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L am buying a automobile and it will take me and my brother…

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Hello,l am buying a automobile...
Hello,l am buying a automobile and it will take me and my brother to qualify for a loan or to finance.
The deal is made,i signed the contract,my brother have not yet signed because he has to bring in proof employment.As for me I'm waiting for my money to arrive on the 1st of the month,so i can pay to the dealer a down payment.So I ask to have it on hold for atleast 2 weeks till my money arrive.My Queztion is,If I dont want to buy the car anymore,what should i do?I signed a paper that says I will pay a penalty for cancelling to buy.But was there a contract made even if my brother has'nt signed yet?
Submitted: 2 months ago.Category: Legal
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Answered in 4 minutes by:
5/28/2018
Lawyer: LegalKnowledge, Attorney replied 2 months ago
LegalKnowledge
LegalKnowledge, Attorney
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Lawyer: LegalKnowledge, Attorney replied 2 months ago

Good morning. I certainly understand the situation and your concern. If they agreed to hold the car for you and take it off the market, so nobody else would be able to buy it and they did and you fail to buy it as agreed, they can turn around and try and sue you for damages. After all, they may have had another buyer but agreed to not sell it to someone else, in reliance on your good faith effort to get financing and buy the car and produce what was required. Now, his proof of employment is a condition to financing and if it is not supplied, can result in the financing being denied. If you signed a document and agreed to pay a penalty or fee for them holding the car and you not buying it, they can try and enforce that. The contract was to finance the guy and allow you to buy it but it appears they are holding you to the fact that they lost a potential buyer, taking it off the market, when you said you were buying it.

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Lawyer: LegalKnowledge, Attorney replied 2 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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