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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33802
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I live in Pennsylvania and purchased a used car less than 24

Customer Question

Hello
I live in Pennsylvania and purchased a used car less than 24 hrs
( yesterday evening 11-30-15)
The dealer is located in Philadelphia I live in Montgomery county,pa
In my ignorance and need for a vehicle I purchased a 2012 Ford fusion v-6 sedan we with 58,000 miles
I purchased the car $13,917.16 21% interest rate. Total sale price $26,580.08 total year financed 6 years
And the dealer said I had to have a co-signer
My contract has a "no cooling off period " clause
This is my first car purchase I did not realize until I was home talking to a family member that this was a bad deal
I also found out my credit was not as bad as I thought my credit score is 705
I feel the dealer took advantage of my lack of knowledge
Is there anyway for me to get out of this deal since it has been less than 24 hours
Please help
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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I am very sorry to hear that you got involved with a car deal that didn't turn out to be a very good purchase... I am afraid that I don't have good news, so please don't "shoot the messenger".... Unfortunately, there is no statutory "right of rescission" or "buyer's remorse" law in PA that would allow you to cancel the deal because you found out it was overpriced.

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As soon as you signed the purchase agreement, the deal is done and the contract is legally binding on you. If you returned the car to the dealer, they would then sell it at auction and could sue you for any deficiency if it didn't sell for enough to pay it off.

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As for the co-signer, that is for the lender's benefit and they can choose to waive this requirement if they want to so that wouldn't give you grounds to get out of the contract.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

Customer: replied 1 year ago.
I read online if the dealet deceives the customer with price of car etc.Th
customer has grounds to cancel the contractThe dealer ran my credit and deceived me into thinking my credit was bad so I needed a co-signerMy interest is high at 21% because of my credit scoreI found out my credit score was not bad it is 705 so my interest rate should have been lowerAnd should not need a co signerWould this deceit fall under pa law to cancel the contract
Expert:  Barrister replied 1 year ago.

The dealer didn't really deceive you about the price of the car. It would have been right there on the contract that you agreed to. It might not have been a very good deal, but that is for you to determine before signing the contract.

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If they lied and said that you can't get a lower interest rate loan, that could possibly give you grounds to sue the dealer for misrepresentation and fraud, but ultimately, it would have been up to you as to whether to agree to a high interest rate on the loan or whether to shop for a lower one. The fact that you didn't get the lowest possible interest rate you might have qualified for wouldn't necessarily mean that they were engaging in fraud. They told you that they could get you a 21% interest rate loan, but it was up to you to decide whether to accept that loan or not.

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So it is kind of a coin flip as to whether a judge would find them guilty of fraud and misrepresentation because if you are over 18, you are legally an adult and are free to enter into a bad deal if you choose to..

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I hate car dealers who engage in this type of behavior, but legally it is tough to hold them responsible if they disclosed the price and interest rate and you agreed to it..

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thanks

Barrister

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