REVscene Automotive Forum - Leasing Agreement

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Leasing Agreement

Couple days ago I decided to pull the trigger to lease a car. The deal has been made and i have signed the vehicle lease agreement. I agreed to put in $5000 down payment and the dealer asked me to put in $3000 and the remainder I can pay out by the time I pick up my car which will be 2 weeks from now. My question is can I bail out of this lease since I haven't pick up the car and get my $3000 back?

Quote:

You are Entitled to a One-Day Cooling-Off Period

The Motor Dealer Act Regulation provide for a one clear day cooling-off period. During this time, as long as the dealer keeps the vehicle, you can cancel the lease without penalty. For example, if you sign a lease on Tuesday and change your mind, you must notify the dealer of your decision to cancel on Wednesday.

While you have the whole day to cancel, it's better to notify the company during business hours so you can obtain written confirmation from the dealer that your contract has been cancelled. If you choose to cancel after business hours, ensure you have proof that you notified the company before midnight.

Days the dealer is closed do not count as cooling-off days. Statutory holidays and Sundays also do not count. Therefore, if you sign a lease on a Saturday, Monday is considered the cooling-off day when you may cancel the contract.

As of July 1, 2006 consumers can now waive this requirement in writing. However, if you choose to waive this right make sure you understand and are satisfied with the terms and conditions of the lease agreement.

You've gone past your 1 day cooling off period.

Don't sign contracts if you are unsure.

I signed it yesterday. If I inform them tomorrow will it work?

Quote:

Days the dealer is closed do not count as cooling-off days. Statutory holidays and Sundays also do not count. Therefore, if you sign a lease on a Saturday, Monday is considered the cooling-off day when you may cancel the contract

holiday!

yes because today is a statutory holiday

why are you flaking out?

fyi, any dealer with any ethics or morals will give u more than a day or two to change your mind.. only the jerks sticks to the rules 100% or break them.

I just hope u have a real good reason for changing your mind... otherwise you just wasted some people's valuable time.

I think when i leased my tl it took no longer than 45 minutes.