Car Buying Q & A


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Need out of signed contract

Dear Ray,

I have a major issue that I need your help with. About a week ago I went to a Chrysler dealership to test drive a pre-owned BMW they had. Before I knew it I was rushed into the Finance Manager`s office. I told the Finance Manager I didn`t want to pay anything that day because the next day was my purchase appointment for a house and I needed to know where I stood before buying a car. He told that what I`m signing along with the $1000 deposit I paid is only to hold the car till the next day.
After going to my house purchase appointment, where the Builder raised the price by another $15,000, I called the dealership to tell them I want out because I can no longer afford this car since the mortgage payment will be higher than I expected.

To this day, they have been dodging my calls and needless to say the $1000 deposit is gone.

I just need something in writing to show the deal is off because they made a credit enquiry into my credit file and the bank giving me the mortgage wants proof that the deal is off.

Is threatening to call OMVIC sufficient or will I be liable to pay any loss when they resell the vehicle at a lower price than the one I signed for.

Also, I have not yet obtained financing for the vehicle and their agreement says I only have two days in which to obtain such financing.

What can I do.

Re: Need out of signed contract

Well,,, this one got a new twist.

I need answers, email me with a phone # and best time to call.

Re: Need out of signed contract

Hello Ray,

I just sent you an e-mail with the phone number.

Look forward to your call.