Can a car dealership cancel a retail installment contract after telling the buyerthat they wereapproved and all papers were signed?

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Can a car dealership cancel a retail installment contract after telling the buyerthat they wereapproved and all papers were signed?

I negotiated the price on a used vehicle, decided to move forward with the purchase. Proceeded by applying for financing. I was informed that I was approved; the name of the financial institution providing the financing is named on the contract including the rate and all taxes/costs. Then 2 days later, the salesman called and asked if I could get a co-signer. I told them no. I cannot understand how they said I was approved, took my money, signed a contract, sent me on my way with the truck and now ask if they can add my parents as co-signers?

Asked on October 20, 2010 under General Practice, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It is very difficult to tell you what to do without reading the contract itself.  Generally, contracts that are made are binding and any amendments to the contract must be made mutually and in writing.  In other words, the contract stands as it was signed.  Check to see if there is a right to cancel in the contract and how long either party has to exercise that option.  That may be the only thing that I would worry about at this point in time.  If they continue to hound you I would contact the state Attorney General's office and speak with their consumer advocate about the situation.  They may be able to help you and contact the dealership. Good luck. 


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