What to do if a dealer wants to renegotiate a vehical purchase after the bank has all of the financing paperwork?

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What to do if a dealer wants to renegotiate a vehical purchase after the bank has all of the financing paperwork?

We went into a car dealership on Saturday and started the paper work, we received financing and went in on Monday and signed the paperwork. (We drove home with the car). During the process we provided the dealership with information regarding our trade in (car not starting/not running, transmission, dents/dings etc) and they gave us a trade in value sigh unseen. They called back on Tuesday after we signed the papers and walked off the lot with the new vehicle stating that the trade is not worth what they gave us. Can they do this? They are now trying to contact the bank.

Asked on March 22, 2012 under General Practice, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you have a contract with the dealership that took possession of your former vehicle knowing the disclosed problems that you made before the sale and trade in, you have a binding deal with the seller. The presumed written contract that you have written about should state the terms and conditions binding upon you and the seller regarding the transaction.

From what you have written, there is nothing for you to negotiate if you do not want to. You have a done transaction.


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