Is there a way to get my down payment back as well as rescind the contract with Ally and obtain the title to my vehicle?
You can't unilaterally decide you want to rescind a contract.
Under What Circumstances Can a Contract Be Rescinded?
There must be certain circumstances for a court to find grounds for rescinding a contract.This means that a judge must make a decision that there is a very good reason to cancel the contract. Since a contract creates legal responsibilities, a court will not rescind a contract without a valid basis. You cannot just change your mind about the agreement and have a contract rescinded.
Contract rescission is most often available in certain specific circumstances. There are grounds for rescinding a contract in the following situations:
Mutual consent: Mutual consent means that both parties must show that they agree to have the contract cancelled. The best way to show consent is by using another written document. The written document should say clearly that both parties agree that the contract should be terminated.
Problems with contract formation: A contract must be created legally. Both parties must have consented to the contract. The consent must be legal under contract law. If there were illegal conditions when the contract was created, a court can rescind the contract. The most common issues with formation include:
Incapacity: This happens when one or both of the parties have a lack of capacity. Lack of capacity means that the party does not have the ability to enter or negotiate a contract under the law. Examples of lack of capacity include mental incompetency, certain illnesses, intoxication, or being a minor. Usually, a minor is someone who is underage. In many states, a minor is a person under 18 years of age.
Fraud: Fraud is a false representation about the subject of the contract or things related to the contract. Contract fraud can be many things. It usually happens when a party lies or uses deceit to get you to form the agreement.
Duress/Coercion/Undue Influence: You cannot force a party to sign a contract by threatening them. You also cannot use hostile or scary conditions to get them to agree to a contract. Duress, coercion and undue influence are all examples of when a party does not sign a contract of their own free will.
Mistake: A mistake is when the parties do not understand the terms in a contract. Often this is a mistake of fact about one of the terms. For example, the parties might be mistaken about whether a contract about the sale of cups means paper cups or plastic cups.
Anticipatory Repudiation: Anticipatory repudiation means that one party acts in a way that shows that they will not perform their legal obligations under the contract.
Consideration: Consideration is a requirement for forming a contract. In certain cases, consideration can fail, be inadequate, or is not legal.
Against the Public Interest: Sometimes a contract can be rescinded if it is against the public interest. This means that it would be bad for the general public. For example, a contract that requires a person be an indentured servant.
When Can You Rescind a Contract? | Rescission of Contract Law | LegalMatch
In reality, you've determined you made a less than satisfactory deal. The problem for you might be called buyer's remorse.
The time to have raised your many objections has long expired, if it ever existed.
As far as your signature being forged, that's a matter for law enforcement to address. The problem with that issue is you've paid on the note for two years, retained possession of the vehicle, kept it insured, and properly licensed. If you hadn't, Ally would have REPOED same.
The only legal way to obtain the title is to pay off the loan.
