We signed a piece of paper not knowing it was a binding contract. Help!?

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 piece of paper not knowing it was a binding contract. Help!?
Never sign ANYTHING that you have not read.....That is just stupid to do it..Im sorry,but it really is.. I would not worry about it though,since you have not set up the loan yet..





There is not a cooling off period on automobile contracts..The guy who says that it is needs to read the laws on that..Those laws are right here on the internet also..





Good Luck!
Reply:To the first responder.....get a clue. There is NO cooling off period for contracts signed outside of the home. I really get tired of people saying there is because it gives false hope. To the asker.....Never sign something you have not read and fully understand. It sounds like a purchase order, which is not an actual financing contract stating you will pay a certain amount on a certain date. Just call the dealer and have them explain.
Reply:I'm sure he doesn't think you are buying two cars. You couldn't, anyway, because my guess is that the bank wouldn't approve two loans at the same time for you. Don't stress. Call him tomorrow morning.
Reply:There is no cooling off period in the US regarding auto purchases. It doesn't matter what the salesman told you. YOU SHOULD HAVE READ WHAT YOU WERE SIGNING. The first thing a judge would ask is "did you read the contract before signing it"? You'd say "no" and the judge would say "case dismissed".
Reply:There is allways a 24-72 hr cooling off period in which you can back out of a deal. At least there is in a Canadian society. Maybe down south , it`s everyone for themselves. Damn I glad I`m not a redneck
Reply:First of all..that was dumb on your part but you already knew that.





Have you talked to the dealership yet? It sounds to me like you are jumping to conclusions. DO NOT WORRY. Have you signed loan papers yet? Credit applications? Title Applications??? No, you have not. All you signed was a worthless piece of paper with some numbers on it.


What you signed is called a Buyers Order. It lays out all costs and fees associated with the transaction so the bank knows what they are loaning money for and for how much. The dealer probably had you sign two just in case one was out of your price range. Most (if not all) automobile contracts are void in the event the purchaser is not able to produce adequate funding either by cash or finance. I'll spare you the boring details and just tell you to R-E-L-A-X.








To the first guy that answered...you have no idea what you are talking about. Absolutely NO such law exists.
Reply:Just back out of the deal and tear the contract up and tell the dealer to bite you. And off you go.





Drive safe.