Open Loan and Bill of Sale Agreement (Help)
Hi, yesterday (Saturday) my dad rushed and decided to purchase a used car from a Toyota dealership.
It should be noted that my dad is not very fluent in English, if at all.
My dad wanted to trade in our old car that we had not driven to the dealership as we had driven our other vehicle.
They wanted us to complete the "bank stuff" as they called it, then and there because they said the bank representatives were there today and they would not be staying for very long (don't know the truth in that).
My dad did not want to sign any contract or anything binding until we confirmed that the price that the dealership provided us for our trade-in car was set in stone, obviously they can not give a definitive price until they have inspected the car, which we did not bring so the manager and my dad said that they would take the deposit only and give us a receipt for that and then we would finalize all of the paperwork later.
However, after my dad was led into in office by the sales person who was helping us in the beginning said that it was only a bill of sale and not the "final contract" and it was not the "bank stuff" and we were helped to complete the paperwork by some guy who said he was "representing the banks and in charge of the paperwork in the dealership".
Well, later we found out that they had made us sign a vehicle purchase agreement (we did not give them a void cheque, although they did take our credit card to take the deposit) even though we wanted to only receive the receipt of our deposit because we wanted to confirm the trade-in price of our car.
Overall, my dad is bitter because not only did they try to mislead us but they told us to only finance the vehicle for 3 months (of a 48 month term) as a favor to the dealership manager for reducing the car to the price that we wanted (and that he got some kind of "brownie" points from the banks for having had us financed a used car, even though my dad could pay off the car all at once. My dad is concerned because although the car finance/loan is an open loan, they told us to finance for three months and then we could pay it all off and there would be no penalties. My dad is concerned that he will have to pay off the interest or suffer some penalty.
I was wondering if 1. there is a possibility to cancel the vehicle purchase agreement because some information is mismatching e.g. the online page for the car said it was push to start whereas in reality it uses a key to start.
2. If we are unable to cancel, could we pay off the "loan" that they made us sign all at once as it did not say anywhere that we have to finance for 3 months and then pay it all off. In addition would we have to pay a penalty/fee/interest for not financing for the 48 months that is noted on the vehicle purchase agreement.
Thank you very much and any help is much appreciated.
It should be noted that my dad is not very fluent in English, if at all.
My dad wanted to trade in our old car that we had not driven to the dealership as we had driven our other vehicle.
They wanted us to complete the "bank stuff" as they called it, then and there because they said the bank representatives were there today and they would not be staying for very long (don't know the truth in that).
My dad did not want to sign any contract or anything binding until we confirmed that the price that the dealership provided us for our trade-in car was set in stone, obviously they can not give a definitive price until they have inspected the car, which we did not bring so the manager and my dad said that they would take the deposit only and give us a receipt for that and then we would finalize all of the paperwork later.
However, after my dad was led into in office by the sales person who was helping us in the beginning said that it was only a bill of sale and not the "final contract" and it was not the "bank stuff" and we were helped to complete the paperwork by some guy who said he was "representing the banks and in charge of the paperwork in the dealership".
Well, later we found out that they had made us sign a vehicle purchase agreement (we did not give them a void cheque, although they did take our credit card to take the deposit) even though we wanted to only receive the receipt of our deposit because we wanted to confirm the trade-in price of our car.
Overall, my dad is bitter because not only did they try to mislead us but they told us to only finance the vehicle for 3 months (of a 48 month term) as a favor to the dealership manager for reducing the car to the price that we wanted (and that he got some kind of "brownie" points from the banks for having had us financed a used car, even though my dad could pay off the car all at once. My dad is concerned because although the car finance/loan is an open loan, they told us to finance for three months and then we could pay it all off and there would be no penalties. My dad is concerned that he will have to pay off the interest or suffer some penalty.
I was wondering if 1. there is a possibility to cancel the vehicle purchase agreement because some information is mismatching e.g. the online page for the car said it was push to start whereas in reality it uses a key to start.
2. If we are unable to cancel, could we pay off the "loan" that they made us sign all at once as it did not say anywhere that we have to finance for 3 months and then pay it all off. In addition would we have to pay a penalty/fee/interest for not financing for the 48 months that is noted on the vehicle purchase agreement.
Thank you very much and any help is much appreciated.