[chay]

I wanted to buy a new car and at the dearlership b/c of my average credit, I was put on a lease with option to buy contract. I did not need a cosigner b/c i was told the company would sign with me according to this lease/option deal. I was prepared to pay a down payment, but they stated that I did not need to b/c of this deal so I drove off the lot and wen about my business. A few days later, the financial manager says i need a cosigner b/c i was denied. I get a cosigner. I leave off lot again, signing new contract w/ my cosigner. Another week later they say i ws denied again b/c on the contract, apparently there is a $2000 down payment cost which I was told i did not have to pay, but it was there. my options were to pay down payment of not and my payments would go up. The financial manager revised the contract to say that down payment is $0, but he also changed the cost of the car b/c they initially gave me a deal but took it away for this 2rd contract. They also put my cosigner as primary w/o informing us. I go to sign this new contract but as a cosigner i still needed the buyer to sign it so the manager gives me the entire contract to take home to sign. I decide these payments are too high for me and I no longer want the vehicle or their business. I return the vehicle and the keys to the dealer and they say it will be a voluntary repossession however as far as I am conerned since I kept and ripped up the 3rd contract they have no information stating i signed the new drawn up contract, plus the bank never received the contract or any payments b/c i was within 30 days (if this is still valid in Maryland). So I believe that the first two contracts are null and void since the bank already denied me twice and never received the 3rd contract and since the down payment amount of the two contracts are considered fraud since they never received it. Do you believe the first two contracts were voided? Did I do the right thing? Is this still voluntary repossesion? What can happen?

[Mr. Knowitall]

The first contract is superseded by the second. The second may or may not have a provision governing what happens if financing is unavailable - you will have to read the contract to find out. If the contract indicates that it is void if financing falls through, then from what you say it is void (although it may provide for the dealership to recover some costs in this event).

Read the contract and let us know.

[lwpat]

I suspect you will be getting a bill from the dealer. They will put it on your credit report.