cooling off period

rubber fire · 14-10-2011, 12:24 AM

can anyone advise me if there is a cooling off period for signing to buy a car from a dealer as a mate signed to buy a car that is well over priced and is subject to finance it was a spur of the moment thing this happened this arvo
and if there is how long is this period

thank Steve

fou_bleu · 14-10-2011, 12:38 AM

Found this and didn't see anything - www.commerce.wa.gov.au/ConsumerProtection/PDF/Publications/Buying_a_car_May_2010.pdf

I don't know if there are laws for cooling off periods and if so are they company, state or federally set. Your friends best bet is to ring or visit the dealership (tomorrow, as in NSW the period appears to be 1 working day, http://www.fairtrading.nsw.gov.au/Co...buy_a_car.html) and ask them...

rubber fire · 14-10-2011, 12:48 AM

thanks 4RD4TW that link said it all cheer's for that

Turboconvert · 14-10-2011, 12:50 AM

am pretty sure for a private purchase from a car dealership the cooling of period is 24 hours..... dont quote me thou. He should have recieved some paperwork. Check that (I know I know it is tedious, but his rights should always be listed in the paperwork somewhere)

In Focus · 14-10-2011, 01:34 AM

From what I recall, you're buggered in WA. I seem to remember the words "There is no cooling off period" in big letters when I signed up for a car last year.

Maggot · 14-10-2011, 02:51 AM

On new cars there is no cooling off period. 2nd hand dealership you will get 24 hrs (WA).

Not many dealers are going to press you into the contract though, they WILL try and `bully` you.

Riksta · 14-10-2011, 08:40 PM

I thought there was a new law, 2 clear business days including Saturdays to cool off. Need to pull out in writing though, unless you've signed the "no cool off waiver".

Kryton · 14-10-2011, 08:56 PM

"Subject to finance"...............
Cancel the finance.

wrongwaynorris · 14-10-2011, 09:14 PM

Quote:

Originally Posted by davway

"Subject to finance"...............
Cancel the finance.

Read the contract , even if it is subject to finance the dealer can obtain finance on the purchsers behalf unless specifically stated otherwise by BOTH parties.

Kryton · 14-10-2011, 10:47 PM

Quote:

Originally Posted by wrongwaynorris

Read the contract , even if it is subject to finance the dealer can obtain finance on the purchsers behalf unless specifically stated otherwise by BOTH parties.

NO ONE can obtain anything in your name if you dont sign for it.

wrongwaynorris · 15-10-2011, 05:32 AM

Quote:

Originally Posted by davway

NO ONE can obtain anything in your name if you dont sign for it.

I reiterate , go and read an MTA contract .

chris siecle · 15-10-2011, 07:57 AM

Quote:

Originally Posted by Riksta

I thought there was a new law, 2 clear business days including Saturdays to cool off. Need to pull out in writing though, unless you've signed the "no cool off waiver".

You can't waiver your rights, no matter what they've got you to sign.

Pinkbits · 15-10-2011, 08:10 AM

Unless it is stated in the contract "subject to finance arranged by purchaser" or words to that effect, the dealer is entitled to obtain finance from whoever he chooses.

MNM96 · 15-10-2011, 09:36 AM

Quote:

Originally Posted by Pinkbits

Unless it is stated in the contract "subject to finance arranged by purchaser" or words to that effect, the dealer is entitled to obtain finance from whoever he chooses.

Unless you sign said finance contract, it does not matter where said dealer arranges anything.

Otherwise, get them to set me up a deal on a new Aston Martin and I will happily take it and never pay.

Pinkbits · 15-10-2011, 09:45 AM

I'm not saying that he is forced to accept & sign for said finance arranged by dealer.
If he does decline dealer sourced finance then i am sure the dealer is entitled to retain a % of the deposit.

MAV50L · 15-10-2011, 09:48 AM

The yard cannot force the OP's mate to take the car and complete the deal. They are legally entitled to keep his deposit and/or hit him up for a percentage of the purchase price of the car as damages.
If the purchaser doesnt stipulate that the finance is to be organised by them only the dealer can legally arrange the finance through any channel they want. If they can only secure you finance at 25% they can still do it and the contract is deamed to be withheld.
If you refuse to accept the finance and not sign the paperwork it is the same result as you telling them you just changed your mind. Deposit and percentage of the price of the car as compensation.
The only way "subject to finance" will get you out of a contract is if a dealer cannot secure you finance anywhere or anyhow. This doesnt happen very often. To be covered you either have to put down "subject to purchaser arranged finance" which most dealers wont accept or put stipulations in e.g interest rate to be below...% , weekly payments no more then $........... but they have to be realistic figures as well.