ANYONE who's name is on the loan contract is responsible for the debt. Who will sell someone a car and that someone NOT be responsible for paying?? NOT ME LOL
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
If you are asking is there a cooling off period or buyers remise law in Florida on the purchase of a used car the answer is no. Once you sign the contract you are legally bound to that contract and it cannot be cancelled unless the seller agrees to that cancelation. The Buyers Remorse or Cooling Off Period laws do not apply to the sale of a new or used vehicle in any state.
I dont know about the "grounds" BUT any changes to a CONTRACT have to be approved by BOTH parties to the contract. Did either/both of your "buyers" get approved by the LENDER to assume your contract? Some contracts are NOT assumable as written by the lender. Even if they did get approved to assume, they still have to wait for the lender to do their oart. Could it have been impatience on the part of the "buyers"? Best you should call a local attorney for a consultation ASAP.
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