Dealership Didn’t Finalize Financing Within The 10-day Contingency. Now They Want A New Contract — Do I Have To Sign?

Location: Colorado Hey everyone, I need some advice about an issue I’m dealing with at CarMax regarding their financing contingency clause. I think they tried a “yo-yo financing” that went entirely wrong on their part.

I bought a car from CarMax and signed the standard contract that includes the 10-day financing contingency. My understanding is that CarMax has 10 days to either secure third-party financing or cancel the deal. If they don’t do either within that time, the original contract becomes binding.

I signed the contract over a month ago. They failed to secure financing within the 10-day period. They contacted me on the 11th to tell me to find my own financing or I will have to return the car. I stated my case per contingency clause. Now, weeks later, they are contacting me asking me to come in and sign a new contract. I’m refusing at the moment because my understanding is that after 10 days, the contract can’t be canceled, the deal is final and enforceable under the original terms. They’ve already made 7 hard inquiries in my credit, if I sign a new contract they will have to run my credit again. Essentially ruining my credit.

From everything I’ve read, they can’t force me into a new contract after the 10-day window has expired, and they can’t retroactively cancel the deal unless the contract states otherwise. And it doesn’t.

I’d appreciate any advice from people familiar with CarMax, auto dealer laws, spot delivery, conditional contracts, etc