Can i get out of a contract if the loan hasnt gone through?
i bought a car from a used dealership and as soon as i drove off the lot going home the check engine light came on. the dealership said they will take care of it but they are acting really sketchy and unprofessional and now i dont want to go through with the loan. is the contract valid seeing the money hasnt been paid?
Someone needs to LOOK at the contract itself to determine your rights. They may include issues related to dealer acting real sketchy. Feel free to get in touch with a consumer protection firm like mine found here for a no fee consultation.
Buying a car in California is different than other states. When you sign the sales contract, the dealership is your lender. The dealership then has 10 days to find another bank to buy the loan. If it doesn't, then it can cancel the agreement. However, after the 10 days, it is a valid contract and you would have to make your payments to the dealer.
This is a separate issue from the mechanical operations of the vehicle. Your ability to pursue the dealer for mechanical issues depends in part on what sort of warranty the dealer gave you. Did you buy the vehicle AS IS?
Our law firm has handled many cases like this. Feel free to check our our website below.
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Sorry to hear about your dilemma. If the check engine light came on the same day of the purchase, this strongly suggests there was an existing problem when you purchased it. If that is the case and the dealership knew about it then it should have disclosed it to you prior to the sale...and its failure to do so under those circumstances would arguably violate California statutory and common law and entitle you to rescind the transaction (as well as recover other damages). As for the validity of the contract in light of the loan not yet being assigned...I believe the failure to have the loan assigned to a lender as of yet will not void the transaction. Feel free to give me a call for a free consultation to discuss your case in further detail. I wish you luck!
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The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.