The first cooling-off period relates to the period of time you have to decide whether or not you wish to use Nationwide Vehicle Contracts brokerage service.
In order for Nationwide Vehicle Contracts to facilitate the agreement between you, the supplier, and the finance provider, a processing fee of £198, including VAT, is applied. This processing fee encompasses the expenses associated with orchestrating the sale, placing the vehicle order, securing the financing, and coordinating the vehicle's delivery.
In accordance with the regulations outlined in the Consumer Contracts Regulations, credit brokering agreements regulated by Nationwide Vehicle Contracts, which have been executed without any in-person interactions (such as over the phone or online), can be cancelled without any penalties and without the need for providing a specific reason, within a 14-calendar day period. This 14-day window for cancellation commences from the day you formally "accept" our quotation, acknowledge the Terms & Conditions, and review the IDD document. For online orders, this period initiates from the day you submit your order online.
It's essential to note that this legal entitlement extends to all regulated personal customers, sole traders, and partnerships with up to four partners. Agreements involving Limited Companies, Limited Liability Partnerships (LLP), and Partnerships with more than four partners fall outside the scope of regulation, thus exempting them from these particular rights.