Help With Cancelling a Contract

[stretchfe]

So, I went to a local dealer who had a car already on order, in fact it was already shipped but hadn't arrived yet. I had been pre-approved for the loan amount however, after I signed what they call the "option contract" (it says simple interest contract at the top) my bank backed out of financing the car. The dealership says they got me financed for a higher APR than what was on the option contract. The interest rate is horrible for how good my credit score is.

Since I have not taken delivery of the car can I cancel the contract?
Can I refuse to take possession of the car?
If I refuse to sign anymore paperwork, or refuse possession of the car, can they put a repo on my credit? (as they have recently threatened)

I live in Nevada, to answer that question. I have done a 100 searches and can find nothing about new car buyer rights.

Thanks in advance

[mrcowboy]

I'm sure you can just refuse the car, they will have no problem selling it.

[Amok]

Go to a credit union, get a better rate, keep the car. If your score is good, you should rate shop before you just refuse the car.

[TXISKING]

As long as you do not take delivery of the car. (Do not Drive it off the lot!) You can cancel the contract. As Amok says, go to credit union get a better rate and keep the car.

[TN20]

Depends on where you live. I know in CA that you have like 2 or 3 days to return a car no questions asked.

[stretchfe]

Originally Posted by TXISKING

As long as you do not take delivery of the car. (Do not Drive it off the lot!) You can cancel the contract. As Amok says, go to credit union get a better rate and keep the car.

I would love to have the car, it's exactly the car I want. However, at this point I'm so angry about being threatened that I don't want to have anything to do with this dealership.

Does anybody know of any laws that actually say that you can cancel the deal before taking delivery? I've looked for state and federal laws, but can't find anything specific on 'new' car buyer rights.

Again, I'm in NV.

[Treadstone]

Actually, pretty much every state allows you to take 72 hrs no questions asked to return a car. Actually delivery starts at that point.

But yes, they can't make you accept a car and finance you. It's not like they are going to turn you into debt agency for $36k. More than likely they will give you your deposit back, and be on your way.

[Darin Morgan]

Best advice I ever got (from our salesman of all people!) was to join a credit union. Go to a credit union and drop some money in a savings account and get a checking account through them. If your credit score is like ours (756-767) your interest will be so low your problems will be gone.

Darin Morgan
R&D / Product Development Manager
Profiler Performance Products
12170 Milton Carlisle RD
New Carlisle Ohio 45344
Phone 937-846-1333
Fax 937-846-1889
cell 682-559-0321
dmorgan@profilerperformance.com
http://www.profilerperformance.com
http://www.darinmorgan.com

[stretchfe]

I get what everyone is saying about credit unions. I did have a very good rate with my bank (USAA) prior to shopping for the car. However, once USAA backed out of financing the car, and I said I didn't want the loan they provided I was threatened by these people. I will not be bullied by anyone. I do not want them to ever see a dime of my money no matter how much I want the car. Yes, there's some deep hatred going on.

[OUR72GTO]

WALK...........

[vuduman67]

Is the car a manual or auto and are you paying MSRP?

[Wareal]

Originally Posted by stretchfe

So, I went to a local dealer who had a car already on order, in fact it was already shipped but hadn't arrived yet. I had been pre-approved for the loan amount however, after I signed what they call the "option contract" (it says simple interest contract at the top) my bank backed out of financing the car. The dealership says they got me financed for a higher APR than what was on the option contract. The interest rate is horrible for how good my credit score is.

Since I have not taken delivery of the car can I cancel the contract?
Can I refuse to take possession of the car?
If I refuse to sign anymore paperwork, or refuse possession of the car, can they put a repo on my credit? (as they have recently threatened)

I live in Nevada, to answer that question. I have done a 100 searches and can find nothing about new car buyer rights.

Thanks in advance

USAA "backed" out of your contract? Banks and FCU's don't "back out". Perhaps you got some "pre-approval" nonsense from USAA.

Your credit score is not the be all to end all. I had a 694 today who couldn't buy an Aveo...with GMS, rebates, yadda, yadda.

If you signed the backup contract, the dealer has the option to cancel. You don't. If you don't take delivery, and tell the lender, most likely you will be OK. But it may be a big PITA for you. The rate you got from the dealer may the best rate you can get. The only way to find out is to shop around on your own for a better loan/rate.

The dealer is trying to scare you and doing a good job. There is no three day rule in Virginia. See legal advice, first consultations are usually free.

[stretchfe]

Well, I talked to a friend at a Toyota dealer. I don't have any choice as I've signed the contract. I'm going to confirm with a lawyer at base legal (I'm military) before I resign myself to giving these bastards my money. From what I can tell through countless internet searches and from the people I've talked to, it does not matter if you have or have not taken delivery, once you sign your name, you're committed. I'll just sit on it for about 3 months until my promotion comes through and my 4 Runner is paid off and re-finance through my credit union or USAA. Thanks for the words of advice though.

[Treadstone]

Originally Posted by stretchfe

Well, I talked to a friend at a Toyota dealer. I don't have any choice as I've signed the contract. I'm going to confirm with a lawyer at base legal (I'm military) before I resign myself to giving these bastards my money. From what I can tell through countless internet searches and from the people I've talked to, it does not matter if you have or have not taken delivery, once you sign your name, you're committed. I'll just sit on it for about 3 months until my promotion comes through and my 4 Runner is paid off and re-finance through my credit union or USAA. Thanks for the words of advice though.

I'm confused here. They can't make you take delivery of the car. What are they going to do if you refuse?

They have not lost anything in this deal. Technically they own the car until they sell to you. So I don't see a problem with backing out. Crazy we see dealers drooling over people backing out of msrp, and then this?