I signed a Motor Vehicle Purchase Contract for a new car which the dealer did not have in stock and so he entered 'LOCATE' as stock number and did not enter a VIN on the contract. Also, I left a deposit but did NOT initial the portion of the contract which gives him the right to keep the deposit if I fail to take delivery of the vehicle.
In the space of time since the contract was signed but before the vehicle arrived at his lot (approx. 2 weeks) the dealer has advertised a sale for the same make/model car that would make the price substantially lower (approx $1000.00).
My questions are:
1) Am I bound by the price stated in the contract even though it does not state a specific vehicle id number or am I free to renegotiate the price? 940 CMR 5.04 2 b seems to require a VIN on the contract to be binding.
2) Assuming that I am bound by the price stated in the contract if I were to proceed with the purchase then since I did not initial the section allowing the dealer to keep the deposit on my failure to take delivery can I go ahead and fail the contract and demand my deposit back with no repercussions to me?
3) Regardless of 1) and 2) above if the dealer advertises a sale for the vehicle before I have taken possession of a similar vehicle negotiated at a different price is he bound to honor the advertised price?
Thanks In Advance!