Assigned credit

This link has a twofold consequence:

  • you only start paying back after you have been delivered.

  • if you do not get the credit, the purchase is canceled (if the credit request is stipulated when ordering) and vice versa.

Most often, this type of credit is directly offered by the merchant where you make the relevant purchase (supermarket, car dealership, appliance store …): “auto credit”, “motorcycle credit”, etc … ; he is in charge of the formalities with the financial company with which he has agreements.

The loan agreement indicates the loan allocation, its amount, the interest rate and the repayment terms . Car buying is one of the most frequent occasions of affected credit. Other types of financing are now offered by car financing professionals in addition to “traditional” loans: lease with option to buy, guarantee of resumption at the end of the contract, etc.

You are not required to choose the credit institution that the merchant has designated you. Remember that you can always choose to take out an assigned credit with your bank. The seller can not refuse. Make sure that the credit agreement specifically mentions the goods or services financed by this loan. Study the different offers well.

The lender must inform you and check your creditworthiness

The lender must inform you and check your creditworthiness

Since the reform of the Lagarde law of July 1, 2010, the lender, or the seller who offers you a credit on the occasion of a purchase, must provide you with all the necessary explanations that will allow you to assess whether the credit that we offer you is well suited to your needs and your financial situation. Your attention should be drawn to the consequences of a possible default.

And before you give credit, the lender is required to check your creditworthiness. For this, he may ask you to provide various information. It has the obligation to establish, in writing, a fact sheet (called “dialogue form”) which mentions the amount of your income, your expenses and your debt for the loans which you would have already subscribed and in Refund course. This form is given to you and you must sign it by declaring on the honor the accuracy of the information communicated. For credits over $ 3,000, you must also provide proof of identity, residence and income. And now, the lender also has the obligation to consult the National File of Incidents of Repayment of Credits to Individuals (FICP).

You can request early delivery of the purchased goods

You can request early delivery of the purchased goods

As long as the withdrawal period of 14 calendar days, concerning the credit agreement, has not expired, the seller is not obliged to deliver the goods or to perform the service financed by the credit. However, you can, in writing, apply for an early delivery, that is to say before that date. The withdrawal period then expires on the date of delivery or performance of the service, but can not be less than three days.

The exercise of the right of withdrawal

The exercise of the right of withdrawal

You can reconsider your decision to borrow within 14 days from the day of acceptance of the loan offer.

If you have requested an early delivery of the purchased goods, the withdrawal period expires on the date of delivery or performance of the service, but can not be less than 3 days.

The contract of sale or the provision of services related to the credit agreement is solved (canceled) as of right. The withdrawal of the credit automatically terminates the purchase or supply contract.

In the event of delivery or immediate supply of the goods or the provision of services, the contract of sale or provision of services is canceled only if the retraction takes place within 3 days from the acceptance of the credit agreement.

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