Is a contract with a car dealership binding?

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Is a contract with a car dealership binding?

I purchased a new vehicle about a month ago. My signed contract shows the dealership was going to pay $16,520 pay off on my trade in. I advised the finance manager that my payment was due and had already been sent. He stated it would be returned to me once their payment was received by the financing company. My payment posted with the finance company; when I contacted them they advised they had not received payment from the dealership and once received I would receive a refund (if due within 30 business days). Today I received a check for $7.99 from the finance company. The dealership only paid $16,000 on pay off after it was due. Is the contract binding and the dealership is liable to reimburse my $520?

Asked on May 4, 2012 under General Practice, Arkansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you have written with respect to the new vehicle that you purchased from the auto dealership where you traded in your old car, whatever was written in the written agreement would be binding between you and the dealership under the laws of your state.

From what you have written, it seems as though you are owed a certain sum of money from the car dealership under the written contract that you have written about and you are still owed $520.


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