We signed a purchase agreement, and gave dealer $50.00 down to hold vehicle as it wasn't ready to buy. Papers not signed.Can we cancel deal?

6 Answers

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  • zipper
    Lv 6
    1 month ago

    Yes, but in some states you will loose the $50.00 down payment, if you get it back all depends on the dealer.

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  • 1 month ago

    We signed a purchase agreement. Papers not signed. Can we cancel deal?

    If papers haven't been signed there is no deal to cancel.  You just lose the $50.

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  • Anonymous
    1 month ago

    Cold feet. Yes, but you lose the 50. That's called In Ernest. That shows that you're honestly interested. In return, the dealer delivers the car as agreed. You're no longer interested, fine. But, he keeps the 50.

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  • Scott
    Lv 6
    1 month ago

    The answer depends on what you signed. You will lose your $50 if you do.

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  • Never
    Lv 7
    1 month ago

    Did you sign a financing agreement?

    If not, yes, you can cancel & walk away from your $50.

    If so, maybe not. Hard to tell.

    Dealers want cash to bind people to deals and to hold cars. I have never heard of a dealer going as low as $50 though.

    So I think you can just not return the dealers calls, or say you changed your mind and you will be fine.

    If you already signed a financing deal, it might be a lot more complicated. Look for answers from McCoy, Elgrande and The Real.  

    You may not be able to count on the salesman telling you the gods honest truth because he probably makes zero on your $50 deposit.

    In some states, a deal is not final until you take delivery but I doubt that is nationwide.

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  • Anonymous
    1 month ago

    Read the purchase agreement again.

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