Automobile purchase contract

Last wednesday evening we signed a purchase contract for a car, Thursday morning I sent the sales person an email stating we realized we couldn’t afford it. We never took position of the car, he said we cannot get out of the contract. Is he right? We are in St Louis County, Missouri.

Asked on October 30, 2018 under General Practice, Missouri

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Unfrtunately, in your satte, there is no right to rescind a contract for the purchase of a vehicle, otherwise known as the "cooling off period". Further, not being able to afford the payment is not grounds to void the contract. Accordingly, you can be held to the transaction even if you never took possession of the vehicle.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

He is right, unfortunately. There is no "cooling off" period or right of rescission to an automobile contract; as with most contracts, you are obligated to the contract as soon as you put pen to paper and sign it. Also, unfortunately, not being able to afford the car is not grounds to get out of the contract, either.


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