Can I cancel car contract if have not received delevery or gave a down payment?

[LostInConfusion]

What is the name of your state (only U.S. law)? Texas

Signed contract with a warranty for a used car. Deal was with a down payment we have not given yet. Car was still being serviced by the dealer since it was just traded in. We were promised we could back out of the contract if the final test drive after car was serviced was not satisfactory.

We are not able to make the promised down payment and still have not received the car. We would like to know if we can cancel the contract without penalty. The contract had been signed 5 days ago from today.

 

[quincy]

What is the name of your state (only U.S. law)? Texas

Signed contract with a warranty for a used car. Deal was with a down payment we have not given yet. Car was still being serviced by the dealer since it was just traded in. We were promised we could back out of the contract if the final test drive after car was serviced was not satisfactory.

We are not able to make the promised down payment and still have not received the car. We would like to know if we can cancel the contract without penalty. The contract had been signed 5 days ago from today.

You need to refer to the terms of the contract you signed.

If the purchase had terms that allowed for you to rescind the contract if certain conditions were not met, and the conditions were not met, you can walk away without penalty. For example: If the contract was contingent on you obtaining financing, and you were unable to obtain financing, the contract can be cancelled without penalty.