Legal Question in Consumer Law in Virginia

Car buying laws

My husband and I have been looking at cars to buy for a couple of months. We are pre approved with our bank for a new car with 5.5% int. at 72 months. I found a car I liked and agreed on a price. My husband was out of town but was in on the neg. stage I signed the bill of sale contract but my husband has not. I have not taken delivery of the car yet. When talking with my bank we found with this car being used we no longer qualify for that interest rate or the 72 months and it will raise our payments 150.00 a month. Are we legally bound to this contract if our bank said no and my husband did not sign yet? (the contract said we can return within 7 days, as I said we have not taken the car yet) Also can they make try and get a loan through them? (I did not let them pull our credit)


Asked on 12/01/06, 9:48 am

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

Re: Car buying laws

If you have the right to return the vehicle within seven days of taking possession, it would appear that there's no need to ponder the matter any further as to who might be obligated for what under the sale contract if in fact you've never even taken such possession.

Just call up the sales folks and explain the real reason as to why you're no longer interested in buying this vehicle and, who knows, they might actually come down on the price sufficiently to offset that higher monthly payment. And, if they don't, tell 'em to forget it.

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Answered on 12/03/06, 11:27 pm


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