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Ellen
Ellen, Lawyer, Consultant
Category: Legal
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Experience:  25 years of experience helping people like you.
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I bought a used car from a Toyota dealership in the Houston,

Resolved Question:

I bought a used car from a Toyota dealership in the Houston, Texas area last Friday, July 29, at 3PM. The purchase was financed through a bank in California (Fifth Third Bank). I decided due to budget constraints later that day that I could not afford to make the monthly payments, and contacted the dealer at about 6PM that same day. They tell me that the loan was 'electronically funded' Friday afternoon. Do I have any recourse to cancel the agreement at this point?
Submitted: 5 years ago.
Category: Legal
Expert:  Ellen replied 5 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :



So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

WebLaw :



Unfortunately there is not a right of rescission on vehicle purchases. Therefore, absent language to the contrary in the contract or deposit statement, you would not have a right to rescind nor renegotiate the contract. This is true even if you had not taken possession of the vehicle.

WebLaw :


I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.

WebLaw :


Please let me know if you have any questions concerning my answer. Otherwise please click accept.

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