Buying a New Car

[mrsarmbrister]

Two days ago, I signed a contract to purchace a new car,(Hyundai, Sonata), at a dealer here in Savannah, Georgia. I also signed a loan application, and agreed to finance the balance of $16,000 with a payment of $321 for 60 months. The contract called for a selling price of $17,325 plus tax title, etc. They applied a $750 rebate and I was to pay $2,000 cash down. The loan document balance was therefore for a total of the $16,000 as mentioned.
We left without paying the dealership anything. We intended to pay the $2,000 the next day... Over the evening we changed our mind, and do not want the car at all. We faxed a document to the dealer stating that we no longer wanted the car early the next morning. We also called and told the salesman and the sales manager of our decision. One said "we could hold you to it ya know!" Thus our question...what are we liable for, or can they "hold us" to anything. We have not given them a cent, and have apoligized for changing our minds. We very well may still buy a car from them, but not THAT car.
What is the law? What is your advice. Thanks!

 

[I AM ALWAYS LIABLE]

Two days ago, I signed a contract to purchace a new car,(Hyundai, Sonata), at a dealer here in Savannah, Georgia. I also signed a loan application, and agreed to finance the balance of $16,000 with a payment of $321 for 60 months. The contract called for a selling price of $17,325 plus tax title, etc. They applied a $750 rebate and I was to pay $2,000 cash down. The loan document balance was therefore for a total of the $16,000 as mentioned.
We left without paying the dealership anything. We intended to pay the $2,000 the next day... Over the evening we changed our mind, and do not want the car at all. We faxed a document to the dealer stating that we no longer wanted the car early the next morning. We also called and told the salesman and the sales manager of our decision. One said "we could hold you to it ya know!" Thus our question...what are we liable for, or can they "hold us" to anything. We have not given them a cent, and have apoligized for changing our minds. We very well may still buy a car from them, but not THAT car.
What is the law? What is your advice. Thanks!

My response:

This is simple contract law. You're an adult, you signed a contract, the car is yours. There is no "72 hour Return Rights", there is no "time-out", there is no "Kings X ", there is no "Cross fingers", there is no "Wait a minute boys".

You're dealing with the business world. The real world. You signed a valid contract, and you bought a car. PERIOD.

If you screw with them, you might very well also be buying a lawsuit, in addition to the car, and the ruin of your credit.

Good luck.

IAAL

 

[LegalBeagle]

You need to go in to the dealership and sort this out now. You should walk out of the dealers with either the car or full cancellation details. The reason being is that you may not hear from them for say, 9 months.. and then all of a sudden you will get notice that you are 9 months behind on your payments, your car has been repo'd and you are being charged for 9 months garage parking.