31 Oct Buying A New Car? Watch Out For Dealer Added Insurances! Part Two
Often clients come into the office wanting to know if they can set aside a vehicle purchase because they say they did not realize that the monthly note was going to be as high as it was. Many times when this is the case the client has purchased several of the insurances that we discussed in Part One.
When asked why they purchased all of these insurances I am frequently told that they weren’t given time to read the purchase agreement.
I also recently had a client (client one of this saga) tell me that he was told that he had to have the insurances if he wanted to buy the car. This is simply not true, but this is a common tactic used with customers with less than stellar credit to get them to sign a purchase agreement. They fear that they will not get the loan if they don’t sign.
Be aware that the failure to read a contract that you signed is not a valid reason to cancel the contract. When a person signs an agreement it is presumed that they have read the agreement and have understood it.
Do not let a car salesman pressure you into signing something that you have not had time to read. You must be willing to get up and walk away if you feel pressured.
Latest posts by Kevin Gipson, New Orleans Bankruptcy Attorney (see all)
- Donald Trump Business Bankruptcies. A Summary. - January 20, 2017
- The Reverse Mortgage. What You Need To Know! - April 24, 2016
- Payday Loans: Myths and Facts! - February 21, 2016
- Medical Credit Cards: The Good, The Bad, And The Ugly - October 14, 2013
- Will Obamacare Reduce Bankruptcy Filings? - October 1, 2013