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RGMacEsq
RGMacEsq, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 17113
Experience:  Licensed Texas General Practice Attorney
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I need advice on a contract sale of a motor home. We signed

Customer Question

i need advice on a contract for the sale of a motor home. We signed this contract 3 days ago, after reading the fine print I think there was some creative financing, do we have a time period to void this sale in New Jersey
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  RGMacEsq replied 1 year ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. First of all, regarding a "right of rescission" (a period of time that you can rescind / cancel a sale after the sale has occurred), I'm sorry to say that there's no such right in any state for the purchase of a motor vehicle / motor home (new or used). It's a common misconception that there's a 3-day "cooling off period", but that law is very specific in its applicability. That is, only certain transactions (such as door to door sales, telephone sales, and sales that occur off of the seller's location). But there is not a right of rescission generally speaking in the law. Now there could be such a right in the contract that you signed. I've seen contracts where there has been such a right, although that's still very rare.

As far as the financing is concerned, that's certainly one way that they do it. That is, because they're buying the vehicle from you with the intent to sell it on, it's not worth as much "encumbered" by a lien as it would be free and clear. Now they could buy the vehicle from you and hope that you pay off the loan on the first one (which I have no doubt that you would do) but they're not going to be making such a bet. Rather, they're going to buy the vehicle from you and pay off the remaining debt on the vehicle so that they can get it free and clear of any lien on that, and then turn around and try to sell it on. Again, it's not worth as much to them with a lien already on it, which is why they need to pay it off. After they pay it off on your behalf, that has to be offset by a debt owed by you. You still owed that amount on the original. It's not as though it went away. And the trade in amount would have been that amount regardless if you owned it outright or owed as much as you did on it. You'd get that same credit for the trade-in, but then they would add in what they have to put forward for the debt payoff. I don't see anything illegal or even deceptive in their actions.

Now it's possible that if they represented that you would not have this debt added onto the final amount, or somehow insinuated that the trade-in was "net" (after paying off the debt) then you could have a case against them, but to be successful you'd need this in writing. You would need some sort of assertion that said that they would pay off the debt and that AFTER that point you'd have the credit applied to the new motorhome. In the absence of such a written representation, I don't think that you'd have any recourse.

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  RGMacEsq replied 1 year ago.

Did you have any other questions before you rate this answer?

Expert:  RGMacEsq replied 1 year ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

Expert:  RGMacEsq replied 1 year ago.

Was there anything else?