Hi there,
I have a few questions, but let me explain my situation first and then ask. My boyfriend and I signed a purchasing agreement and retail installment contract with a used car dealership this past friday 2/20. On 2/21, 24hours after purchasing the car, it broke down. When signing all of the paper work the dealer mentioned that if we chose not to cooperate with the loan we would have to pay 60/day and $0.60/mile until we returned the vehicle. We have since picked up the car (2/26) but do not want to cooperate with the loan process. Does a retail installment contract mean loan agreement? We were told by free legal aide that a dealership only has five days to obtain a lender. Per the paperwork signed we initialed a clause that states the dealer has agreed to arrange financing. Does the retail insstallment contract qualify as financing arranged? We have been asked to bring in papers to prove residency, income, and insurance. If we choose not to provide these documents can this get us in any legal trouble? Also, on the contract the dealer wrote in that there were 109,000 miles when actually there was 115,286. Does this incorrect mileage give us any leverage if we choose not to cooperate? Basically are we stuck into this contract for a broken vehicle? If the dealership does their own lending, what type of information do they have to obtain from us in order to finance this loan?
I have a few questions, but let me explain my situation first and then ask. My boyfriend and I signed a purchasing agreement and retail installment contract with a used car dealership this past friday 2/20. On 2/21, 24hours after purchasing the car, it broke down. When signing all of the paper work the dealer mentioned that if we chose not to cooperate with the loan we would have to pay 60/day and $0.60/mile until we returned the vehicle. We have since picked up the car (2/26) but do not want to cooperate with the loan process. Does a retail installment contract mean loan agreement? We were told by free legal aide that a dealership only has five days to obtain a lender. Per the paperwork signed we initialed a clause that states the dealer has agreed to arrange financing. Does the retail insstallment contract qualify as financing arranged? We have been asked to bring in papers to prove residency, income, and insurance. If we choose not to provide these documents can this get us in any legal trouble? Also, on the contract the dealer wrote in that there were 109,000 miles when actually there was 115,286. Does this incorrect mileage give us any leverage if we choose not to cooperate? Basically are we stuck into this contract for a broken vehicle? If the dealership does their own lending, what type of information do they have to obtain from us in order to finance this loan?
