Is there any way out of a new car contract?

Question

I just went in the dealership with my girl friend and purchased a new car. The financing hasn't gone completely through and I'm praying that it gets denied, since it's the weekend, they said we were approved but there is that possibility of financing not going through. Anyways, they need paystubs, w2's etc. well I don't want to give them any info, for the hope that the loan gets denied, and they are saying they need to verify the info for fraudulent reasons. I have to meet with the director tomorrow and a little nervous. My father said to stand my ground and tell them that you don't have the info they are requesting. I just don't want the car because the payments are crazy and they recommended we do a voluntary repo on our current vehicle. What should I do? Is there anything I could do?
Thanks.

The reason they could not take my current vehicle as a trade is because I got in to that car upside down, so they would have to eat too much equity, also I did take delivery but turned around the same day and dropped the car off at the dealers. They said that there is no cooling down period in the state of AZ, when it comes to purchasing a vehicle.

Answer 1

Since the deal hasn't gone through yet and you haven't taken delivery, just call the dealer and tell him to forget it. Just tell them that you've changed your mind in a moment of sanity. Then get the heck out as they'll likely turn up the heat and try to get you to change your mind.

Answer 2

What aren't you telling us? How can they even be talking of putting financing through on a new car and telling you to let your other car be voluntarily respossessed? Why aren't they taking your present car on trade and working the financing out, like normal dealers do? Either you have given us an incomplete picture, or this is a shady deal that needs to be reported to the agency that issues dealer licencing in your area. Also, check to see if you have a "cooling off" period written into law, allowing you to just say you won't be proceeding with the purchase.