Auto contract

[sbryan53]

I signed a contract for a used car three days ago. i was able to make a better deal with another bank. i have asked the car dealer to re-do the contract removing all fees and i would get then a check for the full amount.

i still have not given then a depoist that was request at the the time of the signing. Can this be done?

SB

 

[fredrikklaw]

Thank the Dealer!

A contract to purchase a used car contains provisions for the arbitrary recession (one-sided cancelation) of the contract by either party; also known as the cooling off period which is around 3 days (can vary state to state) for the buyer and around 10 days for the seller. So, read the back of the contract and see if you are within that period.

It also depends on whether the purchase was financed by the dealer itself or through a third party financing company and a few other factors come into play as well which I will not get into, simply because you are basically free to walk away from this purchase contract for which you have none other than the dealership itself to thank.

As luck would have it, your contract's operability was made contingent on the buyer satisfying what is called a "condition precedent" and that was the payment of the required deposit which of course you did not. So even though technically in breach, realistically there is nothing in it for the dealership to pursue you in courts for and they must be kicking themselves very hard right about now for letting walk off the lot without paying the deposit, which they would have held onto, in the event your buyer's remorse came on after the statutory cooling off period.

A word to the wise: once out of the lion's den unscathed, stay out.

fredrikklaw