Is auto contract binding if can't finance?

What is the name of your state? CA

Is a auto contract legal and binding if the dealership is asking you to come back and re-write the contract?

I bought a new car on 9/28/05, and was called this week to come back in and re-write the contract because they need to have me on the contract first and my husband second because I have the higher credit score. I am not very happy with this car and am wondering if the contract that I originally signed that is now needing to be re-written legal and binding. Or can I say I want a different car because I am unhappy? Or can I tell them have your car back and give me my trade in back along with all down payment monies?

Please advise as I would really like my old car back or a different car all together. Hybrids aren't all they are cracked up to be.

dealer wants to rewrite contract

You are in a POTENTIALLY good situation here, depending on how tough a time the dealer is having getting the deal bought. Generally, there are two major reasons for a rewritten contract where the buyers are switched.

The first possibility is that you (through the dealer) will qualify for a better "buy" rate with you first on the contract. This is just more money in the deal that he can either keep as more profit, or share with you (by way of a lower monthly payment or down payment for instance)

The second possibility is that the dealer is unable to find any lender willing to take the deal unless you were first on the contract. This is unlikely unless there is some bad credit showing.

Typically, the first person on the contract has the most income and/or time on the job. We (a dealership I worked at) would occasionally do this switch as loan companies all have different criteria for acceptance etc. In other words, put the lower income person with the higher credit score first.

How do you find out which it is? If you refuse to resign the contract (which is your right) and the second possibility applies, you get to return the car you bought, get back any vehicle you traded in and get ALL of your money back, end of story.

Beware, though: if the first possibilty applies, the dealer can just cash the contract at the terms already contracted. Thats when it would be time to renegotiate in your favor. I would also reiterate that the advice I'm giving MAY not apply specifically to your situation, but generally it should. The more I know, the better I can help.

Refuse to resign and see what happens. You've really got them over a barrel because they absolutely don't want to "unwind" the deal. If they do, the new car they sold you now must be sold as used. It's a mess they'd rather avoid Make sense? Good luck, you are in a somewhat enviable position; it's important to play it right, though.

Hmmmmm....I want to hear about your experience with the hybrid.