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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116746
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Signed a finance agreement and made down payment car

Customer Question

Signed a finance agreement and made down payment for a car yesterday. Never drove car off the lot never took possession. I realized that it was a mistake. Do I have any legal course of action
Submitted: 1 year ago.
Category: Legal
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.
Under MI law, whether or not you take possession of the car or take it off the lot is not determinative as to whether or not you have a legally binding contract. If you signed the contract agreement and made down payment even, then the contract is binding from the minute you signed it and the only way out of the contract is if the dealer agrees to let you out of the contract. Contrary to popular belief, there is no buyers remorse law or 3 day right to rescind on a car purchase unless such a right is written into the contract you signed with the dealer.
So, legally, I am afraid that unless you can negotiate cancellation with the dealer, they can bind you to the sale and purchase of the car I am afraid.