Norman, OK asked in Contracts and Consumer Law for Oklahoma

Q: How can i get out of contract on new car purchase 12days ago ?

Income cant cover payments

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1 Lawyer Answer
Howard Berkson
Howard Berkson
  • Tulsa, OK
  • Licensed in Oklahoma

A: I am sorry to hear you are stuck in a purchase contract you cannot afford. From a lawyer's perspective, a contract is an exchange of promises that is enforceable by law. In other words, the whole point of having a contract is to force someone to keep their promise. The consequences of breaking your contract will likely be repossession of the vehicle and a judgment against you for the amount of money you still owe minus whatever they get from selling the car at auction plus interest, fees, and the cost of legal services. They will then try to garnish your pay checks. If it is too much for you, you might consider bankruptcy. You might look for ways to reduce your costs so you can afford your car and insurance payments. You might be able to find better financing to reduce your car payments. It's a tough situation, but there is no legal cure for making an automobile purchase and then getting out of it on the basis that it costs too much for you.

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