Legal Question in Credit and Debt Law in Florida
Need to get out of a bank loan contract
Signed papers to purchase a used vehicle, made down payment, bank approved loan. Cancelled check, verbally informed dealership of the cancellation within 24 hours of agreement. Dealership claims they notified bank to cancel, but bank went ahead and approved loan. I have not taken posession of the vehicle. I was sent the registration papers, I have not signed them. Due to a long story I want out of this contract and need to know the best way of going about it.
Thank you.
1 Answer from Attorneys
Re: Need to get out of a bank loan contract
It seems from your question that both you and the dealer agree that you are not taking the vehicle. Return the draft to the bank. Sign back the title to the dealer. Be sure, if the dealer has the bank draft that it be returned to you or the bank. Better, you should have an attorney oversee the termination of the transaction. If my analysis is in error, please re-submit your question or call me at 305-940-8080.
Alexander M. Rosenfeld
Rosenfeld & Stein, P.A.
18260 NE 19 Ave
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