Jersey City, NJ asked in Consumer Law and Contracts for New Jersey

Q: How to get out of a loan agreement?

I got a loan agreement to finance furniture but after sign the agreement I decided to cancel because I found a better deal. I called the bank to cancel the agreement the said they would void it only when the furniture store confirms that I cancel the order and didn’t receive anything from them? I called the store telling them I want to cancel the order before 24 hours past. They said there’s a cancellation fee of 15% which no one told me about? In addition they won’t tell the bank I didn’t receive the furniture

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1 Lawyer Answer

A: I predict there will come a day when many more people will learn--by asking contact questions like this on here on Justia--not to sign any contracts without reading them very closely. Your particular situation reminded me of the advice I have given to every person in my family and to every friend who ever told me how excited they were to have just "purchased a ( whatever )-- and O boy--did I ever get a really great deal!!"

My advice to all of them was to be happy and STOP looking around for other "deals" after closing yours--because you are always going to find another "deal" that is BETTER than the one you bit for.

BTW: It is called "buyers remorse'--which I guarantee will be made much worse if you try to cancel your "deal" and run after the latest "better deal."

Advice: Pay the 15% penalty and then go purchase your "better deal" before it is gone; and then STOP LOOKING.

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