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If you signed a purchase contract stating that the buyer would finance can you cancel the contract if you can't get a loan?
Wiki User
Answered 2010-05-30 14:16:24
It depends upon the specific terms and conditions of the contract. If the contract simply states it is the buyer's obligation to secure financing, then you can NOTcancel the contract. If the contract states that the agreement is conditional upon the buyer's ability to secure a loan, then you CAN cancel the contract.
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Can a car dealership cancel a purchase?
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.
Can you cancel a finance company contract within 30 days?
Not unless it was an unsolicited sale.
How long do i have to cancel a contract in new York state?
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.
Can you cancel buying a car after you have signed a contract for finance?
No you cant because you have signed a contract and it means you have to deal with it till it ends.
Can a car only get repossessed for no insurance?
Absolutely. When you purchase and finance a vehicle you sign a legally binding contract. Perhaps you should read what you sign. The contract states that you agree to carry insurance that includes comprehensive and collision with a maximum deductible of usually $500. If you let your insurance cancel then you have broken the contract and therefore the finance company can reposses the vehicle.
What if vehicle owner allows insurance policy to cancel and purchases new policy without lien holder listed?
When you purchase a vehicle and fiancé it you sign a contract stating that you will carry certain insurance coverages and provide the finance company with the proper notification of such coverage. If you let your policy cancel you have violated the contract. If you do not list them as lienholder on your insurance policy you have also violated the contract. If you do not fix this situation when you finance company send you letters about this they have the right to repossess your vehicle and screw your credit up for life. You have obligations and the finance company has obligations under these contracts. If you have period of time when you cannot prove you have insurance then they will put forced place coverage on your vehicle to protect themselves and will charge the premiums to your account.
How many days do you have to cancel a car contract in Ohio?
None! Once you purchase a vehicle and sign the contract you cannot cancel the contract or return the vehicle. The buyers remorse or cooling off period laws do not apply to the purchase of an automobile in in the state. This is a myth that simply will not die.
How can a seller cancel a real estate purchase contract?
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In the State of Florida How many days do you have to cancel a new car purchase contract.?
There is no 3 day to cancel a new car purchase contract. The only time you have 3 days if the dealer came to your house or place of business and Solicit you. There is no 3 day to cancel a new car purchase contract. The only time you have 3 days if the dealer came to your house or place of business and Solicit you. ------------------------------------------------------------- Always read your contract before you deal with dealer, And I think is 10 days is very common for cancel your contract but it all are depend on your down payment & dealer's financial condition.
Can you return your car to the dealership after you signed a contract?
Yes, the dealer can cancel the contract but it is within 10 days of the date on the purchase contract.
Can you repo a car in VA for not having insurance?
Yes. All finance contracts have requirements for providing and maintaining Comprehensive and Collision coverage on a vehicle being financed under the contract. If you allow your insurance to cancel without providing replacement coverage, you have violated your contract and the vehicle will be repossessed.
Maryland State law regarding right of rescission on purchase of a vehicle?
There is no cooling-off period for vehicle purchases in Maryland. The only way that you could cancel the contract would be if they could not produce the finance terms that they promised.
Can you cancel a new car purchase if car hasn't arrived?
If you have not signed a contract to purchase the vehicle then yes you can walk away. If however you have signed a purchase agreement, then you had better ask the dealer very nicely if you can get out of the contract.
Can a car salesman not honor a signed finance agreement?
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)
Can you return a new car after just leasing it?
There is no right to rescission on any contract involving the purchase or lease of a vehicle. However the leasing dealer may allow you to cancel the lease with a penalty of course. You need to contact the dealers finance officer.
Can you cancel a car purchase if you never drove it home?
No you cannot if you signed the contract and paid for the vehicle. The Buyer's Remorse law does not apply to the purchase of a vehicle.
If you sign a finance contract for a car on Saturday and want to cancel the contract on Monday don't you have 72 hours to cancel said contract?
please visitwww.IllinoisAttorneyGeneral.govNo Three-Day Right to CancelDealers are not required by law to give car buyers a three-day right to cancel.The right to return the car in a few days for a refund exists only if financing is not approved. However, some dealers may, by contract, offer a right to cancel.If you're not in Illinois, you might want to check with the Attorney General's office in your state?Al BrownChicago
Is there a right of refusal on a auto purchase in Illinois?
After signing a sales contract, you have three business days to cancel the transaction.
What is the NJ statutory cooling off period in a contract purchase of a vacation network with a no right of rescission clause?
If you are talking about a network like Sundance Vacations, just call the company and tell them you want to cancel your contract, but be persistent. They will cancel it for you.
Can purchaser cancel auto financing?
The only time the purchaser can cancel auto financing is in the begining of the loan during the "interview" with the finance company. That is one of the reasons the dealership will not tell you who the finance company is before they get "funded" by the bank. If you knew who the finance company was before the dealership gets funded then you can cancel the financing. The other issue you have is the contract signed with the dealership. They can still say they will be the bank and stick you with the car and the financing.
Can employee cancel employment?
Yes, an employee can cancel employment as long as there was no contract for that employment. If there was a contract, the employee can be sued for breech of contract.
How do I cancel my directv?
You call them and cancel. If you signed a contract, review the contract for any early termination requirements.
In the state of Idaho can you cancel a car contract after 2 days?
In the state of Idaho you have 72 hours to cancel an automobile contract. You should be able to cancel the contract before the 72 hours is up.
How can a person take a car away from someone who doesn't have auto insurance?
I assume you mean a repossession of a vehicle if you let your insurance cancel. When you purchase a vehicle and finance the cost of the vehicle you sign a legally binding contract. One of the terms in the contract is always that you must carry physical damage auto insurance payable to the finance company if the vehicle is a total loss or damaged. If you fail to keep this insurance you have broken the contract and the vehicle is subject to repossession and you may be sued for additional damages if the value of the vehicle is less than the amount owed to the finance company.
Can you cancel buying motorcycle after you did all the paper work?
I believe you have three days within which to retract your purchase contract, though it may depend upon how the purchase was presented to you.
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