Hi Sean, Thank you for your reply,
Ordinarily an Agreement of Sale is legally enforceable against the buyer if the buyer has signed it. That would be the case here also, but what the dealer is doing is illegal and he wants you to be a party to the fraud against the bank. You should inform the dealer in writing that "his actions are a fraud on the bank and you want no part of it, nor will you participate in this fraud. You were not aware that the dealer was doing this and now that you have discovered what he did, you cannot be a party to it, nor do you want any type of financing that calls for refinancing in the future and which you know that you will not be able to afford. You are, therefore, rescinding the Agreement and you will not take delivery of the vehicle."
Be sure that you include all of that in your letter to the dealer and have someone hand deliver it to the dealer tomorrow or as soon as possible.
I do not believe that the dealer is telling you the truth when he said that he has received payment for the car already from the bank because when the bank lends you money for a car, the check must be made out to you and you have to endorse it on the back, otherwise the bank will have no proof that they made a loan to you if the payee on the check was the dealer.
If the dealer calls you and tries to give you a hard time, tell him that you will report this fraud to the New York State Attorney General's Office:
And, for fraud: http://www.ag.ny.gov/bureau/consumer-frauds-bureau
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