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

[avocadocupcake]

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?

 

[Zigner]

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?

Nope - enjoy your car.

 

[mightymoose]

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.

 

[army judge]

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.

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!

 

[adjusterjack]

Their failure to provide you any documentation of an agreement seems suspicious.

Signing a contract and NOT receiving copies of the signed documents is RED flag.

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.

 

[army judge]

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.

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.