We signed a form not knowing it was a binding contract... did we get scammed?

We signed a form from a used car dealer in NY state. We were looking at 2 different used cars and the guy told us that he will fill out all the information for us so when we go to the bank it will be easy to get a loan. He told us it wasn't binding and just said it was to help the process along. I got home and was going to research the cars VIN #'s as well as consumer reports and started to read the form. It says on the top "This aggreement is not binding unless signed by the seller and the buyer." He told us point blank this was not a binding contract, however we have both signed. I am freaking out because we do not want to buy these cars, defenitly not 2!!!! Did we just get scammed? What do we do? I am thinking of going back tomorrow and asking him if he can rip up his copy because we are not sure what we are doing. What should be do?????

We signed a form not knowing it was a binding contract... did we get scammed?
Hello Jenna. First rule of legal dealings,,,,,read the fineprint. I am sure you already know this now though and it wont happen again.





More to the point here is that most states (and I am NOT familiar with NY) have a three day cancellation clause for "buyer's remorse" providing you have NOT taken possession of the vehicle.





First thing, go back to the dealer and inform them you are not interested in buying anything from them in light of how they do business. Sign nothing else with them and do not process loan paperwork at any bank. As long as this doesnt go any further, you shouldnt have any further liability issues with this dealer.





Best of luck to you and I hope you can find this useful
Reply:The contract isn't effective until you take reciept of final product. IE Don't take the car and the contract is void.





I really think that the seller is only helping. Sounds more like preprinted legal boilerplate than any sort of scam.