1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Car purchase agreement signed, possession not taken, wired funds not completed - can we cancel?

Discussion in 'Car Sales, Dealers, Repairs, Lemon Law' started by avocadocupcake, Nov 4, 2019.

  1. avocadocupcake

    avocadocupcake Law Topic Starter New Member

    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    1
    Jurisdiction:
    Idaho
    We signed paperwork for a used car purchase on a non-business day with the intention to wire funds through on the next business day. All of the usual paperwork was signed (although we did not yet receive any copies of signed paperwork so I cannot precisely recall what terms were agreed to) but we DID NOT TAKE POSSESSION of the vehicle. The vehicle is still sitting on their lot until the wired funds have been deposited into their bank account. The wire is in a pending status until we call our bank to verify the wire request so, as of right now, no funds have been received or exchanged.

    If the wire transfer is not verified and not completed, can we call the dealer and cleanly cancel the purchase agreement since funds were never exchanged and possession was never taken?
     
  2. Zigner

    Zigner Well-Known Member

    Messages:
    1,626
    Likes Received:
    877
    Trophy Points:
    113

    Nope - enjoy your car.
     
    justblue likes this.
  3. mightymoose

    mightymoose Moderator

    Messages:
    10,776
    Likes Received:
    1,720
    Trophy Points:
    113

    Maybe.
    This comes down to how much effort the dealer wants to put in to pursuing you. If you don't want the car you might just wait and see if they contact you. The transaction won't stay in pending status forever. Let them be the ones to contact you first.
    Their failure to provide you any documentation of an agreement seems suspicious.
     
  4. army judge

    army judge Super Moderator

    Messages:
    31,317
    Likes Received:
    4,584
    Trophy Points:
    113


    Signing a contract and NOT receiving copies of the signed documents is a RED flag, usually soaked in the blood of the victim!

    Danger Will Robinson, danger!
     
  5. adjusterjack

    adjusterjack Super Moderator

    Messages:
    7,282
    Likes Received:
    1,764
    Trophy Points:
    113

    It's neither suspicious nor a red flag. It's the foolishness of the signer.

    Paper in one hand, pen in the other, sign the document, hold on to the document, either walk to the copy machine or take out your camera phone and photograph the document and, BINGO, you have a copy.

    There is NEVER any excuse for walking out without a copy of what you sign.

    Now you know what my pet peeve is about people have no idea what they got themselves into because they didn't take a copy of what they signed.
     
  6. army judge

    army judge Super Moderator

    Messages:
    31,317
    Likes Received:
    4,584
    Trophy Points:
    113

    My pet peeve is don't sign anything before you've read it in it's entirety.

    Once you've read it, read it again, and make sure you understand it.

    If you don't understand it(them), then take a copy(ies) of the document(s) to your attorney and make sure he/she explains it to you before you sign it.

    However, in most cases if you don't understand it, just don't sign it, especially if you can't afford to hire an attorney.

    If you do nothing, you won't get harmed by the thing you didn't sign.
     

Share This Page