers for decades. Use a bicycle until you can afford an outright purchase.