Get out of newly signed Used Car loan

[ralmlee]

We were lied to from the dealership that they didn't have any other offers for a lower interest rate except one financial company and it is extremely high. They also did not fix an item they promised to in we financed. We signed the paperwork but they did not give us copies of them and we did not take the car. We did not give the down payment yet. How can we break the contract?

 

[adjusterjack]

We were lied to from the dealership t

What else is new? (Sarcasm)

that they didn't have any other offers for a lower interest rate except one financial company and it is extremely high.

You could have gotten up and walked out without signing anything.

They also did not fix an item they promised to

Was it in the purchase contract?

We signed the paperwork but they did not give us copies of them

That's on you. You never sign something without taking a copy. You have a cell phone with a camera, right?

we did not take the car. We did not give the down payment yet.

Then you probably have no contract to break though I'm sure that the dealer will hound you and make threats. You'll just have to wait and see what happens.

I suggest that, from now on, you stay away from car dealers. Arrange your own financing before you go looking for a car and then buy from a private party.

 

[Mass_Shyster]

Send a 93a demand letter.

 

[Just Blue]

We were lied to from the dealership that they didn't have any other offers for a lower interest rate except one financial company and it is extremely high. They also did not fix an item they promised to in we financed. We signed the paperwork but they did not give us copies of them and we did not take the car. We did not give the down payment yet. How can we break the contract?

What state?

 

[adjusterjack]

Send a 93a demand letter.

On the 49 out of 50 chance that OP is not in Massachusetts, Chapter 93A of Massachusetts General Laws is the state's Consumer Protection Act.

A 93a demand letter is an official letter sent prior to filing a lawsuit against someone else. The letter describes the wrongful acts of the other party along with the “demands” requiring a response within thirty (30) days. The letter may be used for deceptive practices by a business such as bait-and-switch tactics, selling defective items, failure to refund, or any other issues covered by the Massachusetts Consumer Protection Act.

https://www.mass.gov/service-details/30-day-demand-letter

Provides a sample demand letter that can probably be modified and used in any state by referring to the individual state's own version of a consumer protection law.

However, one should not threaten litigation unless one is prepared to engage in litigation.

 

[quincy]

ralmlee, are you in the United States or do you reside elsewhere?

 

[Mass_Shyster]

However, one should not threaten litigation unless one is prepared to engage in litigation.

The purpose of the 93A demand letter is to avoid litigation. Most states do not have consumer protection laws as strong as Mass.

 

[quincy]

The purpose of the 93A demand letter is to avoid litigation. Most states do not have consumer protection laws as strong as Mass.

Knowing what state/country is involved would be helpful.

Sending a demand letter instead of jumping into a lawsuit is generally a smart first step to take anyway, regardless of state.