I received a call from a car dealer last week, saying I was eligible for an upgrade. I purcased a car from them a year ago. So I went to look, found one I liked, but didn%26#039;t need, made it VERY clear that they needed to sell a vehicle %26amp; I didn%26#039;t need to buy one. We haggled over money, and we finally came to an agreement. The banks were closed, so the financing did not go through yet. I felt I was very clear at the time that if when the financing came back, if it wasn%26#039;t exactly what we agreed on, then no deal. They sent me home in the new car and I have been driving it for over 7 days. I keep calling to ask about the financing, but get nowhere. I finally called today to tell them I was bringing their car back, and would be taking my car back, as the payment is due this week. They told me that everything went through, but they are not sure what the terms are. I want to be prepared when I get there, if the terms aren%26#039;t what we agreed on, do I HAVE to take the car?
Auto Financing, when is it OK to say no deal %26amp; do it legally?
NO, if the terms change you will have to sign a new contract. So simply put just don%26#039;t sign it. Good Luck
10 yrs in the biz
Auto Financing, when is it OK to say no deal %26amp; do it legally?
if the terms are not what you agreed on then you have to sign a new contract. if you refuse to sign the new contract then the car can go back to them, or they have to go with the terms of the old contract. usually in most states dealers have 30 days to get you financed. and once you get financed the bank have 10 days to change their minds. but once you sign the contract and drive the car off the lot the car is yours, and the contract can not be canceled without the approval of the seller.
Auto Financing, when is it OK to say no deal %26amp; do it legally?
The terms should be in the paper work that they gave you when you signed on the dotted line.
If there were blanks left open on your copy and their copy is different than the one you have, then contact a lawyer.
The problem is sometimes the lawyer will cost you more than the dispute you are trying to settle.
I got lucky, I did some work on a lawyers Corvette, and when I told him my problem with a dealer, he took the case pro bono.
Just don%26#039;t delay on any action that you take. There is some legal term, which I forget the name, but it means that if you know something and don%26#039;t do anything about it, then that means that you have agreed to the deal. So act fast, and don%26#039;t delay with whatever you are going to do.
Auto Financing, when is it OK to say no deal %26amp; do it legally?
The real question is did you sign a contract? If you did then you have no recourse you own the car. If they are not telling you your rate or your payment ask them what bank it is financed with. You need that for your your insurance company to comply with the law. When they tell you the bank call them and ask for the terms that are on the contract.If they did not give you a copy of the paperwork including a copy of your contract. If you signed a blank contract I would not open the envelope until I am seated in front of an attorney and see what is in it at that time. It is against the law in many states to have you sign a blank contract.good luck.l
Auto Financing, when is it OK to say no deal %26amp; do it legally?
I would need to know more details to determine whether you entered into a contract. But if you are really serious about wanting to get your old car back then I would take the new car, park it at the dealership (right now), and mail them a letter with the keys telling them you %26quot;enjoyed the test drive but can%26#039;t afford a new car right now%26quot;. And if you still have the keys to the old car take it back home with you after you drop off the new car.
Most dealers wouldn%26#039;t go to the trouble or expense of filing a suit even if you pulled out of a valid contract. Now, if you have put a couple thousand miles on the car, then it may be another story.
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