Toyota23owner

Four years later !!! I'm researching the finance companies 56days interest blurb which isn't stated anywhere. I've googled it and this is one of the only threads I've come across which mentions it. So if anyone else is researching, the following may help. The wording of some respondants above is confusing. I think I know what they mean but they use the wrong terminology which I guess is the root cause of confustion. Terminating or cancelling or withdrawing etc from an agreement. In effect what this means is you no longer want the car, you're handing it back to the finance company. For example, perhaps you can no longer afford the repayments or some other circumstance has occured that you no longer want the car. 14day? UK law permits 14days 'cooling off' period. You can cancel the agreement up to 14days without penalty - hand the car back, that's it. After 14days you will incur additional financial penalties. From what I can see above, nobody wishes to cancel or withdraw from their agreement, although they may have wrongly said they did. Settling an agreement. This is where you want to buy the car from the finance compnay. ( the subject of this thread ). In that case the 14day rule is irrelevant as is paying the finance contribution back. The £2000 contribution was for taking out a PCP which you have done, therefore there is no requirement to pay it back. i.e. you've fulfilled your part of the offer. The reason I'm researching 56days is because that's what I'm now being told by Toyota customer services when I asked for a settlement figure. The point is, they make no mention of 56days when you sign the agreement. What they imply is they can arbitrarily set any fee they want - the actual wording they refer to in the T&C is "We may charge a compensatory amount..." but fail in any way to explain what that amount may be. They're implying this phrasology gives them licence to charge whatever they want. It's so ambiguous that customer services gave me false information when I first highlighted the issue and it's only when I questioned their calculations, this 56day rule materialised. Their settlement figure was just that - a figure. No breakdown of the loan to be repaid and the additional surcharge, no detail of how the surcharge is arrived at, simply here's what you owe us. Zero transparancy. Would have loved to know the outcome of @CTG's last post but as often with forums, posts are not followed up on. I find it hard to believe Toyota Finance would be niave enough to threaten to re-instate the agreement ( which without fully knowing the facts, sounds implausible ) but having seen first hand their cavalier attitude towards financial accountability, it certainly wouldn't surprise me. Hope that helps explain 'settlement' a little more.