Hello and welcome.
I am sorry to hear of your difficult situation. My goal is to provide you with excellent service. First, I have some questions for you so I can determine what information to provide you.
No - it is a standard auto contract (as far as I can tell). On the Bill of Sale, under the heading "Execution of Other Documents" it reads:
"The Customer, before or at the time of delivery of the motor vehicle covered by this Order, will execute such other forms of agreement or documents as may be required by the terms and conditions of payment in accordance with the Customer's election to purchase for cash, purchase and finance or to lease the vehicle covered by this order."
I could scan and send the front and back of the two documents (4 pages in total). Let me know.
I hope this helps clarify the situation for you.
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Thank you for the answer, however, it is not my intention to terminate the contract. I would like to keep the car and pay as agreed, not give it back.
How do I post the scanned documents to you?
I'm having some difficulty uploading the file, however, I will see what I can do with Customer service.
My problem is this, I don't see anywhere where the dealer can terminate the contract once it is accepted (which it was by the finance manager). This is really the crux of my question - can they terminate the contract now?
I believe I understand your answer, however, I cannot find anywhere on any of the documents that I signed where there is this provision to terminate. There was no discussion about approval after the delivery. In my opinion, all of the requirements were satisfied prior to (or at) the delivery of the vehicle, specifically, it does indicate that there are "no oral agreements" (in the Bill of Sale).
Hold on, how am I in breach of the agreement? It clearly states an amount financed, and a repayment schedule beginning on March 14, 2013. I am not in breach of anything.
The Bill of Sale also states "Customer and Dealer agree that this Order cannot be assigned to any third party, without the written consent of both Customer and Dealer."
I'm afraid that I cannot assist you. I will opt out and perhaps another professional can assist. Please do not respond to this message as it will send this question back to me. Thank you for your understanding and good luck to you.
I am scanning now and will have the pdf files to you within 5 minutes.
First of all, thank you for reviewing the documents. That being said, when the dealer (General Manager) says to me (in a text) "Bank is fine" (meaning approved) so that we could move forward - doesn't that in fact imply that it is approved based on the facts presented? I just can't find where the financing is subject to any further credit review other than what was presented in the original application.
By the way, the General Manager is a friend of mine and I have purchased a total of 6 cars from them in the last 10 years. I know they're not trying to take advantage of me, however, I've never experienced anything like this before. I used to work in dealer financing years ago for a large commercial bank and my understanding was that the dealer closed the loan subject to the terms of repayment and security agreement (lien on the car) and "sold" the paper (contract) to a buyer (usually a bank or finance company). I just can't find anything that says if they can't find a buyer for the paper, deal is off. Does that make any sense?
If you are able to point out where it says that, it would be helpful.
I did send a question last night after the previous post? Did you receive it?
I actually just spoke to a contract attorney here in NJ, his opinion (despite the lack of original signature by the dealer) is that they OFFERED a deal, performance has been made (delivery of the car), terms were outlined and agreed upon - ball is now in the dealer's hands to sell the paper. They're having difficulty and now want me to make it EASIER for THEM. Doesn't work that way
My opinion is that the deal is the deal, they're going to have live with it.
Does that make any sense? I know we want to get this closed ASAP, I appreciate the great help.
While I agree with the assessment that the underlying assumption was that the deal would be funded by Ally, in my opinion, it is their responsibility to get all of the information required BEFORE the deal is signed, not afterwards. They have been in business for more than 50 years, this isn't their first transaction/approval process.
If they felt that they had a "approval" from Ally ahead of time, then I think they press matters with them and force them to buy the paper.
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