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Old 02-16-2014, 04:48 PM
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Signing Negotiated Price Scribbled on Paper

Hello,

I negotiated the price of a new vehicle with a dealership and they had the numbers scribbled on a piece of paper and I signed it then we shook hands on it. Thats all i have done so far. Now i have found an extremely better deal elsewhere.

is this like legally binding contract that i will purchase the vehicle, or is it just an agreement on the price i would pay when/if i buy it.

this is for a Ram 2500

the kicker.....and my worry.

My wife and i are still waiting on delivery of our brand new grand cherokee from the same dealer. we got an Extremely good deal on it because they screwed up majorly on some stuff, but havent signed the papers for it yet, and it should arrive this week.

am i legally bound to purchase that 2500, if i dont, will they try to mess with me on my jeep deal?
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Old 02-16-2014, 04:52 PM
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Ask ur dealer and they might happily price match it because u'r buying two from them.
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Old 02-16-2014, 04:54 PM
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Quote:
Originally Posted by hardy616 View Post
Ask ur dealer and they might happily price match it because u'r buying two from them.
+ 1 to this. I cross shopped a few dealers and ended up taking the best price back to the dealer that I wanted to purchase from and they met the price.
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Old 02-16-2014, 05:16 PM
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Re: Signing Negotiated Price Scribbled on Paper

the problem with that is....

mostly this is my fault....

Both them, and I, new about the price of the other one available (its like 4 hours away). The other place wouldnt dealer trade them for it either. When i signed that paper, i really just meant to go there and check out the one they had, but they all got to talking numbers. I got them to throw in some side steps, and bring the price down. I finally just said ok. Now i have spent a day and a half regretting that....

id be missing out on:

-leather heated/ventilated power seats
-alpine 9 speaker audio system
-keyless enter n go system
-remote start
-7inch display in the speedo cluster
-dual climate zone
-garage door opener system thing

for about 4k more....as of now because the place 4 hours away said they might be able to get me more on trade if i bring it in (but thats not for sure). i also think i can probably get them to throw in the side steps too. but the price is an internet price and they cant come down on it for sure they said.

-thats 11k off msrp for the other one
-9k off msrp for the one i signed the scribble paper on.

apparently the other place has theirs at an extremely low price, and they wont dealer trade. I have confirmed it to be extremely low via online pricing sites, but then again, the one i did sign for says its almost extremely low too...
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Old 02-16-2014, 05:20 PM
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Re: Signing Negotiated Price Scribbled on Paper

so, basically, is it a huge deal to just say forget it after signing that scribble paper.
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Old 02-16-2014, 05:48 PM
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Re: Signing Negotiated Price Scribbled on Paper

Your scribbled paper is just an "agreement on price". It's not a purchase order. It doesn't sound like you even have a deposit...and those are often refundable, too. Give the other dealer has the vehicle you really want at a price that's "unbeatable" by the local dealer, I'd be buying it. Your local dealer can always enjoy your service business which they likely make a lot more money on anyway.
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Old 02-16-2014, 05:59 PM
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Re: Signing Negotiated Price Scribbled on Paper

Quote:
Originally Posted by Jim_in_PA View Post
Your scribbled paper is just an "agreement on price". It's not a purchase order. It doesn't sound like you even have a deposit...and those are often refundable, too. Give the other dealer has the vehicle you really want at a price that's "unbeatable" by the local dealer, I'd be buying it. Your local dealer can always enjoy your service business which they likely make a lot more money on anyway.

thats what i was thinking. I'm just worried they can turn around and do something similar to me on my wife's jeep order...

plus, i have to be able to call and make sure the other dealer still has the other truck and make sure they can meet the same financing, then call the other dealer to tell them what im doing before they install the side steps monday morning....cause then ill really feel bad.....

but seriously who the h drives a 4x4 truck with no steps....a giant. they should come with it anyways. haha
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Old 02-16-2014, 06:01 PM
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Re: Signing Negotiated Price Scribbled on Paper

i just feel bad cause i did agree on it, it was my fault. i dont like ever going back on my word and hand shake...enough to even accept it an move on...

but this is something i will be paying on for 6 years...thats a long time
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Old 02-16-2014, 07:36 PM
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Re: Signing Negotiated Price Scribbled on Paper

There's no binding contract to purchase here (disclaimer, I am not a lawyer but I do deal in contracts every day), as Jim said its simply an agreement on price.

if you have a better deal, take it. Its business, its not personal. You're a good person for feeling bad, give them the opportunity to match it out of that courtesy...but if they can't or won't...take the deal.
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Old 02-16-2014, 08:42 PM
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Re: Signing Negotiated Price Scribbled on Paper

And for the amount of money you're investing in a fine vehicle, you should be getting what you want, not "what they have" on the lot.
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Old 02-16-2014, 10:30 PM
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Re: Signing Negotiated Price Scribbled on Paper

If you're really concerned about the dealer holding you to this signed piece of paper, do yourself a favor and google your state's
'3 day Right of Rescission' law.
It might be of benefit in your case.
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Old 02-16-2014, 11:55 PM
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Re: Signing Negotiated Price Scribbled on Paper

Not every state has such a law...but in this case theres no contract to purchase.
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