Submitted by Anonymous on Thu, 04/07/2011 - 22:04
Posted in
I am in the process of buying a used car. I know the vehicle I want and am in talks with the salesman. He is insisting that I sign a Purchase and Sale agreement before I apply for financing and determine the terms of the loan. We have already established the selling price of the car and the amount of the down payment. He also knows how much I am looking to pay each month. My question is is it normal to sign the Purchase and Sale agreement at this time, or should the financing and bank particulars be sorted out first? Thanks
Purchase and sale agreement before automobile financing in place
Without seeing the document in question, and with very limited experience in this area, I can only offer this opinion: I would not sign the purchase and sale agreement unless it contained a contingency clause that allows you to walk away from the sale if you do not obtain financing this is acceptable to you. For more general information about car sales, visit our Massachusetts Consumer Law Discussion Forum. Good luck.