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I signed a lease agreement several days ago but have since changed my mind and I want to buy the car outright in cash instead. I haven't taken possession of the leased car yet. Can I cancel my lease agreement?
Hi there,
You have the legal right to withdraw from a lease agreement within 14 days of signing the initial agreement ordering a leased car.
However, it is very important that you carefully review the agreement before you sign. Some unscrupulous car dealers and lease agents include a purchase agreement in or alongside the lease agreement.
This secondary agreement or clause usually stipulates a form of purchase (at residual value at the end of the lease, for example) and unfortunately the 14 day withdrawal period does not apply to car purchases.
Some car dealers or leasing agents include clauses in the initital lease agreement obligating you to pay a penalty if you change your mind about the lease. This is illegal and you should make them aware of your right to a 14 day cancellation period.
Always check if a purchase agreement clause is included. Unless you are absolutely sure that you want to go ahead with a lease, do not sign up for lease agreements which do not let you terminate within 14 days without paying a penalty.
As a general rule, buying a vehicle upfront in cash or using a personal loan normally works out cheaper than leasing.
Best regards from Moneyguru
More on this topic:
The costs of leasing explained
Car leasing calculator
Personal loan comparison
Residual value explained
