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Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 86376
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I financed a car yesterday and have not picked up the car yet.

Resolved Question:

I financed a car yesterday and have not picked up the car yet. It is still in the dealership. Is there a grace period legally in the state of New York where I can resign on the contract? I have not drove the car yet or stepped inside of it but the documents for financing the car are signed. help please.
Submitted: 11 months ago.
Category: Consumer Protection Law
Expert:  Ely replied 11 months ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am sorry for your situation. On this website, I do not always get to give good news, and I am afraid that this is one of these times.

There is no grace period in New York for vehicle purchases. There is a grace period for in-home solicitations, seminars, and telephone sales, but not for vehicles.

The federal rule ( Federal Trade Commission's Cooling-Off Rule) is quite limited and also does not apply to vehicle sales, I am afraid.

There are currently two bills in NY legislature that will provide a cooling-off period for vehicle purchases: The first bill, A.5151, would give consumers a three day cooling-off period to cancel contracts for automobiles sales and leases. The second bill, A.5411, would allow consumers a one day cooling-off period to cancel such contracts.

However, they are not yet law, and may not be for a while. As of now, no cooling off period exists, I am afraid. I am very sorry.

Please note: I aim to give you genuine information and not necessarily to tell you only what you wish to hear. Please, rate me on the quality of my information and do not punish me for my honesty. I understand that hearing things less than optimal is not easy, and I empathize.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then submit, as this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. (You may always ask follow ups at no charge after rating.)
Customer: replied 11 months ago.

Wow... I'm so torn right now.. I like direct answers when it comes to dealing with situations legally and this was pretty straight-forward.


 


So legally there is nothing I can do to cancel the contract. Your saying that that the only legal thing for me to do if I do NOT agree with the contract is to


 


- Pay the payments as it says exactly on the contract


 


- Or not pay at all and have another set of problems


 


So in New York state I can not cancel that contract because there is no grace period and I am obliged to pay for the amount in the contract.

Expert:  Ely replied 11 months ago.
K,

Wow... I'm so torn right now..

I am sorry, friend. Wish to death I had better news here.

I like direct answers when it comes to dealing with situations legally and this was pretty straight-forward.

That is what I am here for.

So legally there is nothing I can do to cancel the contract.

Short of filing for bankruptcy - indeed - little can be done.

Your saying that that the only legal thing for me to do if I do NOT agree with the contract is to
- Pay the payments as it says exactly on the contract
- Or not pay at all and have another set of problems

Right. Or, you can ASK the dealer to allow you to walk, and it is up to them to agree... they may, but may ask you to purchase the buyout for a few hundred or thousand dollars... the ball is in their court.

So in New York state I can not cancel that contract because there is no grace period and I am obliged to pay for the amount in the contract.

Correct, unless they agree to allow you to walk, possibly for a price.

Gentle Reminder: Again, surely you prefer that I be honest in my answer – please remember that rating negatively due to receiving bad news still hurts the expert – it is simply the way that the system is set up. Please use REPLY button to keep chatting, or RATE my answer when we are finished. (You may always ask follow ups free after rating.)
Ely, Counselor at Law
Satisfied Customers: 86376
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Ely and 3 other Consumer Protection Law Specialists are ready to help you
Expert:  Ely replied 11 months ago.
Thank you for your gratuity. Good luck!
Customer: replied 11 months ago.

I now understand that I can not resign on the contract for the vehicle I purchased.


 


There is an add on in my contract called an application for coverage which cost me 1357.81. In the back of that contract it said I may cancel that service and have the full refund for it as long as I cancel before 60 days...


 


If I cancel this service this would make the whole cost of the amount financed drop by 1357.81.


 


The car would be 1357.81 cheaper than its original price.


 


Will that cancellation of that contract affect the whole contract in its entirety since they have to adjust all of the numbers again and print out a new contract for me to sign which would be in the main contract (important document) called the "Motor Vehicle (automobile) retail installment contract - consumer credit document New York".....


 


which in turn legally they have to print out a whole new consumer credit document for me to sign because I am refusing services which would make the whole car cheaper...


 


If I dont sign that new document. Will I be able to walk?


 


 


I appreciate your advise.


 


 

Expert:  Ely replied 11 months ago.
K,

Can you please explain what this application for coverage is? What is it for? Some kind of insurance, or cancellation policy, or what? Or some kind of financial matter?
Customer: replied 11 months ago.

application for coverage is the maintenance service charge for the vehicle.


 


I'm thinking about cancelling that charge hoping maybe I will have to sign a new contract because the numbers for the amount of money financed towards the purchase of the car would be changed.


 


 

Expert:  Ely replied 11 months ago.
Thank you. Cancelling this policy only applies to this policy coverage; it does not void the contract sale overall, I am afraid, and no, the original contract would still be enforceable, even with numbers amended which may be worked out later. Point is, it is enforceable.
Customer: replied 11 months ago.

Just an update! I was able to get out of the contract. I did not pick the car up from the parking lot. I wrote to the general manager of the dealership. since I did not pick the car up they let me walk from the contract. thanks for your help

Expert:  Ely replied 11 months ago.
K,

Wow, I am amazed they let you go that easily. Good job.

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