I signed a purchase order but the dealer was going to have to get it from another dealer so I do not have the car nor have I signed the final paperwork, although I did give a check for $500 deposit that I was supposed to get back once I finalized the loan. Is there any way to back out of the deal now?
2006-08-01 02:27:27 · 8 answers · asked by latashab2000 1 in Cars & Transportation ➔ Buying & Selling
I am backing out of the deal because an emergency happened and I will be unable to pay for the car note in the next 2 months and don't want that on my credit report. The car has already been located and should be at the dealership today. Does this change what I should do in terms of backing out?
2006-08-01 03:05:11 · update #1
I do not have buyer's remorse or think I could get a better deal. I just can't afford it right now with this emergency.
2006-08-01 03:06:28 · update #2
Nobody can force you to take ownership of a vehicle or force you to finalize the deal & sign loan contracts.
You may, however lose the $500 deposit.
After all, it was you who asked the dealer to go & buy a vehicle from another dealer.
If you've changed your mind, you should contact the dealer, BEFORE they go through the costly process of 'locating'
If you waited until they already have the vehicle that YOU requested, they are not legally oblgated to give you the deposit back.
'Locating' a vehicle, actually takes up time & effort at both dealerships. There is paperwork that has to be done at BOTH dealerships ( usually done by dealer office personnel), and then there has to be someone to work out the 'trade agreement' (usually done by managers at each of the 2 dealers)
And then there is the expense of actually transporting vehicles from one dealer to another.
So yes, you can back out of the deal, but please do so BEFORE
about 10 people waste their time doing tasks & jobs that you requested them to do.
2006-08-01 03:02:19 · answer #1 · answered by Vicky 7 · 1⤊ 0⤋
My question to you would be, why do you want to back out of the deal? You signed an agreement to purchase a product from a store, and now you are telling the world that your signature and your word mean nothing. If you are backing out because the dealer cannot deliver what was promised, (i.e. the vehicle with the color and equipment you asked for, or a close proximity thereof), then ask for your deposit back. If you are wanting to back out because you have buyer's remorse or you think you could have gotten a better deal, too bad your word is your promise. Just remember, if you do back out of the deal, you will have to start the whole process all over again. So be sure to figure in how much your time is worth to you when you back out and go renegotiate for another vehicle.
2006-08-01 02:58:33 · answer #2 · answered by itzmedbd 2 · 0⤊ 0⤋
Signed Purchase Order
2016-12-12 09:36:44 · answer #3 · answered by yancy 4 · 0⤊ 0⤋
Car Dealers will try to play tough with you and tell you it's impossible to back out of the DEAL. First, talk to the OWNER of the dealership, no one else, as they will try to wear you down. Then THREATEN to call the Police. They will not call your bluff!
2006-08-01 02:35:54 · answer #4 · answered by bereftcat 4 · 0⤊ 0⤋
Unless you have taken delivery of the car, they can not force you to buy it. Just refuse to sign any papers. If they will not give back your deposit check, stop payment on it!!
If the check has been cashed, and they do not want to return your money, file suit in small claims court.
2006-08-01 02:39:43 · answer #5 · answered by fire4511 7 · 0⤊ 0⤋
Yes you can get out of the deal, but you may loose your $500.00 deposit. If the paperwork you signed when you gave them the deposit says non-refundable then you will loose it.
2006-08-01 02:38:30 · answer #6 · answered by ubet426 4 · 0⤊ 0⤋
Not sure call and find out
2006-08-01 02:36:06 · answer #7 · answered by cin_ann_43 6 · 0⤊ 0⤋
Yes you can, it happens more often than most know.
2006-08-01 02:31:03 · answer #8 · answered by Biker 6 · 0⤊ 0⤋