How can I givemy newcar back toadealership if the transaction as not yet been completed?
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How can I givemy newcar back toadealership if the transaction as not yet been completed?
I purchased a vehicle 3 weeks ago but have made no payments and the down payment has not been deposited. The finance agent just informed me the contract is invalid because my name is not correct on it. It has to be reprinted and signed. I just lost my job. Am I able to return the vehicle back and get my down payment back that has not been deposited?
Asked on February 8, 2012 under Business Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the contract is being reprinted with all terms the same, just a correction to the name, then you most likely cannot get of the transaction. You entered into an agreement to purchase a car under certain terms; a typographic or clerical error in the written contract does not invalidate that agreement. Similarly, the fact that you lost your job does not affect the agreement's validity--the car dealer and/or financing company don't need to take your situation into account. Even the fact that the down payment has not been deposited by the dealer, or that you have not made any other payments, does not affect the validity of the contract--though it may mean that you are already in breach, if you should have made additional payments.
So if the dealership, etc. is honoring its terms, and nothing has changed but to reprint the contract to correct your name, you most likely are still obligated under the contract.
On the other hand, if the dealership has itself failed to perform any terms of the contract of sale; misrepresented the terms of the sale or the condition, etc. of the car to you; is changing any terms when reissuing a new copy of the contract; and/or failed to accurate disclose any of the financing terms, that would very likely provide grounds to rescind or terminate the agreement, return the car, and get your money (down payment) back.
Also, nothing stops you from talking to the dealership, explaining your situation, and seeing if they will take the car back and cancel the transaction.
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