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auto dealership contract

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R

roxy

Guest
I want to know what my rights are pertaining to buying a vehicle how much time is allowed for the dealership to try to change and renogotiate an already signed contract.
My situation is as follows..... My husband and I traded in our car and got a different car we left with all the forms and contracts signed by us and the dealership. The car we traded in has since been paid off by the dealership. Now it's been almost two weeks and they are calling us saying that we are not approved at the original signed interest rate and have to come back in. I know that the consumer has only 72 hours to change their mind, what about the dealership?
 


I AM ALWAYS LIABLE

Senior Member
roxy said:
I want to know what my rights are pertaining to buying a vehicle how much time is allowed for the dealership to try to change and renogotiate an already signed contract.
My situation is as follows..... My husband and I traded in our car and got a different car we left with all the forms and contracts signed by us and the dealership. The car we traded in has since been paid off by the dealership. Now it's been almost two weeks and they are calling us saying that we are not approved at the original signed interest rate and have to come back in. I know that the consumer has only 72 hours to change their mind, what about the dealership?

My response:

First of all, you're totally wrong about 72 hours for a consumer to change their mind when it comes to buying a car. You're thinking about the "Home Solicitation Sales" law. That law does not apply to car buying, unless the salesman came knocking at your door and convinced you to buy a car. If you went to the dealership, then once you set pen to paper, you bought a car.

Second, if you look at your contract, it says that the sale is contingent upon you or the dealer obtaining a loan for you. If financing is unavailable to you through the dealer, then you are required to find financing and pay the dealer. If you can't, you must return the car. The contract is void due to a "failure of contractual consideration" - - that means, when no money has been given to the dealer for the purchase price in the contract, the contract is void. RETURN THE CAR or they could report it as stolen.

IAAL
 
R

roxy

Guest
I AM ALWAYS LIABLE said:
roxy said:
I want to know what my rights are pertaining to buying a vehicle how much time is allowed for the dealership to try to change and renogotiate an already signed contract.
My situation is as follows..... My husband and I traded in our car and got a different car we left with all the forms and contracts signed by us and the dealership. The car we traded in has since been paid off by the dealership. Now it's been almost two weeks and they are calling us saying that we are not approved at the original signed interest rate and have to come back in. I know that the consumer has only 72 hours to change their mind, what about the dealership?

My response:

First of all, you're totally wrong about 72 hours for a consumer to change their mind when it comes to buying a car. You're thinking about the "Home Solicitation Sales" law. That law does not apply to car buying, unless the salesman came knocking at your door and convinced you to buy a car. If you went to the dealership, then once you set pen to paper, you bought a car.

Second, if you look at your contract, it says that the sale is contingent upon you or the dealer obtaining a loan for you. If financing is unavailable to you through the dealer, then you are required to find financing and pay the dealer. If you can't, you must return the car. The contract is void due to a "failure of contractual consideration" - - that means, when no money has been given to the dealer for the purchase price in the contract, the contract is void. RETURN THE CAR or they could report it as stolen.

IAAL
 

HomeGuru

Senior Member
I AM ALWAYS LIABLE said:
My response:

Thanks for re-posting everything again; however, I don't see any follow-up questions.

IAAL
HomeGuru response: IAAL, your response was so good it was worth repeating.
 
F

Fina

Guest
You actually do not have 72 hours to "unwind the deal" if you took delivery of your vehicle off the dealership's property.
The dealership should have had you sign a document stating they had 72 hours to approve you at said rate or notify you.
Consult the Better business Bureau about "Bushing Laws in your State.
 

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