Tips on Buying Cars: Seller wants to cancel contract, co signer, credit score

Question
I purchased a truck 12 days ago with my mom as a co-signer.  I needed a co-signer because my credit score was only at 576 and without a co-signer they wanted a large down payment.  My mom's credit score is 690.  Anyways, we went in to the dealership located in postal code 93215 and purchased my truck with only $200 down, as they were having a 4th of July special.  Then a week later they called and said that they were having trouble financing me but they found a bank who was willing to finance my mom only.  I told them that I needed to be on the loan and title and if they could please keep trying.  I also agreed to present the idea to my mom to have her do the financing on her own.  I contacted the dealership the next day but the finance manager was not in.  He was also not in the entire weekend or the following Monday morning.  When I finally reached him Monday afternoon (day 11#, I told him that my mom would not finance the truck on her own.  He said that the banks would not finance the truck with me on title due to my credit score.  I asked if money was the issue and they said no, it was only due to my credit score.  They asked me to try to persuade my mom to finance on her own and they would give me a lower interest rate.  I agreed to ask again but also asked that they try a few more banks.  I was contacted this morning by the finance manager who stated that he attempted the loan with another bank and they could not get it approved.  I informed them that my mom would not finance on her own and asked what happens next.  Do I turn the car in?  The manager said, no, he didn't want to have to go that route.  He said he would talk to his boss to see what they could do because he didn't want to go that route.  A few hours later I receive a call from the man who sold me the car #not the finance manager who I had been talking to# and he said that since my mom would not finance on her own there was nothing they could do and I would have to return the truck.  I said ok, let me talk to my mom and I will call you when I got out of work.  I spoke to my mom and we agreed that we would just take the truck back and try somewhere else.  When reading through the contract to see if I would get my down payment back, I ran across the sellers right to cancel on the back of my contract and it states that the dealer can only cancel within 10 days of when the contract was signed.  It was signed on July 2 and it is now July 14, 12 days later.  My question is this.  If they cannot cancel the contract after 10 days, what happens to my loan?  Does the dealer have to finance it themselves?  What can I do to keep my truck?  Should I offer more money?  I called the finance manager when I got out of work to tell him we were going to return the car #before I read the contract) but he was not available so I left a message for him to call me back.  He didn't return my call but I am assuming he will call tomorrow.  What should I do?  I thought the whole purpose of a co-signer was to compensate for my bad credit and give the lender some type of security that even though I may be high risk, there will also be someone else responsible in the case of my default.  I have read the article posted by an attorney at Rosner & Mansfield, however I need more specific information.  Thanks in advance for your help.

Answer
Hi Mary Alice,

My expertise is not the law, but i understand your question fully, I asume the article you read is the same one I got posted on my website at this link  http://www.usedcartips.org/installment.html  

I suggest you contact Greg Babbitt right away with a copy of the email you send me, here is Greg's address    <greg@rosnerandmansfield.com>  

Also for further free advice, check this link on my website   http://www.usedcartips.org/dispute.html  

I will be very interested as to feedback you receive from both links, as this will help my readers.

Ray