Washington - Retail Installment Contract

[lakeside287]

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

This past Sunday I purchased a new vehicle at a smaller local auto dealer. Weather or not they were going to be able to finance the deal was questionable - I waited a whole bunch but then the F&I lady got a call to write it up and get me to sign so I assumed it was done. I signed a purchase agreement as well as a retail installment contract.

Yesterday, I started getting calls from a couple banks asking questions. It became apparent they were still trying to place my loan or sell the contract. From my discussion with one of the lenders, the vibe wasn't good.

So as it sits:
-They have my car, I signed it over to them with all the other paperwork.
-They have my downpayment
-I have the new car in my posession
-I have copies of the paperwork signed (Purchase agreement, Installment contract, notices regarding warranty, etc)

Should they not be able to sell that contract - can they go back on the deal? I've done some reading and it sounds like in California you can. In my installment contract I cannot find anything about cancellation. In the purchase agreement there is a finance contingency - but hasn't that been met since they technically financed the car?

Anyways - the bottom line is I'm nervous after this & reading negative remarks about the dealer online after the sale.

Thanks!

Dan

 

[racer72]

The finance contigency does not apply to the dealer. I would bet you signed nothing stating that the dealer would finance the purchase themselves. Nothing like a little buyer's remorse to throw a wrench is what is generally a fairly painless process.

 

[lakeside287]

The finance contigency does not apply to the dealer. I would bet you signed nothing stating that the dealer would finance the purchase themselves. Nothing like a little buyer's remorse to throw a wrench is what is generally a fairly painless process.

Just to clarify..

The retail installment contract I signed that contained the dates for payments, amounts, term, etc listed the dealer as the lender...

 

[Antigone*]

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

This past Sunday I purchased a new vehicle at a smaller local auto dealer. Weather or not they were going to be able to finance the deal was questionable - I waited a whole bunch but then the F&I lady got a call to write it up and get me to sign so I assumed it was done. I signed a purchase agreement as well as a retail installment contract.

Yesterday, I started getting calls from a couple banks asking questions. It became apparent they were still trying to place my loan or sell the contract. From my discussion with one of the lenders, the vibe wasn't good.

So as it sits:
-They have my car, I signed it over to them with all the other paperwork.
-They have my downpayment
-I have the new car in my posession
-I have copies of the paperwork signed (Purchase agreement, Installment contract, notices regarding warranty, etc)

Should they not be able to sell that contract - can they go back on the deal? I've done some reading and it sounds like in California you can. In my installment contract I cannot find anything about cancellation. In the purchase agreement there is a finance contingency - but hasn't that been met since they technically financed the car?

Anyways - the bottom line is I'm nervous after this & reading negative remarks about the dealer online after the sale.

Thanks!

Dan

The car is not financed until the contract has been purchased by a finance company. If they cannot get financing for you, you have two options. 1 ~ get your own financing. 2 ~ Rescind the deal.

 

[lakeside287]

The car is not financed until the contract has been purchased by a finance company. If they cannot get financing for you, you have two options. 1 ~ get your own financing. 2 ~ Rescind the deal.

Thanks for the reply. I am however still confused.. So the installment contract stating monthly payments go to the dealer is garbage?