H
hotepamen
Guest
What is the name of your state? NY
My wife and I recently went to a car dealership to purchase a vehicle. At the point of signing, the dealer rejected our financing in the form of a loan check from an e-loan company backed by Citigroup out of hand. They insisted that the only way the deal could be completed was through financing with the dealership. As we have challenged credit, the dealer could not confirm financing that Friday evening at the last minute. I offered to wait until Monday to give them time to explore options before I went to look for another dealership that was willing to work with us based on the terms presented. Thanking us for our patience, we drove off, and said dealership never followed up. We were thus able to secure a new vehicle at a different dealership the folowing Tuesday evening. A day later, the original dealership called to say that they had finally obtained financing options at a very high interest rate for us. My question is, having signed a retail agreement, but never having taken possesion of the vehicle or exchanged titles, money, etc. after our payment terms were deemed unacceptable, are we in any way obligated to continue performance of the contract with the original dealership? Is there a legally binding contract? Please help ASAP. Thanking you in advance.
My wife and I recently went to a car dealership to purchase a vehicle. At the point of signing, the dealer rejected our financing in the form of a loan check from an e-loan company backed by Citigroup out of hand. They insisted that the only way the deal could be completed was through financing with the dealership. As we have challenged credit, the dealer could not confirm financing that Friday evening at the last minute. I offered to wait until Monday to give them time to explore options before I went to look for another dealership that was willing to work with us based on the terms presented. Thanking us for our patience, we drove off, and said dealership never followed up. We were thus able to secure a new vehicle at a different dealership the folowing Tuesday evening. A day later, the original dealership called to say that they had finally obtained financing options at a very high interest rate for us. My question is, having signed a retail agreement, but never having taken possesion of the vehicle or exchanged titles, money, etc. after our payment terms were deemed unacceptable, are we in any way obligated to continue performance of the contract with the original dealership? Is there a legally binding contract? Please help ASAP. Thanking you in advance.