Can bipolar person undo car purchase?


Being bipolar is not a legal reason to cancel or terminate a contract, whether for a car or purchase.


George: Hi. I have a friend who purchased the vehicle back in September of 2016 vehicle. He got overwhelmed by the piece of bipolar. He got overwhelmed by the pressure of the sales people. He went through the deal. It's a very high payment and he doesn't want the car anymore. Is there any way he can turn it in?

Attorney Tom Olsen: There's no legal way for him to unwind this deal, George. Now, when he bought this car, did he put any money down or does he have any equity in this car or is he upside down already?

George: I think it's upside down already. Like 22,000 on it.

Attorney Tom Olsen: Okay. So George, the cheapest way for him to get out of this deal, George- let's say he owes $22,000. The cheapest way for him to get out of it would be for him to do a sale, even if he could only sell for 20, and then at the time that's closing the sale, he brings $2000 to the table. He's going to have to pay 2,000 to get rid of his car. If he were to call the bank and say, ''Hey, I'm done. I'm not getting any more payments anymore.'' the bank will come and repossess that car. They'll sell it for 16 and then they'll sue him for $6000. So either way, he's going to take a financial hit on this but the least hit would be if he did a private sale and brought money to closing. That would be our recommendation to you, George. Christy, we come across bipolar people, clients and friends, and friends of children of clients and we will know all about that highs and lows, man. When bipolar people are on a high and they think they can be-

Chrissy They can to it all.

Attorney Tom Olsen: -they can do it all. There's got to be a winning deal. They don't see the downside to it.

Chrissy: Correct. Absolutely. That also brings up another point, Tom, as well with regards to the documentation that we do for families and that's this. We do trust where we're able to put the appropriate wording in there, so that if people have children or relatives or friends with the bipolar situation that they need to be able to help protect them from themselves. We're able to help them with that.

Attorney Tom Olsen: What we're saying is this. That most people when they pass away their children gets their wealth outright. It is theirs to do as they please. However, if you have a child who's a spendthrift or a child who's bipolar then rather than give that child their share of your wealth outright, you can put it in a trust and have it be doled out to him over a number of years of the rest of your life. That can be the right move for some kids.