Change my mind of buying a new car. Do I need pay cancellation fee?

My husband bought me a new car, he already paid the deposit $500 and signed the contract. But after a few days we changed our mind and want to cancel it. The car is still at dealer place because we using finance for the payment and they still working on it. The dealer ask as to pay $2000 for cancellation fee. Is it right? because I think they just wanna rob us. Please help

Change my mind of buying a new car. Do I need pay cancellation fee?

Your Q is hard to answer , there are a few key area%26#039;s missing to give you a proper answer as the laws differ slightly in every state/ province.

Whom is arranging finance, you or the dealer?, did you sign a bill of sale for cash purchase?... did you buy brand new or used /,,,

Subject to these questions the dealer may have a right to keep portion of deposit or all of it...as for the $ 2000. no way thats a dealer pressure scam for the weak that dont know how the system works...

Change my mind of buying a new car. Do I need pay cancellation fee?

It depends what country you live in. I sold cars for years in Australia. If you want to cancel here you loose $100.00 up to $10000.00 then 1% above that. Different country%26#039;s different laws.

Change my mind of buying a new car. Do I need pay cancellation fee?

If you haven%26#039;t taken delivery, you have no obligation to the dealer. About the worst the dealer can do is keep your deposit, and in many states they can%26#039;t even do that. Demand your deposit back and tell the dealer to eat rocks on any %26quot;cancellation fee.%26quot;

P.S. Never %26quot;bind%26quot; a car deal with any more than $50.00. That%26#039;s reasonable and most of us can afford to lose that much with little pain.

P.P.S. Most dealerships hold the deposit check until the deal closes. Stop payment on it if it hasn%26#039;t already cleared.

P.P.P.S Don%26#039;t EVER do business with this %26quot;dealer%26quot; again!

Change my mind of buying a new car. Do I need pay cancellation fee?

You confuse the terms %26quot;right%26quot;, %26quot;legal%26quot;, and %26quot;ethical%26quot; of which dealer comprehends only %26quot;legal%26quot;, and only when has no choice. If you signed the contract, you are the seller%26#039;s mercy. Sorry.