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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 118175
Experience:  Attorney experienced in commercial litigation.
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A Purchase Agreement was signed by me with a Dealer and

Customer Question

A Purchase Agreement was signed by me with a Dealer and required me to use my run about boat for a trade in Valued at $7000-00. The boat I was attempting to purchase ranged in the amount of $67,000.00 The understanding I had from the dealer was that they had agreed to finance the boat in question and that I was to provide them with the Trade - in being the 1991 SC 2100 ( completely restored with factory rebuilt engine still under warranty ) run - about boat and sign the title over to them. On the 24 th. of November 2015 the Dealer sent a truck to my residence with a Purchase Agreement for me to sign and required me to provide them with the title signed over to the Dealer. The Purchase agreement also included a $ 500.00 cash deposit which had been provided at the outset of this apparent exercise in futility. On the 27 th. of December I received a call from a Mr Edward Sikes informing me that the Purchase Agreement could not be approved because financing could not be arranged. With skeptical reluctance I agreed to have my wife sign a contract which also turned out be a negative result.The 9 of January 2016 Mr.Edward Sikes informed me that They are prepared to return my $ 500.00 deposit and that I should call them and let them know when I wanted to pick up my Trade-in boat.
My question is, how in the world can a Dealership tell me they have decided to finance my proposal, and when I asked if they could arrange delivery by Christmas because of friends and relatives I had hoped to entertain I was informed that they weren't certain however they would try, when all along they knew I did not have an approved binding Contract.
Not to mention the title.
I am a 100 % Service connected Disabled Green Beret Captain looking for a satisfactory end result.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am afraid that your contract is "contingent" on financing. If you can obtain alternative financing then you can enforce your purchase contract against them and buy the boat. However, if you cannot get your own financing and the dealer cannot get you financed for whatever reason then the contract is cancelled because the contingency is not satisfied. You are at least dealing with a reputable dealer, because you would be amazed at how many customers come to this site claiming that the dealer did something to their trade in or will not return the trade in.
At this point you are entitled to the deposit back and your old boat back as well and you have to submit an application for duplicate title to the state since you signed over the other contract to them. They do, however, legally have the right to cancel the contract if the financing could not be obtained.