Expert: Norm - 1/18/2005

Question
I am locked in a battle of wills, with a local Car Dealership, over the purchase of a new vehicle. Last Friday, I signed an agreement to purchase a new Jeep. This unit was being brought up from another dealer and would not be delivered until the follow Friday. After signing the deal, I had time to think about the terms and decided that the Dealership, had not been fair in their negotiations. A 4% above Dealer cost agreement that they have with the company I work for, was not a part of the deal and from my calculations, that is costing me over $2,000. When confronted with this fact, I was told 4% above Dealer cost was hard to calculate. To make a long story short, I told them the deal was off and I am not taking procession of the new Jeep. They in turn are saying that I signed a deal/contract and have to take it. I also made a deposit of $500 on the unit, as a sign of good faith. If I am not obligated to take procession, is that money refundable, or can they keep it for services rendered. What are my options? Thanks for your time.  

Answer
This circumstance is quite common actually.  The problem is, unfortunately, that you entered into a binding contract and the courts are not anxious to interfere with one just because you have suffered a loss in your eyes.  That being said it would be extremely rare for a car lot to pursue you contractually.  Chances are good your $500 is gone however as the lot had to incur shipping charges to get the Jeep.  They may fold and renegotiate the contract if you refuse to complete it (this has happened a lot in the past) or they may say forget it.

Sorry there are no firm answers but that is the way most of these go.

Good Luck

Norm