If my financing fell through for a used car purchase and I was offered other arrangements if I sign new papers, can I return the car instead?
Question Details:
I signed a purchase agreement for a used car and traded in a car. I took delivery of the vehicle. A few days later they called me back saying we were denied for the financing that was discussed and I would have to come back to sign some more papers for different financing at the same or lower rate. I would like to just return the car and get my trade in vehicle back. Do I have any recourse against them since I haven't signed the true financing papers yet?
Consumer and Lemon Law Law Answers
The purchase agreement is a binding contract as between you and the dealership and will govern your rights and your responsibilities. What you need to di is to read the agreement. Was the financing an integral part of the purchase agreement or a separate agreement? If it was an integral part and the contract could be seen to be breached then maybe yo have an out. If, also, the contract was contingent upon the financing and the financing fell through then it could be seen to be null and void. I would take the agreement to an attorney to read and interpret for you. You may be able to have the out you want given the circumstances. You just don't want to have any fees or penalties because of it. Good luck.
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