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Auto Purchase

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On Saturday, 6/2/01, I went to a car dealer in Nashville, TN,to look at what they had to offer. They were calling me two to three times a day for a week. I had never purchased a vehicle before without someone else with me. To make this part short, after being there for five hours, I did sign a contract for a vehicle and used my car as a trade-in. Work needed to be done on the car I was purchasing, so they gave me a loaner until Monday. Saturday night, after several friends saw the contract, they informed me, I was getting a very bad deal. Also, after I recalculated my financial situation, I realized I could not afford the vehicle. Sunday morning I called to see if they would cancel the contract and I could get my trade-in back. I was informed there was nothing they could do until Monday. Monday morning, I brought a friend with me to the car dealership. I explained my situation to them and asked to be let out of the contract. I told them I would like to be a costumer of theirs in the future, but I really could not afford it at this time. They told me bluntly that they were not in the habit of cancelling contracts. My friend tapped me on the shoulder to remind me to mention I had not taken ownership of the vehicle. At that point the Sales Manager became very rude and irrate and began to holler at my friend. They said that by taking the loaner car that constituted taking ownership of the vehicle I was purchasing. They told me the only thing they would do was try to set up another financial situation for me. I returned the keys to the loaner to them and said I no longer wanted it. I had called the government hot line for auto delership concerns, and was informed that the only way I could get out of it was if the financing did not go through. I found out that day, that the loan did not go through the financial institution in which I had signed for. I called the auto sales manager and told them I learned that the financing did not go through and would like to get my trade-in back. They informed me that they had 62 other finacial institutions they could try to get the financing through and that by signing the one I had a copy of gave them permission to try to get it financed at any of them. At this point there is no way I would like to do business with this company. I called them one last time on Monday night to see if they would return my trade-in, but was informed that they did get the car financed at the original contract deal and then threatened that if I did not come in and sign the new contract which they said would be cheaper, they would force the other one on me. When I asked what the bottom line was on the new contract, they refused to tell me. I contacted the Better Business Bureau on Tuesday morning. They informed me the company has 7 days to respond and apparently they are determined to use every bit of that time. In the mean time I have no vehicle to get back and forth to work and am having to depend on the kindness of friends. I have been told conflicting stories concerning a "Three day buyers remorse" or "Grace period" law in which a buyer has 72 hours in which to cancel a contract. I have been told that Tennessee does not have that law. Is this true? Do I have any legal recourse in this matter at all?
Thank you for your help,

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