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Contract Law

If you signed a Smart Buy contract with a dealer and now they are tell you they want more money down can you make them honor the contract?


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2015-07-15 19:28:03
2015-07-15 19:28:03

It depends. Was the deal "subject to" financial approval? If so, then they can change the deal. If not, they can't.

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Generally, no. The realtor must honor the terms of the first contract. A legally binding contract is enforceable in court.

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On the purchase of a vehicle you cannot cancel the contract as the Cooling Off Period or Buyers Remorse law does not apply to the purchase of a vehicle. You signed the contract and are legally bound to honor it.

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The following represent the few situations in which a car salesman may choose not to honor a signed finance contract: * Customer provided false or misleading information in order to acquire the loan (therefore, the car salesman may cancel the contract) * Car salesman provided false or misleading information to the customer (therefore, the car salesman's manager may cancel the contract)

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A car dealership can cancel a purchase if they haven't received the right amount of money to honor the contract. Otherwise, they can't cancel a contract that has already been signed.

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Yes. But, they do have the right to possess a copy. However, they also have the obligation to ASK for one. Yes, once the contract papers are signed you are bound by it.


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