Legal Article - Business Law

Financial Documentation

Most retailers will use documentation prepared by the finance/hire company. Having said that it is important to be aware that the wording and layout of financial documents are laid down in Regulations.

If agreements are not in accordance with the Regulations then they may be unenforceable. If agreements are signed off trade premises then different agreement documents are required and the customer has a cooling off period when they can back out of the deal.

When the agreement needs to be terminated then there are further documents and procedures, which need to be adopted.

If a motor dealer gets involved in consumer credit or consumer hire agreements it is recommended that they get armed with all the required documents, which are all available off the shelf.

 

Published: 16 Mar 2011

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