Ordered about 3 weeks ago and there is a possiblity my current job could be eliminated. I got the info a few weeks after the order. If this happens, sure hope it does not, are there any real issues with canceling an order? I did not put any deposit down so am not worried about that but can the dealer hold me to it or come back on me for anything if I need to cancel?

 

Short answer, no.

 

No deposit=No problem
If they tell you anything different, don't believe them.
If you are sure you are not going to buy it, you should tell them as soon as you know.
That way, they might be able to change the build to different specs if they want.

 

I will probably not know for sure for another month and I really don't want to cancel but I also can't buy a new car if I am job hunting.

 

If you didn't put a deposit down and didn't sign anything then I wouldn't worry

 

I did sign an order form

 

That order form is probably just a way of making sure that you and the dealer are on the same page of what the car is that is being ordered. It's not a financial contract. It's basically to protect both you and the dealer in case of a disagreement about what was ordered and delivered to the dealer.

I think the only legal binding contract is the actual finance agreement. In other words, once you sign the financial agreement to whomever you're financing the car from, then you're legally binding to that financial contract at least.

Paul is the expert here and can clear it up more, but I think you're ok. Plus, that financial agreement you make with the financier is binding on what you state is your cash flow. If you lose your job before receiving the funds from whomever, it would seem to me that they would consider that a breaking of the contract agreement.

 

Simplest way to put it: You aren't under any obligation to buy the car. You can walk away at any time for any reason (even no reason).

 

Thanks for the information. It was just an order form nothing financial at all. The dealer I ordered it at has a base model v6 with 3.31 coming in so maybe that could be an option at almost 12k less. Still could get a mustang and keep a similar payment to what I have now. We will see.

 

Any dealer that wouldn't refund a deposit under those circumstances (job loss) is a dealer that I wouldn't be doing any business with in the future.

 

+1

 

I canceled my order a while back. Dealer refunded my $500 deposit, and had me put the cancellation in writing, that's all there was to it.

 

Not sure of states...but here in canada...you can walk anytime...

 

If you're that concerned that your job is at risk then you should be saving not spending. Buy your car when you know that you can afford it.

Straight up.