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1. Please tell me on what date you signed the Agreement of Sale and the loand documents
2. Is this a new or a used car ?
3. What is the reason for changing your mind, did the dealer make any representations to you that were false or misleading ?
I signes the contract on tues 8/20/13. This is used 2010 chevy treverse. I changed my mind because the payment would be $348.00 for 10 mo about July 2014 and then I was told to bring in 1000.00 at this time to refinance as my payment would be go up to $480.00 the dealer was going to pay the additional $128.00 differance to get me approved each month but i was told not to inform the bank about this. This just didnt sit right with me.
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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i have no proof as i didnt take any paper work with me as i was suppose to get it upon delivery. I also no longer have the trade as i did business with some one else.
My Answer remains the same because the dealer was engaging in fraud on the bank and wanted you to participate in that fraud. That is the only way you will be able to get out of the agreement and avoid liability to the dealer. And, it certainly will not help to tell him that you bought a car from another dealer because that will hurt your chances of getting out of the contract and the dealer can sue you for specific performance based on the signed Agreement of Sale,
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