Canceling Agreement to Purchase before Delivery
Hey all,
First time posting here.
Was curious to know if any of you had experience in cancelling an agreement to purchase before taking delivery of a vehicle. My wife and I recently agreed to purchase a vehicle, but shortly after ran into a hiccup in regard to storage over the winter, as our previously-planned arrangement fell through. Due to no longer having a place to actually store and work on the vehicle, I approached the dealer to see if we could put the breaks on the agreement, as it had not yet been processed (more to the point, SIN numbers and banking information had not been provided, the trade in vehicle was not even seen etc.)
The financial representative of the dealership informed us that to cancel the agreement would result in them billing me around $10k, over two thirds the cost of the vehicle in "liquidated damages".
Do they have a leg to stand on here? That seems pretty absurd. I understand fees for administration and re-listing but the idea that they would total in the tens of thousands is laughable.
Thanks!
First time posting here.
Was curious to know if any of you had experience in cancelling an agreement to purchase before taking delivery of a vehicle. My wife and I recently agreed to purchase a vehicle, but shortly after ran into a hiccup in regard to storage over the winter, as our previously-planned arrangement fell through. Due to no longer having a place to actually store and work on the vehicle, I approached the dealer to see if we could put the breaks on the agreement, as it had not yet been processed (more to the point, SIN numbers and banking information had not been provided, the trade in vehicle was not even seen etc.)
The financial representative of the dealership informed us that to cancel the agreement would result in them billing me around $10k, over two thirds the cost of the vehicle in "liquidated damages".
Do they have a leg to stand on here? That seems pretty absurd. I understand fees for administration and re-listing but the idea that they would total in the tens of thousands is laughable.
Thanks!