Legal Question in Business Law in Virginia

Shady Dealer Practices

I Have recently (2days ago) financed a car through a dealership....the first loan application was denied...things were reworked and wer not specified to me i was made to sign a new contract with the understandin that the terms were the same that the downpayment had changed and the interest rate increased. After reading this contract later in the day i realize that it is for a 5 yr term and not a 4 yr term... I am under what i believe is virginia state law as a 3-day grace period on any legal contract....the dealer refuses to void the contract and return my downpayment. Threatening a repossesion on my credit


Asked on 3/22/07, 8:13 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Shady Dealer Practices

I know of no such three day grace period under the law of the Commonwealth applicable "on any legal contract", however, if there is such a grace period in your purchase/financing agreement with the dealership, by all means take advantage of it immediately in order to effect the recission of this contract which obviously does not fullfill your expectations.

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Answered on 3/22/07, 9:05 am


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