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Signed Finance Agreement but Not Sales Contract

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  • 12-11-2013, 02:49 PM
    jdub24
    Signed Finance Agreement but Not Sales Contract
    My question involves a consumer law issue in the State of: Utah

    If I signed a finance agreement in addition to a credit authorization forms but did not sign a sales contract for a new vehicle is this binding? I did not receive a copy of the finance agreement only the proposed sales contract when I left the dealership without a vehicle. When they called the next day I told them I was looking at other vehicles and the salesman then told me that I had already signed an agreement for financing, which was through a separate financial institution. He said the VIN of the vehicle I was interested in is on the agreement and that I cannot purchase a different vehicle. Is it possible the finance agreement would hold, I assume the financial institution would require a sales contract before funding the loan.

    Any insight would be helpful
  • 12-13-2013, 12:51 PM
    Mr. Knowitall
    Re: Signed Finance Agreement but Not Sales Contract
    If you obtain financing for a specific vehicle, you cannot apply that financing to a different vehicle without the lender's approval. If you want to cancel the financing, review your contract for any penalty you might have to pay to the financing company. It may be that the approval is preliminary, and all you have to do is tell the financing company "I'm no longer interested", or it may be that the dealership does not actually have approval but is trying to get you to buy the car.
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