if finance papers were already signed at a certain rate before the dealership got approval do they have to?

Question

honour the contract?

Answer 1

I believe they have 10 days from the date you signed the contract to change the terms if they cannot be agreed upon by the bank. When they call the banks while you are at the dealership, the rate you are getting is only based on the information they are given at the time. The banks still have to verify all the information they receive. The back of the contract that you signed states all this in VERY small print. The dealership has to let you know within a certain time frame or else the contract stands. At that time they will give you the option...come in and sign a new contract according to the new terms, or bring back the car.
*for the guy below me who "manages a dealership" this is straight from the back of a contract...
"Rescission Rights-A. Seller agrees to deliver the vehicle to you on the date this contract is signed by Seller and you. You understand that it may take a few days for Seller to verify your credit and assign the contract. You agree that if Seller is unable to assign the contract to any one of the financial institutions with whom Seller regularly does business under an assignment acceptable to Seller, Seller may rescind (cancel) the contract. B. Seller shall give you written notice (or any other manner in which actual notice is given to you) within 10 days of the date this contract is signed if Seller elects to rescind. Upon receipt of such notice, you must immediately return the vehicle to Seller in the same condition as when sold, reasonable wear and tear excepted. Seller must give back to you all consideration received by Seller, including any trade-in vehicle."

Answer 2

if that happened to you, call a lawyer, then the news...

Answer 3

Yes, and they will.