Port Richey, FL asked in Contracts for Florida

Q: Seller back out auto contract. Trade in $6k, owed $9400, deposit $1k trade in sold. Ctrct states rtrn all considerations

I purchased a truck. Financing fell through. I gave $1k down payment, trade in was $6k, owed $9400 on trade (dealer paid off trade). Trade has been sold. Contact states: seller must give me back all considerations seller has received from me in connection with this contract.

I informed the dealership I didn't have tax returns and only bank statements. Dealer said that would be okay. Dealer is still looking for financing as of now.

I would like to know where I legally stand if the dealer is unable to secure financing.

Thank you in advance

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1 Lawyer Answer
Charles M.  Baron
Charles M. Baron
Answered
  • Hollywood, FL
  • Licensed in Florida

A: Where you legally stand depends on the language of your purchase contract. It's a bit unclear from your post what it specifically states regarding remedies in the event of dealer unable to obtain financing. If it happens to state that, upon failure of the dealer to obtain financing, the deal is canceled (or that the buyer may cancel), with no liability on buyer's part, then the dealer's liability would be 100% of what you paid and the value of your trade-in. If the contract language isn't clear to you, schedule a consultation with an attorney.

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