Sellers right to cancel - motorcycle purchase

[xc8ball]

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

I purchased a motorcycle in Daytona, FL 2 months ago. I live in NC. I drove the bike home with all the signed paperwork. There was nothing in the contract that says anything about the sellers right to cancel. I actually signed a 'you owe, we owe' form that says nothing is owed by either party. They listed a finance company on the contract, but it does not include any language about the contract being dependent on financing be granted. Basically it seems like they took ownership of the loan, and it is up to them to get it funded.

2 months later, and they still haven't secured financing. I have emails where they say they are making the first payment, but the second payment should be due in 2 weeks, and I don't know who to pay. They told me yesterday that they secured financing through another company (not the one on the contract). I called that company, and they said the dealer hasn't sent them the required paperwork (corrected credit application). The dealer said they are sending me a new contract, and the only thing they are changing is the dates.

My question is should I sign the new contract? Aren't we both bound by the original contract should I refuse to sign the new one? What options do I have if they can't secure financing? Again, nothing in the contract says it is dependent on financing, although it would seem that is understood being that I need financing. Please let me know if more information is needed. Thank you!

 

[LdiJ]

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

I purchased a motorcycle in Daytona, FL 2 months ago. I live in NC. I drove the bike home with all the signed paperwork. There was nothing in the contract that says anything about the sellers right to cancel. I actually signed a 'you owe, we owe' form that says nothing is owed by either party. They listed a finance company on the contract, but it does not include any language about the contract being dependent on financing be granted. Basically it seems like they took ownership of the loan, and it is up to them to get it funded.

2 months later, and they still haven't secured financing. I have emails where they say they are making the first payment, but the second payment should be due in 2 weeks, and I don't know who to pay. They told me yesterday that they secured financing through another company (not the one on the contract). I called that company, and they said the dealer hasn't sent them the required paperwork (corrected credit application). The dealer said they are sending me a new contract, and the only thing they are changing is the dates.

My question is should I sign the new contract? Aren't we both bound by the original contract should I refuse to sign the new one? What options do I have if they can't secure financing? Again, nothing in the contract says it is dependent on financing, although it would seem that is understood being that I need financing. Please let me know if more information is needed. Thank you!

Come back when you get the new contract. I suspect its going to differ by more than just the dates. Carefully compare the finance periods.

 

[xc8ball]

Come back when you get the new contract. I suspect its going to differ by more than just the dates. Carefully compare the finance periods.

Will do, and I suspected the same thing. I just got off the phone with the finance manager, and he said the lender they are going to use requires 'wet ink' as he put it, and that they want more recent dates. I kinda call BS on that, but that's not my line of work so that is not an educated opinion. I have see other states that say the seller has a 10 day window to cancel the contract because they can't secure funding. I guess my concern with signing the new contract (if only the dates changed) is will I be resetting this 10 day clock by doing that. It's been over 45 days as is.

Granted the contract doesn't say anything about them having 10 days to cancel, but I didn't know if that was some unwritten rule, or does it have to be in writing? If only the dates changed, should I sign it? The dealer is sending me a 3rd set of temp tags, so at least they are keeping me on the road in the interim. This is a big dealership so I don't think they are trying to screw me, but I don't want to sign a new contract if my old one should suffice. Basically, I don't want to give them a way out if they messed up.

Thanks!

 

[LdiJ]

Will do, and I suspected the same thing. I just got off the phone with the finance manager, and he said the lender they are going to use requires 'wet ink' as he put it, and that they want more recent dates. I kinda call BS on that, but that's not my line of work so that is not an educated opinion. I have see other states that say the seller has a 10 day window to cancel the contract because they can't secure funding. I guess my concern with signing the new contract (if only the dates changed) is will I be resetting this 10 day clock by doing that. It's been over 45 days as is.

Granted the contract doesn't say anything about them having 10 days to cancel, but I didn't know if that was some unwritten rule, or does it have to be in writing? If only the dates changed, should I sign it? The dealer is sending me a 3rd set of temp tags, so at least they are keeping me on the road in the interim. This is a big dealership so I don't think they are trying to screw me, but I don't want to sign a new contract if my old one should suffice. Basically, I don't want to give them a way out if they messed up.

Thanks!

The are more interested in completing the sale than anything else. It would be a major hassle for them to retrieve the bike where you are now. If nothing changes but the dates (review the fine print carefully) then its probably safe to sign.