If a person signs a contract for a car, then decides not to take the car, are they liable for the car?

Question

They aren't taking the car off the lot so the dealer can still sell the car.

Answer 1

Depends on the state and the contract you signed. Carefully  read the contract and you will have the answer.  

Answer 2

Once the contractual obligation has been entered into, it is legally binding. The second party can agree to dissolve the agreement, other than that the contract would have to be somehow void. If the party wishing to rescind the offer were a minor or of a mental condition so unstable that he could not be expected to make an informed decision, then the contract can be terminated. Basically, that person is out of luck, barring some unforseen circumstance.

Answer 3

The dealer can sue to force the sale.  It's called specific performance.

Answer 4

here legally you have 48 hours to change your mind over major contract issues. In this case if you changed your mind within 2 days of signing the contract, provided you never took the car off the lot, you would be ok. Once you took the car off the lot though you would be responsible for depreciation of the car

Answer 5

It depends on the conditions stipulated in the contract. If the contract provides a clause supporting such claim then there is no problem with that.  

Answer 6

yes, as everyone has said

Answer 7

yes,if its a binding contract,....you gotta read the fine print

Answer 8

States sometimes have a cooling off period in which the buyer can change his mind.  Otherwise, if you have put down a deposit you may lose it.  However dealers may have to show that they incurred "damage" in order to keep the deposit.

Usually a state's attorney general website will have information and links for consumers.

Answer 9

If you signed loan papers yes . If not then no but they could take you to court . Easy way would be for the dealer to just try to sell it again .