Help! If you signed an agreement at a car dealer. No money has been exchanged yet. And ?

Question

you were given a verbal agreement by sales person that you could sleep on it. Are you legally locked into the car?

Answer 1

Oh you can sleep on it.  In it, under it, or whatever you like.  Because if you signed a contract you have a deal.  Y ou are legally bound by the terms of the agreement the minute ink is on paper.

To head off the inevitable flurry of misinformation - you do NOT have 24 hours, 3 days, 7 days or 30 days to return the car and undo the deal.  There is no right of recission on automobile contracts unless (a) the dealer came to  your house, negotiated the deal over the kitchen table, and you signe contracts then and ther, or (b) you are in California, in which case you can BUY a 3 day return policy

EDIT - NO there is NOT a three day return right.  I knew someone would say that.

If you signed a finance contract - detailing rates, payment, down payment etc, you own a car.  If you took the car home, you absolutely own the car.  The only way out is if credit is not approved.  Even then, you may be liable for any miles driven on the car

What if you want to cancel?  You can't.  Unless financing is not approved, there is no right to undo the contract.

Answer 2

sales agreement reflects the item you bought (car, house...)  and for how much you paid for it, the date by which you'll pick it up or move in...it'll show the cost, minus any rebates, special promotions...and the balance you'll have to pay to pick up the car (they refer to this as delivery) whether cash or balanced financed.

the financial agreement reflects your payment terms for the item you bought, examples: cash down payment with the balance to be financed with a bank, credit union or other lender and indicating the terms of your loan, i.e. 20,000 balance to be paid over 5 year term at 4.99%, annual percentage rate would most likely read a bit higher.  Rebates might be applied toward a down payment to help you out so when the car manufacturer issues the rebate, it would go to the car dealership because they advanced the money to you to buy your car right away.

or, your financial agreement could be a lease program example: $3,000 down, $ for registration, other and lease term is for 3 yrs. or other.  then you'll either buy the car at the end of 3 years with additional monies (you'll be paying a monthly lease fee which is usually alot lower than a car payment would be) but your car won't be paid off when your lease is up.  You either buy it or turn it in back to the dealership and they're most likely going to give you depreciated value of the car if you do.

Are you of legal age to buy & finance a car in your state?  Odds are the salesperson would have asked you this info but should you be considered a minor, you can't get credit until you're 18, also if you're a minor you might have needed your parent(s) permission to buy a vehicle.  do a google search for legal age to buy a car in your state.

A salesperson with integrity and also the dealership, wouldn't want you to be unhappy customer to begin with.  Negativity spreads alot faster than positive information.  If you just mention the reservations you had after signing, the salesperson might just rip the contract up, tell you to not stress yourself out over going through with the deal if you don't want to.  

If the salesperson and or management wants to give you a hard time about it, this in itself is an indication of way they do business.  If they want repeated business (millions of cars new & used to buy) they wouldn't give you a hard time.

Also, were you given the chance to read what you were signing, or were the papers pushed in front of you and you were rushed to complete this part of buying?  If this happened, then push this with mgmt.

Depending on your age and financial situation would it be worth their while to sue you "to perform" meaning going through with the buy?

The cost, time, and reputation for going through with this I'd think would come back to haunt them many times over.

Don't let yourself be intimidated & good luck!

Answer 3

depends on what state you're in.

Answer 4

if you physically signed the paper youre committed to it

answer mine

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