Full question:
I'm in the process of leasing two vehicles, I have signed buyers orders and various other documents but have not signed the contracts as of yet due to the vehicles not being on the dealers lot for me to take them home. They are having them shipped in. After leaving the dealership, I did some further digging online with lease payment calculators. I seem to find that among the few sites I visited my monthly payment given by the dealer is between 40-80 higher than what online lease payment calculators show I should be at. I'm assuming this is a method for them to gain more profit. Since I have not taken delivery of them yet, do I still have the right to negotiate? Also, I have paid the full down payment for one ($4,000.00) and a deposit for the 2nd ($1,000.00) If they are unwilling to negotiate, do I have the right to demand my down payments back and simply walk away?
- Category: Contracts
- Subcategory: Recission
- Date:
- State: National
Answer:
Federal law does not provide a cooling-off period for vehicle purchases made at a dealership, meaning you cannot simply return the vehicles for a refund after signing agreements. If you have agreed to a purchase price and the dealer has met their obligations, it is up to the dealer to decide whether to renegotiate or allow you to cancel the agreement.
Since you have not yet signed the contracts and the vehicles are not in your possession, you still have the right to negotiate the lease terms. If the dealer is unwilling to negotiate and you decide to walk away, you may have the right to request a refund of your down payments, but this will depend on the dealer's policies and the specifics of your agreements.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.