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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16721
Experience:  Experienced Licensed Attorney
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my daughter made a poor auto purchase and loan negotiation

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my daughter and her husband (both signed - he as co-signer on new purchase) made a poor auto purchase and loan negotiation tonight (11pm) and the car she is trading in is co-signed by me. The dealer needs my signature to complete the transaction. Can I stop the process for my daughter by not signing. The only stipulation we can find in the contract is "you will return car if loan does not go through".  North Carolina


 


The salesman is willing to make a 150 mile roundtrip to get my signature....tells you how "good" the deal was in his favor.  Says he needs my signature by 4pm today.


 


I want to drive to the dealership alone with the purchased car first thing in the morning (9am) and tell them I will NOT sign over the trade in and stop the transaction.

Hello. My name is XXXXX XXXXX I will be happy to answer your question.

I am sorry to hear about this unfortunate situation.

While you can refuse to sign the trade in vehicle and the trade in would not go through, your daughter and your son in law might still be obligated to purchase the new car under the contract, if the dealership is able to obtain financing without the trade, depending on how this purchase is written.


If you are satisfied with my answer, I would appreciate if you would click on the accept button.

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Customer: replied 5 years ago.

Thank you Alex,

 

I do have have two follow up questions (1) If, as I understand it, the trade in is listed on the contract wouldn't the dealership need to REwrite the contract in order to get the financing?

 

(2) the salesman said he had to have my signature by 4pm....any idea what happens if I just wait him out?

Is there a value given to this trade in?

Is it being used as a down payment on this vehicle?

Is this a new vehicle that you daughter agreed to purchase?
Customer: replied 5 years ago.

yes value given to trade in $5,000

 

unsure about the words "down payment" have not seen contract yet

 

this is a used vehicle

What is the total amount of the vehicle that is being purchased?
Customer: replied 5 years ago.

wow.....

 

asking price $12,000

 

trade in $5,000 (loan pay off aprox $3,000)

 

seems to me this is a $10,000 sale plus tax, tag, etc.

 

The loan is for $14,100 ($197 per month x 72 months PLUS some Gap insurance for another $10.00 per month

 

So $207 x 72

 

Hope this is what you needed

Thank you for your follow up.

Basically, the answer to your question would depend on the specific verbiage of this contract.

Given the purchase amount that is involved, it might actually make sense for you to get a copy of this contract and to have it reviewed by a local consumer protection law attorney, because while the dealer cannot force the trade in without your signature, the contract might still be valid if the vehicle is simply listed as a downpayment amount that your daughter agreed to put down on this car.

I wish I could be more specific, but there is simply no way for me to tell without reviewing the actual contract (which we are strictly prohibited from doing, as it would constitute legal advice) and I do not want to mislead you.




If you are satisfied with my answer, I would appreciate if you would click on the accept button.

Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!
Alex J. Esq. and 2 other Legal Specialists are ready to help you
Customer: replied 5 years ago.

Alex,

 

I appreciate your time and expertise.

Thank you for accepting my answer and GOD bless you!

Please let me know if you will have any related follow up questions for me.
Customer: replied 5 years ago.

Alex, I do not know how to let JUSTANSWER know this but when the RATE my expert page came up it would not let me actually click on anything other than the actual rating. I had to really work at TABing my way through the page several times.

 

thanks again dk

Thank you for letting me know.

I will let JA customer service know about this issue you just had.

Have a great night.