Auto Purchase And Loan Problem

[CSchear]

In Utah we were aproved for a loan of $15,000. We found a car for $13,000 and took it. What we found out later is that the loan only covers value up to the high list price. We signed the contract, but I have heard there is a "three day right to recend" when you purchase a car.
Is this really a law? Can someone give me some advise on what to do with the contract?

Thanks,
CSchear

 

[I AM ALWAYS LIABLE]

In Utah we were aproved for a loan of $15,000. We found a car for $13,000 and took it. What we found out later is that the loan only covers value up to the high list price. We signed the contract, but I have heard there is a "three day right to recend" when you purchase a car.
Is this really a law? Can someone give me some advise on what to do with the contract?

Thanks,
CSchear

My response:

You're thinking of door-to-door sales contracts. In your case, unless a retail salesman came to your home to sell you the car, you are not entitled to a rescission.

It appears, as you explain, that you bought a car.

IAAL