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Can I back out of a car loan if I didn't make the down payment?
Since I haven't taken possession of the car nor have I made a down payment, can I back out of the loan? I bought a car from a dealer with the stipulation that I have to put down 20% to get approval for the loan. I've also signed a future purchase contract.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Since you haven’t made the
down payment
, you can probably back out of the loan, but call the dealer to make sure.At the very least, the dealer might be upset, but they won’t do anything. At the worst, they may sue you for breach of contract because you failed to deliver the down payment.”
View full answer
- Gregory R.
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