I signed off on a car deal, and now I am having second thoughts...how would I go about rescinding? Is there a rescission law in Ohio? Any thoughts would be greatly appreciated...
BUYERS REMORSE... MOST LIKELY AIN'T GONNA' HAPPEN... If you didn't take posession...they MAY un-do the deal for a FEE...like $100
there might be a cool-off period in Ohio.. my father is a franchised dealer in Ohio, I'll see what I can find out for you.
Revised Code §1302.42 (B) states: â??(B) Unless otherwise explicitly agreed, title passes to the buyer at the time and place at which the seller completes performance with reference to the physical delivery of the goods, despite any reservation of a security interest and even though a document of title is to be delivered at a different time or place; and in particular and despite any reservation of a security interest by the bill of lading: ...â? I ain't a lawyer, and I aint from Ohio.... This may be irrelevant..... I hope it is helpful to you... it's from http://www.fifthdist.org/twenty-seventhweek/factory.pdf So... if you didnt take the vehicle yet..... Am I reading this right?? Or did you accept the vehicle psysically yet?? (BTW, why do you have remorse? Whenever I buy a house I panic the week of closing, that maybe its a bad deal... there's a term for it...)
Re: Re: help! how to recsind? http://www.troubleshooter.com/data/columns/1_lm_stupid_consumer_tricks.html 2. What about the popular myth of the 3-day right to rescind? We've received countless calls from people who have gone into a car dealership, signed a million papers, and then got angry because they couldn't get out of the deal within 72 hours because they thought they had the right to rescind any contract in that time period. The 3-day right to rescind a contract only applies in certain, very limited cases. THERE IS NO 3-DAY RIGHT TO RESCIND A CAR DEAL. Here are some of the instances where you can: (a) a contract exected in the home, such as a vaccuum cleaner sale or life insurance deal; (b) time share contracts; (c) health club contracts. Other than that, once you sign a contract, you're obligated to hold up your end of the agreement.
Re: Re: Re: help! how to recsind? well i guess that says it all---i'm regretting the deal because I feel that I could have obtained a better rate had I just waited...this serves as a lesson to others--don't get all excited when you scores start to increase--take your time and find the best rate; don't let anyone make you think that because you have had credit issues that you have to take whatever they give you--TAKE YOU TIME AND FIND THE BEST RATE!!
Re: Re: Re: help! how to recsind? If you have NOT taken POSESSION...maybe???? You can always REFINANCE later...
Re: Re: Re: help! how to recsind? They can't make you take the car or the money from the loan contract or co contract.
Re: Re: Re: help! how to recsind? Do you have the opportunity to refi with the company that is offering better rates? We had terrible credit (even worse than now, lol) and we HAD to buy a car...needless to say, 23% interest stunk royally. But, since then, we were able to refi for 6.5% and saved a TONNA money. See if the bank/co is willing to still do it for the lower rate!
