The dealer has the right to cancel the contract if you buy a car that is financed through the dealership only if it notifies you within ten days of the date of the purchase contract. This is mainly based on the language of the purchase contract. Carefully examine your purchase contract. At the top of the yellow document it says “RETAIL INSTALLMENT SALES CONTRACT”. Turn to the back of the purchase contract, and find the box that says “Seller’s Right to Cancel.” It is at the bottom of the second column.
Remember that car dealers are in the business of selling cars to consumers and not financing cars. According to this box on your contract after you sign the purchase contract and leave with the car, the dealership is going to find a finance company or bank to buy your contract. So, the car dealer has the opportunity to find someone to buy your purchase contract. This is not the main problem most of the time. However, the car dealer has the right to cancel the purchase contract if he is not able to find someone to buy your purchase contract. In this case, the car dealer is required to notify the consumer within 10 days of the date on the purchase contract. If the dealer fails to do so, then the purchase is final and cannot be cancelled.
Very nice post. I just stumbled upon your weblog and wished to say that I have truly enjoyed surfing around your blog posts. After all I’ll be subscribing to your rss feed and I hope you write again soon!