I have bought an esc and motor from hobby power. The car seems to under preform as it cuts out with full acceleration. It is a 60a esc with a 5200kv motor I am using a 3300mah tamiya battery which is 7.2v this is in a hpi e firestorm. I think I may be underpower as at full acceleration I the servo also cuts out meaning I cant steer.

You probably have the lipo lvc enabled in the ESC's settings with what I would guess is an NiMh battery. Turn that off and try again. If that doesn't solve the issue, it is fairly ambitious to run that much motor on that little of ESC.

I have checked the instructions and it doesn't not have that setting

Did you calibrate the ESC? Also check the instructions to see if they require you to reverse the direction of your throttle on the Tx, then re-calibrate if necessary. Steering going out could also be caused from a brown out... is it cutting off when steering full lock or only when going straight? Maybe check the EPA is properly set for steering too so no excessive binding on the servo at full lock. Did you gear down with the higher kV motor? Could be drawing too much current from the ESC, was it a matched combo or did you randomly select the electronics?