Asked to sign new auto contract?
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I'm trying to find out if I have any options on backing out of an auto transactions after I already signed a contract and now the dealer is asking me to re-sign a new one. As far as I know, apparently the first lender backed out, so the dealer had to find another company to finance me. Now they are asking me to come back in and sign a new contract; can I back out at this point If I'm uneasy about the situation so far. General info: I signed a contract a month ago. Come to find out the finance company would not work after all w/ this dealer. But the dealer has not informed me of this. I have been calling them because I still have not received a copy of my signed papers after two weeks of the sign date. They would not return my calls, finally called me and say you have to come sign a new contract. What if the new contract has different terms than one I remember before (although I never got that copy). I have been driving the car for a month, also gave a trade-in. Can this new contract be back dated to orignal contract date? thanks for your input
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Answer:
I can almost guarantee you the new contract will have different terms. The first bank would not approve you, so they had to find someone to finance your car. It's up to you now. Right now you don't have a deal. If you don't sign, give back the car and walk away. Question - what is the status of your trade? After a month, are you sure it is still around? What will you do if they have already sold it? I doubt the new bank will allow a back dating of the contract, but who knows what scam is being run. Not sure I'd worry about it unless they were doing it to get more money out of you. Next time, DO NOT accept a spot delivery of a new car. Make 100% sure you are approved for a loan before driving off. Keep your old car until everything is locked and loaded. I know you want to dump the old clunker and get your new whip on, but without a solid deal done, you are asking for more trouble.
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