Purchasing a New Car and now cannot afford

[connecticut]

Connecticut

Thank you in advance for any insight.

Went to dealer yesterday and negotiated a trade of my car and purchasing a car from the dealer. I signed a "purchase agreement" but we are meeting next Wednesday to settle finances and complete the deal. They have not taken my car, it is still in my possession. They still have the new car, it has never been taken off the lot by me.

I was expecting to receive a payment today and it fell through. This was going to be my down payment for the car and make the monthly payment affordable.

With this deal not happening, I cannot afford the car. I have read a ton that basically I am in the clear, just have to explain to the dealer the situation and odds are they will be mad (because we did sign an agreement), but usually they will let this go. Since I have not negotiated finances and we have not completed all the paperwork (I was given no paperwork as I left because the deal was apparently not completed), does this mean I am essentially in the clear?

I hope I have explained this well enough. Thank you in advance.

Conn

 

[Just Blue]

Connecticut

Thank you in advance for any insight.

Went to dealer yesterday and negotiated a trade of my car and purchasing a car from the dealer. I signed a "purchase agreement" but we are meeting next Wednesday to settle finances and complete the deal. They have not taken my car, it is still in my possession. They still have the new car, it has never been taken off the lot by me.

I was expecting to receive a payment today and it fell through. This was going to be my down payment for the car and make the monthly payment affordable.

With this deal not happening, I cannot afford the car. I have read a ton that basically I am in the clear, just have to explain to the dealer the situation and odds are they will be mad (because we did sign an agreement), but usually they will let this go. Since I have not negotiated finances and we have not completed all the paperwork (I was given no paperwork as I left because the deal was apparently not completed), does this mean I am essentially in the clear?

I hope I have explained this well enough. Thank you in advance.

Conn

What does the purchase agreement (contract) state? Word for word with out personal info.

 

[connecticut]

What does the purchase agreement (contract) state? Word for word with out personal info.

I am extremely embarrassed to admit I do not have it. In all honesty, I don't feel like the deal is official as I got nothing except an appointment on Wednesday to complete the deal.

I am new to Connecticut and every other place I have ever purchased a car, we did the finances there on the spot. I only signed this "paper" because he said we would work the finances out next Wednesday. The paper I signed was a typical, but abbreviated, agreement looking form with the cost of the car, the trade in, and the down payment listed in the right column. There was a myriad of small print, but I cannot recall what it all stated. It was not the typical legal size, multi-page agreement.

 

[Just Blue]

I am extremely embarrassed to admit I do not have it. In all honesty, I don't feel like the deal is official as I got nothing except an appointment on Wednesday to complete the deal.

I am new to Connecticut and every other place I have ever purchased a car, we did the finances there on the spot. I only signed this "paper" because he said we would work the finances out next Wednesday. The paper I signed was a typical, but abbreviated, agreement looking form with the cost of the car, the trade in, and the down payment listed in the right column. There was a myriad of small print, but I cannot recall what it all stated. It was not the typical legal size, multi-page agreement.

I would suggest you ask for a copy of the doc you signed.

 

[connecticut]

i appreciate your reviewing the situation and understand you cannot answer based on such little information.

 

[HRZ]

GO get a copy of your paperwork BEFORE you open up about your problems !

MY guess is they will try to jawbone you into honoring a "deal." do not go there , it's downhill from there.

ITs hard to divine if you signed a deal...but don't make it worse by dotting any missing I s .

 

[adjusterjack]

With this deal not happening, I cannot afford the car. I have read a ton that basically I am in the clear, just have to explain to the dealer the situation and odds are they will be mad (because we did sign an agreement), but usually they will let this go. Since I have not negotiated finances and we have not completed all the paperwork (I was given no paperwork as I left because the deal was apparently not completed), does this mean I am essentially in the clear?

Based on the fact that you did not give the dealer any money and you did not take delivery of the car I tend to agree that you are in the clear.

My suggestion (not legal advice) for the two cents that it's worth is write the dealer a letter simply saying that you have decided not to buy the car. One sentence. Period. No discussion.

Now here are the life lessons that you should learn from this experience:

1 - All car dealers are liars and thieves. Well, maybe not all, but the best way to protect yourself is to assume that they all are.

2 - NEVER go to a car dealer UNTIL you have money in the bank for the down payment.

3 - NEVER go to a car dealer UNTIL you have LOCKED IN your own financing through your bank or credit union. Sure, the dealer financing may be more attractive but in case there is an issue, you'll want to be able to say "no problem, I have my own financing."

4 - And this is important. NEVER sign anything without taking a copy. One hand holds down the paper in front of you, the other hand signs and BEFORE you let go of the paper, you slide it off the table, back up a few feet (they WILL try to grab it) and photograph it with your camera phone or digital camera that you have in your pocket. It really is that simple to take a copy. Fools that don't get a copy typically end up here asking "What are my rights."