Legal Question in Consumer Law in Virginia

Re: New car financing -- credit app returned by bank.

Are you saying that the contract that is not

signed is with the car dealer, or with the bank?

Often there are two separate transactions, one

in which you buy the car, and another in which

you borrow the money from the bank.

If you have not signed an agreement with the

car dealer, you might try refusing to sign the

contract and canceling the deal.

It is not impossible that a creative attorney

could show a verbal contract to sell the car,

and hold you to the deal.

However, it is more likely that the car dealer

will sell the same car to someone else for the

same price or more.

If you were sued, and assuming that you actually

lost, you would only be liable for the amount of

money that the dealer actually lost by selling

the same car to someone else at a lower price.

If they sold the same car for the same price,

their losses would be $0.00 (aside from perhaps

some minor administrative costs).

Therefore, it might be worth it for you to take

that approach. The chance that they will sue

you is probably small. The chance that they win

is "iffy" at best. And if they do win, they

probably cannot show any losses, since they are

obligated to sell the car to someone else at the

best possible price.