motor vehicle purchase agreement

[brenny]

I signed a motor vehicle purchase agreement and have the vehicle insured for 1 year. The contracts "amount to finance section" was left blank. a verbal agreement not to worry payments would be a certain biweekly payment (agreed on actual figure). have had the vehicle for 7 days. And am now told I need a cosign after was congratulated on pur chasing the vehicle. am I the owner of the vehicle? and what are my rights in this situation

 

[ShyCat]

What US state?

 

[single317dad]

What kind of fly by night operation issued such a loan document?

Have all the concerned parties signed the document?

 

[brenny]

What US state?

I am actually in Vancouver British Columbia

 

[brenny]

What kind of fly by night operation issued such a loan document?

Have all the concerned parties signed the document?

ford issued the loan document. and yes all parties have signed

 

[quincy]

I am actually in Vancouver British Columbia

I'm sorry, brenny, but FreeAdvice handles US law questions and legal concerns only. You will need to seek out help in Vancouver.

For forum advice, you might want to try the following: http://legal.advicescene.com/ca

Good luck.

 

[latigo]

I signed a motor vehicle purchase agreement and have the vehicle insured for 1 year. The contracts "amount to finance section" was left blank. a verbal agreement not to worry payments would be a certain biweekly payment (agreed on actual figure). have had the vehicle for 7 days. And am now told I need a cosign after was congratulated on pur chasing the vehicle. am I the owner of the vehicle? and what are my rights in this situation

If the sale was expressly made subject to your ability to be approved for financing the balance due the seller (which it most likely was) and you can't be approved without an acceptable co-signor, you will have a problem. The seller won't get paid and in turn won't release the title to the lender as its security.

But someone knowledgeable - like your/solicitor/attorney - needs to see the original signed purchase agreement. You won't find the answers on your laptop.

 

[quincy]

... You won't find the answers on your laptop.

... or at least if the laptop is used to ask questions on a US forum.

Contract law in the US is different from contract law in British Columbia, which was why the earlier recommendation was made to brenny to seek out help in BC. Here is a link to British Columbia's Sale of Goods Act: http://www.bclaws.ca/civix/document/id/complete/strategy/96410_01

But the difference in the laws is not the only problem. Two potential problems are indicated in the first post where brenny mentions "biweekly payments" and a finance contract that is not filled in completely.

In the US, the FTC has been investigating deceptive sales and financing arrangements made by automobile dealers both in the US and in Canada. British Columbia automobile dealers have been part of the investigation. This past May, enforcement actions were taken against numerous dealers in the US and Canada over their biweekly payment arrangements, their changes to the terms of signed finance contracts, and to additional services being added to the contracts after the vehicle has been delivered to the purchaser.

A Canadian forum can direct brenny to the resources in his area where he can have his situation reviewed - or he can consult with an attorney in Vancouver.