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Car Purchase Contract

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dmeltzer

Junior Member
ILLINOIS LAW

I purchased a vehicle from a dealership. Financed a very small percentage of it, took delivery of the vehicle, signed all the contracts and now the dealership is telling me the bank has cancelled the contract and they want their car back. It's been less than 30 days since the purchase of the vehicle. Is the bank legally allowed to rescind on the contract? I thought signing a contract enters both parties into legal binding agreement from the moment of signing.

Tried working it out with the dealership. I was informed by the dealership that the bank kicked back the contract and will not honor it. Now, the dealership is telling me I will be approved elsewhere at a much, much higher interest rate.
 


BL

Senior Member
ILLINOIS LAW

I purchased a vehicle from a dealership. Financed a very small percentage of it, took delivery of the vehicle, signed all the contracts and now the dealership is telling me the bank has cancelled the contract and they want their car back. It's been less than 30 days since the purchase of the vehicle. Is the bank legally allowed to rescind on the contract? I thought signing a contract enters both parties into legal binding agreement from the moment of signing.

Tried working it out with the dealership. I was informed by the dealership that the bank kicked back the contract and will not honor it. Now, the dealership is telling me I will be approved elsewhere at a much, much higher interest rate.
Shop around for the loan . federal credit bureaus, other lenders that may offer discounts for bundles ( auto loan & other auto/driver discounts ), auto ins,home owner's renters ,etc.).

What would have been the interest rate if the bank did not cancel ?
 

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