travelbug1024
New Member
My husband and I pre-ordered a 2010 vehicle and were foolish enough to sign a contract for it before seeing it or the sticker/MSRP (the company hadn't released the numbers yet). They also demanded we leave our trade-in vehicle there (after we signed), and put us in a loaner car until the new car arrives. The vehicle isn't due to arrive at the dealership until late September/early October.
A week later, we find out that the MSRP of the vehicle is over $5600 less than what we agreed to pay. Knowing that we are overpaying by this much, we want to get out of the contract. It looks like we have been approved for the loan amount, at the rate and term listed on the contract. We have a really good credit score, so unfortunately the bank is giving us up to 135% of the loan-to-value ratio.
Is it legal for a dealership to sell a car that they don't have invoice or MSRP pricing for? Do they have to disclose invoice and MSRP, as well as a list of charges that get the car to the price we agreed on before we sign?
Also, when we signed the contract, they told us that it was a "temporary contract" and that the official one would be filled out on the day the car arrived. This is apparently done so we don't have to start paying on the new car yet (they told us we are still financially responsible for the lien on our trade-in) until the new contract is executed.
If we refuse to sign the new contract when they tell us the car is in, do they have any legal recourse? Can they make us sign a new contract and take possession of the car? Will they be able to hold us to a contract that is 3 weeks old? Can they still keep our trade-in vehicle? If they uphold the first contract, they would be in violation of several laws (not paying off the trade-in, failure to transfer title, etc).
We are in a bind here, so any help is really appreciated.
A week later, we find out that the MSRP of the vehicle is over $5600 less than what we agreed to pay. Knowing that we are overpaying by this much, we want to get out of the contract. It looks like we have been approved for the loan amount, at the rate and term listed on the contract. We have a really good credit score, so unfortunately the bank is giving us up to 135% of the loan-to-value ratio.
Is it legal for a dealership to sell a car that they don't have invoice or MSRP pricing for? Do they have to disclose invoice and MSRP, as well as a list of charges that get the car to the price we agreed on before we sign?
Also, when we signed the contract, they told us that it was a "temporary contract" and that the official one would be filled out on the day the car arrived. This is apparently done so we don't have to start paying on the new car yet (they told us we are still financially responsible for the lien on our trade-in) until the new contract is executed.
If we refuse to sign the new contract when they tell us the car is in, do they have any legal recourse? Can they make us sign a new contract and take possession of the car? Will they be able to hold us to a contract that is 3 weeks old? Can they still keep our trade-in vehicle? If they uphold the first contract, they would be in violation of several laws (not paying off the trade-in, failure to transfer title, etc).
We are in a bind here, so any help is really appreciated.
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