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Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 34447
Experience:  30 years experience representing clients.
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I just purchased a new car, with trade in and signed my side

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I just purchased a new car, with trade in and signed my side of papers. However, my co signer has not signed. Can I get out of the deal? We went through finances and I will be stretching my budget.
JA: What state is this in? And how old is the car?
Customer: Illinois. And it is a 2017 Ford Focus, I'm the first owner. I bought it yesterday.
JA: Has anything been filed or reported?
Customer: What do you mean?
JA: What confuses you?
Customer: Nothing has been sent to the banks, they haven't sent any payoffs.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No

Thank you for using JA. I am Loren, an Illinois licensed attorney for over 30 yrs., and I am here to help.

I appreciate your patience as I review your question. I will post my response shortly.

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The site may ask you if you wish to speak by phone for an extra charge. The offer is not from me. While I am happy to speak to you, there is no obligation for you to accept the phone call offer, unless you want. I am also happy to continue online. So, there is no pressure to spend extra money.

Does the contract contain any termination rights?

Have you paid a deposit? Given a trade-in?

Customer: replied 2 months ago.
No it doesn't. No deposit. Yes a trade in
Customer: replied 2 months ago.
They never told me the value of my trade in, nor did anyone drive it. I had tood them I would not move forward if I didn't get at least $5800. Well, they had me sign the contract and then afterwards told me that they took it for $4000. My co signer has also backed out.

Thank you for the additional information. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.

Unfortunately, there is no general right to cancel a contract for a car after you sign. While there is no deposit yet, if you have signed over the trade in, it may be hard to get that back.

In any event, you would have exposure for liability in a reach of contract action, but most car dealers are in the business of selling cars, not suing potential customers. They will just sell the car to the next customer.

That being said, there is nothing preventing cancellation by agreement. So, talk to the dealer and tell them you want to back out and get your trade in back. Hopefully, you will be able to prevail on them, even though they have no legal obligation to do cancel the contract.

I am sorry. I wish I could tell you otherwise, but I want you to be prepared for the push back when you go in.

Please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Customer: replied 2 months ago.
But is the trade in theirs even if the co signer has not signed on the deal? Wouldn't that make the deal still be "pending"?

Have you signed over the title to them for the trade in?

Customer: replied 2 months ago.
The title isn't through me, i have a lien on it that they haven't paid off yet. So I was thinking since they haven't reached out to the lienholder that they could void the Power of Attorney that I signed.

Wouldn't that make the deal still be "pending"?

Yes, it is still pending for the cosignor. If you signed it is executed as to your obligations under the contract.

Customer: replied 2 months ago.
Well without the co signer I don't get approval from the bank, so would that make it a dead deal?

Yes, that is something that will squelch the deal. Talk to them as soon as possible to get your trade in back.

Customer: replied 2 months ago.
Okay. Thank you for your help and time! Any other advice in this situation?

No other advice, other than speak to the dealer as soon as possible to let them know the cosignor is gone and you can not move forward.

Loren and 4 other Legal Specialists are ready to help you

You are very welcome.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Thank you!

Loren