Automotive

canceling a Vehicle Purchase Agreement

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  • Feb 27th, 2007 6:34 pm
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[OP]
Newbie
Feb 14, 2007
3 posts

canceling a Vehicle Purchase Agreement

I have just signed a vehicle purchase agreement from a Nissan dealership. Now I do not want the vehicle. I called the dealership to cancel the agreement. The sales manager told me that I can assure you we are going forward with the agreement. He claims that the car is already in my name, that I have signed up for an extended warranty, and I have signed a binding contract. I would like my deposit back, but if they want to take my whole deposit, I can live with that Can they take more then my deposit? The car was in the lot too. I signed the vehicle purchase agreement on Tuesday, and rushed then to deliver the car on Saturday.

Here are a few "Additional Terms" on the back of the contract that pertains to my issue.

8. Ownership Transfers Only Upon Payment in Full. I agree that I will not become the owner of the Vehicle or have any other interest whatsoever in the Vehicle until I have paid the Amount Due on Delivery in full (including the amount of any increases resulting from increased taxes or changes in the manufacturer's suggested retail price). I will pay you by certified cheque unless we otherwise agree.

10. Failure to Accept Deliver or to Pay.
If I fail to accept delivery of the Vehicle within 7 days of you notifying me by registered mail that the Vehicle is available for delivery, or If I fail to pay you the full Amount Due on Delivery, you will be entitled, in addition to any other rights or remedies you may have, to cancel this Agreement and to deduct tha mount of your damages from my Deposit.

11. Explanation of Damages.
If you Keep any part of my Deposit you will provide me with a written calculation and brief explanation of your damages.

I basically just want to get out of it, know any good lawyer that may be much more knowledgeable on the issue?

carlo
24 replies
Banned
Oct 3, 2006
1710 posts
1 upvote
carlo88 wrote:
Feb 16th, 2007 2:00 pm
I have just signed a vehicle purchase agreement from a Nissan dealership. Now I do not want the vehicle. I called the dealership to cancel the agreement. The sales manager told me that I can assure you we are going forward with the agreement. He claims that the car is already in my name, that I have signed up for an extended warranty, and I have signed a binding contract. I would like my deposit back, but if they want to take my whole deposit, I can live with that Can they take more then my deposit? The car was in the lot too. I signed the vehicle purchase agreement on Tuesday, and rushed then to deliver the car on Saturday.

Here are a few "Additional Terms" on the back of the contract that pertains to my issue.

8. Ownership Transfers Only Upon Payment in Full. I agree that I will not become the owner of the Vehicle or have any other interest whatsoever in the Vehicle until I have paid the Amount Due on Delivery in full (including the amount of any increases resulting from increased taxes or changes in the manufacturer's suggested retail price). I will pay you by certified cheque unless we otherwise agree.

10. Failure to Accept Deliver or to Pay.
If I fail to accept delivery of the Vehicle within 7 days of you notifying me by registered mail that the Vehicle is available for delivery, or If I fail to pay you the full Amount Due on Delivery, you will be entitled, in addition to any other rights or remedies you may have, to cancel this Agreement and to deduct tha mount of your damages from my Deposit.

11. Explanation of Damages.
If you Keep any part of my Deposit you will provide me with a written calculation and brief explanation of your damages.

I basically just want to get out of it, know any good lawyer that may be much more knowledgeable on the issue?

carlo
It depends on the dealer.My parents did buy a brand new car back in the fall they asked what would happan if they changed there minds.They were told they would not get the deposit back plus a 10% re listing fee as they called it.If they had changed there minds they would have been out 5 grand.Again your dealer me be different go there have a sit down with them and try and work something out.
Deal Fanatic
Feb 1, 2006
9099 posts
215 upvotes
'Before you sign anything, take the time to read your contract or bill of sale and understand all the terms. Remember, this is a legal and binding contract and there is no such thing as a "cooling off" period under provincial law!

Don't sign the contract until you're ready to commit to the deal. Once you give your deposit and/or sign the contract, you have agreed to purchase or lease that vehicle. '

http://www.omvic.on.ca/hints.htm
Sr. Member
Oct 5, 2005
584 posts
I been told before at dealerships I looked at that when you put money down on a deposit and sign the agreement, you can get your money back as long as they do not have the vehicle delivered to them yet.
Deal Guru
User avatar
Nov 2, 2003
14301 posts
603 upvotes
Scarborough
Bullseye wrote:
Feb 16th, 2007 2:44 pm
'Before you sign anything, take the time to read your contract or bill of sale and understand all the terms. Remember, this is a legal and binding contract and there is no such thing as a "cooling off" period under provincial law!

Don't sign the contract until you're ready to commit to the deal. Once you give your deposit and/or sign the contract, you have agreed to purchase or lease that vehicle. '

http://www.omvic.on.ca/hints.htm

You can't read?

carlo88 wrote:
Feb 16th, 2007 2:00 pm
I have just signed a vehicle purchase agreement...
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Deal Fanatic
Feb 1, 2006
9099 posts
215 upvotes
actng wrote:
Feb 17th, 2007 12:29 am
You can't read?
You can't draw conclusions? I was simply quoting the applicable portion of the OMVIC site for the OP.
Deal Expert
User avatar
Jan 27, 2006
15189 posts
760 upvotes
Woodbridge
May I ask which Nissan you signed into and why the change of mind?


It's been said it's depends on the dealer.

Good luck.
"I'll put up color bars before I'll put you in front of our cameras."

- MacKenzie
THE NEWSROOM (HBO)
Deal Addict
User avatar
Nov 28, 2004
1708 posts
15 upvotes
North York
there's no cool off period in Ontario. you're at the mercy of the dealer.
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Member
Jul 16, 2005
265 posts
46 upvotes
The problem about telling them you have declared bankruptcy is that if they decide to sue your ass, you have to prove it in court.

The #8 term contradicts with what the sales manager said. That you are not the legal owner of the vehicle until you have paid the amount due on delivery there fore you should be able to get out of the contract. It sounds like you only paid the deposit amount which they HAVE the legal right to keep when you back out of the agreement. Did you pay any down payments? I am not sure about any additional re-listing fees, but if it was not in any of the contracts you signed you don't have to pay for them.
Member
Jul 16, 2005
265 posts
46 upvotes
Also there is no "cool off period" for business to business agreements only, but there are customer protection laws that permits a person to cancel a contract.

The cool off period is very limited though, 2 - 10 days, contact the Ontario Motor Vehicle Industry Council Tel: (416) 226-4500
Toll free: 1-800-943-6002 for the exact number of days.
Deal Addict
User avatar
Sep 26, 2005
2930 posts
50 upvotes
Vernon
Bullseye wrote:
Feb 17th, 2007 2:04 am
You can't draw conclusions?
Of course you can't draw conclusions, you have to write them!
:lol: :lol: :lol:
Deal Fanatic
Feb 1, 2006
9099 posts
215 upvotes
actng wrote:
Feb 17th, 2007 7:06 am
Your quote is irrelevant.
How do you figure? The OP asked if there was any way out, I quoted and linked the appropriate info saying there is no way. Couldn't be more relevant, really, unlike what you've contributed this post, that being nothing.
[OP]
Newbie
Feb 14, 2007
3 posts
I have just spoke to my sales agent, on the day that the vehicle was suppose to be delivered. I told him that there is no way I can pick up this vehicle. He says I would loose the deposit + registration fees. What would the registration fees cost?
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