Backing out of an OTP after signing - experiences?
I'm looking at buying a recent used car from a dealer (cash purchase). The price seems good.
Although the car looks pretty clean (full service history, basic VIN check, test drive), I still planned an independent pre-purchase inspection for next week, just to be safe.
The dealer isn't willing to hold the vehicle without an Offer to Purchase because there are other interested buyers, which is understandable.
So it basically comes down to this: if I want to avoid another buyer snapping up the car early next week, I need to sign the OTP first thing monday morning, one day before my inspection was/is planned. Not ideal...
The salesperson says they'd allow me to back out of the OTP if the inspection isn't satisfactory, but that isn't part of their standard form—it's just a verbal reassurance.
Signing the contract outright without any written protection seems a bit risky. So I'm considering asking for a separate signed addendum (or signed email) stating that I may cancel the OTP if the inspection report is unsatisfactory to me. No idea whether they'd agree to this.
Am I looking at this the wrong way? What would you do in my position?
Or if anyone has been in a similar situation:
- Did your dealer agree to an inspection (or whatever else) addendum or even a clause within the OTP?
- If not, have you ever signed an OTP and later cancelled? Did the dealer accept it, or was it messy?