When is an RV purchase final?
Not real knowledgeable on this type of stuff but...here goes. We signed papers for the loan doc last week. Loan was approved yesterday. We are supposed to do our walk through on Monday. However, we ha...
Forum Discussion
I have been in banking and lending for over 20 yrs and now a finance professor..i have bought and sold loan portfolios and i have bought several rvs and walked on 2 deals that were supposedly done.
When you say you "signed loan docs" i am going to assume you mean you signed documents allowing the dealers finance arm to shop your information in order to try to secure financing. I hope you do not mean you have signed the final closing documents.
As long as you have not signed the closing documents and no money changed hands then there is no deal...you can walk or run or crawl away from the"deal" or go back and try to get a lower price or what ever you would like. But if you have signed the final closing docs..you are the proud owner of a new trailer.
Anyone that tries to tell you...you should stand behind a "handshake" you made with a sales person at the dealer because that is the right thing is very naive about what is in the actual sales agreements and probably never read them. YOU MUST LOOK OUT FOR YOUR BEST INTEREST because no one else will..
The dealer (at least here in FL) have wording to the effect any thing not in writing in the final contract is meaningless...in other words the sales side can tell you anything and as long as they do not materially misrepresent the vehicle (such as wrong model yr, bad title, etc).
As far as your $500 depending on the sales document you may or may not be on the hook for (at least in theory) they can not force you to hand over money and sign the closing docs if you do not want to...but if the check has not been cashed (an I bet it has not because they have not taken the unit off the lot for sale) cancel it...
When you say you "signed loan docs" i am going to assume you mean you signed documents allowing the dealers finance arm to shop your information in order to try to secure financing. I hope you do not mean you have signed the final closing documents.
As long as you have not signed the closing documents and no money changed hands then there is no deal...you can walk or run or crawl away from the"deal" or go back and try to get a lower price or what ever you would like. But if you have signed the final closing docs..you are the proud owner of a new trailer.
Anyone that tries to tell you...you should stand behind a "handshake" you made with a sales person at the dealer because that is the right thing is very naive about what is in the actual sales agreements and probably never read them. YOU MUST LOOK OUT FOR YOUR BEST INTEREST because no one else will..
The dealer (at least here in FL) have wording to the effect any thing not in writing in the final contract is meaningless...in other words the sales side can tell you anything and as long as they do not materially misrepresent the vehicle (such as wrong model yr, bad title, etc).
As far as your $500 depending on the sales document you may or may not be on the hook for (at least in theory) they can not force you to hand over money and sign the closing docs if you do not want to...but if the check has not been cashed (an I bet it has not because they have not taken the unit off the lot for sale) cancel it...
