am I bound to this contract??

[sbaze]

I went to an Auto dealership to purchase a car... I found one I liked and have signed some paperwork for purchase. However I have not taken the car, nor have I given the downpayment. I do not want to purchase this car. since I have not taken the car off of the lot, given downpayment, nor completed all of the paperwork (references and insurance info). Am I still bound to the contract?? It states that there is no cooling period , but since I haven't even given money for the car or taken it, does this still mean that I have to buy it?

 

[Michael Wechsler]

I went to an Auto dealership to purchase a car... I found one I liked and have signed some paperwork for purchase. However I have not taken the car, nor have I given the downpayment. I do not want to purchase this car. since I have not taken the car off of the lot, given downpayment, nor completed all of the paperwork (references and insurance info). Am I still bound to the contract?? It states that there is no cooling period , but since I haven't even given money for the car or taken it, does this still mean that I have to buy it?

To have a binding contract does not require that you deliver what you are providing, only that you have made a promise to do so. A binding contract requires an (1) offer, (2) acceptance, and (3) consideration. Here they made an offer to sell you a car for $X. You accepted. The consideration was the car for $X. Delivery is just completing the transaction. Perhaps there is something you can work out with the auto dealer. Unfortunately this happens quite often and wish you luck with this. Many times here people end up loving what they bought and had a little buyer's remorse...