r/UsedCars • u/_bull_city • 10h ago
Signed a contract but nothing has been exchanged Buying
I signed a contract for a used car yesterday. I was pre approved for a loan at a certain percentage rate with my bank and told the dealership I would finance with them if they could beat it. I have tier 1 credit. They couldn’t beat it because the ltv was too high. My bank is literally one dollar from being too high ltv. Everything has been signed, but nothing has been exchanged. It’s bothered me that I’m paying too much and I want to renegotiate. The financing guy admitted the issue was over the price of the car and if I was buying new I’d qualify for their best rate. Am I obligated at this point?
Yes this us my fault. I’m tired of the world turning to shit and didn’t want to argue with a total stranger over the price. Lesson learned and next time I need to argue.
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u/Badenguy 9h ago
You have 3 days to rescind any contract in the US. That’s it. I’ve seen shady places point out some small print, even a time share place, stamped my receipt to say “no refunds” after I signed. It’s an inalienable right as a consumer
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u/_bull_city 9h ago
So all I have to do is email and let them know I’m not following the agreed price and give them my new offer?
Eta- google says the 3day period isn’t for cars
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u/Prufrock-Sisyphus22 7h ago edited 7h ago
Back some 30 years ago, it used to be that car dealerships thought the federal 3 day law applied to them .
Since then , alot of dealerships have become aware that it doesn't apply.
It will depend on which state you are in and any state laws you have regarding canceling the sales agreement ...however you would need to have not driven the car off the lot yet as any state 3 day usually require the car is returned in same condition.
Check your state laws and see. Otherwise, unless you speak to your bank and they won't fund the car loan then you are stuck with the vehicle. Also, while you may have gotten a slightly better deal/price, most banks won't lend if the car price is inflated above KBB, NADA or JD POWER valuations. So most banks don't let their customers get shafted for outrageous valuations.
I'm editing this to say it's best to check with a lawyer in your state.
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u/Badenguy 4h ago
I’m in MD, and I had a coworker bought a car in VA, and she was able to do this at a Chevy dealer, not a lot of pushback, but then she bought a car that was more in the range she could afford. You are right, check on state laws. Personally I would just say I don’t want it, they’ll be calling you for days with lower prices
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u/ThatDudeSky 4h ago
Dealerships can unwind a deal if it’s not funded or anything, but that’s different than there being an actual legal protection. The 3 day right of recision law explicitly states that it does not apply to real estate, auto purchases, and a handful of other things. Especially where the retail installment contracts are done with a third party. The dealership can’t unilaterally cancel a loan that you took with some outside lender. That’s up to the lender mostly.
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u/Prufrock-Sisyphus22 7h ago
See my other comment.
If nothing has been exchanged and car hasn't left the lot, then it will depend on any state laws you have. Some states have a few days return period. Not to be confused with the federal 3 day cool off period which doesn't apply to autos.
I'm editing this to say it's best to check with a lawyer in your state.