Finance, Investments Car Dealer Rescind Contract

[meagleton68]

Jurisdiction

California

Bought a used car on May 1st even though in open BK, although I had originally gone to the dealer to look around at a possible lease, as it's cheaper than a purchase. With credit on the low side, they mention I would need to rebuild my credit and would need to instead put me in a used car for now, then could possibly do something down the road. A couple days go by after the purchase and I get a letter from the dealer stating that they are rescinding the contract and that I need to contact them and return the car. I tried to return it, finance manager says they don't want the car back, that the letter means nothing, as he was trying to find me a better deal than what the original contract was. He mentions again that since they have a contract that someone will take, I can't return the car. So my question, can I indeed return the car and get a refund of my down payment? Any input is appreciated.

 

[txls]

It depends on what you have signed and/or what they will allow. If you want to return the car go talk to the general manager. NOT the finance manager. The sooner the better! If they refuse to take it back and refund your money, then read whatever documents you have signed. Your answer will be in the documents.

 

[adjusterjack]

You'd better READ and UNDERSTAND your contract before you go back to the dealer. If you don't understand what you've gotten yourself into then take it to a lawyer first.

The dealer will run rings around you. Those dealer contracts are written for the benefit of the dealer, not the customer.

 

[army judge]

I hope you are in a Chapter 7 BK, and your "341" hearing has been held.

 

[meagleton68]

Thanks for the input, it is much appreciated. I will try to get a hold of the GM instead. I did speak with a couple attorneys who said that yes, the letter does cancel the contract. And yes, my 341 was a couple months ago. Thanks again.

 

[meagleton68]

New development as I received another letter to rescind the contract and this one is actually signed by the finance manager, whereas the first one was not. With my schedule I haven't been able to run by and talk with the GM, but have tried to call and they will NEVER pass me on to him (or her). Now, am I crazy to think that a letter to cancel a contract signed by the Finance Manager actual cancel said contract?

 

[txls]

Call and tell them you will be there tomorrow to return the vehicle and will they please have your down payment refund ready for you. Make arrangements for a ride home.

 

[adjusterjack]

Thanks for the input, it is much appreciated. I will try to get a hold of the GM instead. I did speak with a couple attorneys who said that yes, the letter does cancel the contract. And yes, my 341 was a couple months ago. Thanks again.

Seriously?

When two people sign a contract, a letter from one of them does not cancel the contract.

What, exactly did you tell those lawyers that got you that kind of response?

Now, am I crazy to think that a letter to cancel a contract signed by the Finance Manager actual cancel said contract?

Same answer.

Now, if the contract was contingent on loan approval and loan approval didn't go through then, yes, actually either letter would be enough to cancel the contract.

Call and tell them you will be there tomorrow to return the vehicle and will they please have your down payment refund ready for you. Make arrangements for a ride home.

Ditto that.

Or, you can obtain your own loan and go in and pay for the car tomorrow.