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Ask Ely Your Own Question
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102348
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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After signing all paperwork for a used car loan, I

Customer Question

After signing all paperwork for a used car loan, I discovered that the selling price of the vehicle is $2-3000 higher than the value. Also, additions to the loan adding costs to the loan, were not explained at the time of signing, such as gap insurance, theft deterrent, charges for e-filing and $175.00 documentation fee. Can I rescind this contract?
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: West Virginia
JA: Has anything been filed or reported?
Customer: Not sure? Papers have been sent to AmeriCredit.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Papers were signed on 11/19/16.
Submitted: 8 months ago.
Category: Legal
Expert:  Ely replied 8 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. Unfortunately, the answer is no. Allow me to explain why.

1) The lender does not have to sell you a vehicle based on its actual value. You can sell me a $50 bike for $2 or $200. It all depends on supply and demand and negotiation. Many times vehicles and other items are sold for more than their value, or, less. There are rules about price gouging, but only in times of emergency, so this does not apply.

2) You signed the contract. Which means under law, you stated that you read and understood the terms within the contract. They did not have to explain it to you. The onus is on the consumer to ask any clarification before signing. If they added something into the contract that was not negotiated, it becomes part of the contract because you signed the document.

3) There is no right to rescind a contract in WV for a vehicle, and federal law applies mostly to door to door sales.

The seller was certainty unethical here. However, I am afraid that the contract technically cannot be rescinded unless the seller agrees.

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