backing out of an auto deal with a dealership…..?
Yesterday I went to a local dealer and test drove a few cars.. I wanted to see what they could get me approved for since I screwed my credit up as a teenager… They got me approved for a good substantial amount… So I signed the paper work and left the dealer…. Keep in mind I have not yet taken possession of the car… I did all this while I was on the clock for work driving a tractor trailer… Well as I arrived to work this morbing I was informed that I was being laid off… Is there a law that gives me the right to back out of the Car purchase since I have not taken possession of it yet?? I really can’t afford it now and do not know how long I’m going to Be laid off…. So can I change my mind and back out since the car is not in my posession???
If you have signed the sales contract and finance agreement, you may be at the mercy of the dealership’s sense of fair play. If they’ve already reported the vehicle as sold to the manufacturer and submitted the vehicle’s MCO and registration information on your behalf, you will probably have a very difficult time persuading them to rescind the purchase.
At the very least, you should expect to lose any downpayment you may have placed; but this again would be up to the dealer’s sense of fair play if the purchase can indeed be rescinded. Depending upon when you made the purchase, especially if it occurred toward the end of the sales month, the dealer may have hustled through the paperwork to earn their incentives and commissions and book the sale. It all depends upon how far the dealer has gone in processing the sale with the manufacturer and finance company and the motor vehicle department. Whether or not you actually took possession is likely moot.
I’d advise contacting the dealer as quickly as possible and being straightforward with them about your situation. At the very least, you’ll give yourself the maximum possible advantage in terms of allowing the dealer to intercede or halt further processing of the sale if it chooses to do so.
Best of luck. I hope this helps.
(cars) tractor tippin (long)
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