Is a car lease contract valid if it was signed before the financing part went through?

[ryanzi]

Jurisdiction

Massachusetts

Hey everyone, I was at a dealership last week and signed a car lease contract. But because of some visa problem, the dealer cannot complete the lease application with the bank at that time. I was asked to provide additional documents for the bank to review before the financing gets through. I send part of them, but not an important one - the employment letter which proves my job and income. Now after a second consideration I feel the monthly payment for the car is too high for me and want to cancel this lease contract. With me already signed all the paperwork for the lease and a trade-in, is there still a way I can walk away from this lease? Can I refuse to provide the remaining documents for the financing so it won't go through? I did not have the new car and have no money paid to the dealer yet.

Thanks in advance!

 

[adjusterjack]

I feel the monthly payment for the car is too high for me

You're supposed to think about that before you sign stuff.

is there still a way I can walk away from this lease? Can I refuse to provide the remaining documents for the financing so it won't go through?

A lot depends on the terms and conditions of the contract you signed. If the lease was contingent on the financing and you cannot qualify for the financing through no fault of your own then the deal is dead without consequence.

But if you intentionally sink the deal by refusing to provide what would qualify you, you could be in for expensive trouble.

I did not have the new car and have no money paid to the dealer yet.

I have no idea how that will play out.

 

[mightymoose]

If no money has changed hands and you do not have the car then it probably is not too late to walk away.