Installment Contract Agreement With Vehicle Owner In Dallas
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Section 305.001 - Liability for Usurious Interest (a) A creditor who contracts for, charges, or receives interest that is greater than the amount authorized by this subtitle in connection with a transaction for personal, family, or household use is liable to the obligor for an amount that is equal to the greater of: (1 ...
392.307. COLLECTION OF CERTAIN CONSUMER DEBT BY DEBT BUYERS. (a) In this section: (1) "Charged-off debt" means a consumer debt that a creditor has determined to be a loss or expense to the creditor instead of an asset.
So, in a word, ``No'', you cannot return a vehicle to the merchant in Texas and cancel the contract.
Chapter 354 debt cancellation agreements are authorized only for a “covered vehicle” under Section 354.001(2), which states: “'Covered vehicle' includes a self-propelled or towed vehicle designed for personal use, including an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, ...
In most cases, the contract is legally binding between buyer and seller as long as the bill of sale follows guidelines required in the state where the sale or transfer takes place.
Either party can back out of a car deal until the sales contract is signed. Once the contract is signed it is final. A dealer would not likely be able to alter than contract as they are assumed, under law, to be professionals. As such they are not expected to make “mistakes.”
Generally, you can cancel a car contract in Texas without penalty in the following circumstances: If you have not taken delivery of the car. If the car is defective. If the dealer misrepresented the car.