Q: I purchased a vehicle on 9/18 from a dealership who said they could arrange the financing, I also traded in my truck.
Per the contract it says they have 7 days to arrange financing from date of sale, and if they are unable to I may rescind the contract within 14 days from date of purchase. I went in to the dealership on 9/25 to see if they had arranged financing and if not I wanted my vehicle back. This resulted in an ugly confrontation with the finance director. He said he indeed had financing and had me sign another contract stating it was final. But in fact it’s just a dealership contract same as the one before with a higher interest rate and lower price. By signing this contract does the dealership have an additional 7 days to arrange financing? The date on this contract is the same as their first, and all the verbiage in contract refers to date of sale. I do t believe the dealership has arranged financing and was simply trying to buy more time on the 7th day of contract. It’s now day 11 and I have heard nothing back, I would like to rescind my contract. I am not sure how to go about doing that?
A:
Contracts are designed to handle issues that may come up in the future related to a transaction. Unfortunately, no contract can handle everything and human error can cause problems for the contract. The information you gave so far leaves room for multiple arguments on what should happen in your case. Unfortunately, the only way to nail down one of those arguments as the rule in this case is going to court and getting a judge to make a final decision, which of course can be appealed at a higher court.
If you are not ready to go to court at this point, you can either hire an attorney to write a letter explaining one of the arguments in your favor and demanding action, OR you can ride out the situation and see if you get an outcome you can live with. If things go really bad, that is when you normally go to court to fix the problems created.
Contracts always have many more provisions than you can report in your question, so without reviewing the contract, an attorney has very limited ability to give you good advice on how to act.
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