Legal Question in Consumer Law in Illinois

buyers remorse law in illinois and dealer loan pay-offs
I traded my vehicle to the original dealer I purchased from for a new vehicle. What I am concerned about is I was doing some research online about car dealer scams, and one was that the dealer would not actually pay out the loan from the previous car, and that I still owned the loan and I would responsible. Can dealers legally default on a buy out of a loan in such a manner and how concerned should I be? I am going to call the dealer tommorrow to ask for the 10 day letter/agreemnt. Some of the other information I read on this site for ''car buying guide'' has now given me some second thoughts, so can the car be returned under buyers remorse?

Asked on 12/12/06, 11:52 pm

Zedrick Braden III Ainsworth & Associates PC

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Re: buyers remorse law in illinois and dealer loan pay-offs

I think you should be very concerned. I always

advise my people today to have a lawyer look at

contracts involving car sales and trade-ins. These deals have become more and more complicated. Will be happy to discuss this with

you further.

Answered on 12/13/06, 10:11 am

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