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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 41221
Experience:  Run my own successful business/contract law practice.
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I lived in NJ and just bought a user car (2011 Kia Soul - 35,000

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I lived in NJ and just bought a user car (2011 Kia Soul - 35,000 miles) this pass Friday night. I signed all the paper works along with my trade in (2002 Isuzu Rodeo) and put a $1000 on my credit card. I was also going to put $5000 cash down. Drove the kia off the lot that friday night. The $5000 that I was counting on for down payment did not come through. I went back to the dealer Saturday morning (less than 12 hours later) and told them of my issue. They would not give me my car and my $1000 deposit back and has threaten to sue me! Is there anything I can do to get my car and money back and cancel the deal? I can not afford to finance $5000 to the existing deal.
Thank you for your question. I happen to be a New Jersey licensed professional and will do my best to assist you this afternoon.

To answer your question, there is no formal right of rescission under New Jersey laws for a new or a used vehicle purchase. Therefore even if your personal financial situation changed but you signed an agreement, the dealer can legitimately hold you to the contract especially if you took the vehicle off the lot and brought it home (that concludes the sale since the moment you drive the vehicle off the lot, it's yours). Legally you cannot demand that the dealer take the car back since it is generally not their concern if you can or cannot pay for the vehicle because the contract itself is valid. Bu you can speak with the dealership and see if they may be willing to allow you to retun the car. Please be aware that can only be done at their discretion, and you cannot force them to process the return.

Good luck.
Customer: replied 5 years ago.
So I will have to go to court if they decided to sue me? Because I can not or will not sign a new finance loan with additional $5000 added on the the old loan (if they propose this Monday when I will return to the dealer). I just don't have that $5000 cash...
Thank you for your follow-up.

That is essentially correct, Kenn. If they choose to sue you for breach of contract, you would have to go to court and fight their claim. I wish the answer were different in this case but ultimately they can hold you to what you signed and demand 'specific performance', meaning that you deliver on what you promised in writing.

Good luck.
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