I already signed it when I bought the care but they are calling me saying I have to come and sign another one with the higher interest rate.
2006-09-14 11:39:06 · 15 answers · asked by hechicera_de_la_alma 3 in Cars & Transportation ➔ Buying & Selling
You could ether do that or return the car, the other contract would be voided. This could be a real nightmare if you traded in a car and they jumped the gun and sold it. If you opt to return the car you should get your old car back and any deposit you paid. I worked at several dealerships in Arizona and they won't want to take the car back. If you threaten to return the car they may find a way to get you the lower interest rate.
2006-09-14 11:52:32 · answer #1 · answered by Mark G 4 · 1⤊ 1⤋
The Dealer acts as an 'agent' for the Lender
If the lender does not approve the interest rate they will tell the dealer to have you re-sign at the interest rate that you qualify for.
The contract you signed is NOT valid untill the Lender approves it.
If that is not agreeable to you ...You have options:
You can ask the dealer to shop other lenders for you
You can get your own financing & pay the dealer cash
The Lender may agree to a lower rate if you change parameters of the loan....(ie, more down payment, shorter term, co-buyer with better credit than you &/or more income)
You can give the car back & walk away... you don't have a legal contract.
When you signed the papers , you also signed a paper stating that the dealer had ( X ) amount of days to secure a loan on your behalf & if they could not that your contract would be voided.
Call your own bank or credit union with the detailes & see if they can do better than the dealers sources.
Don't waste a lawers time & yours (time & money) & talk to the Finance dept at the dealer to see if you have any other options....they DO want to sell you the car ....it's your credit that's the obstacle.
2006-09-15 04:03:27 · answer #2 · answered by Vicky 7 · 1⤊ 0⤋
are you sure that you signed a final contract? or did you sign a promisorry note stating that these are not the final numbers. What dealers will do( I know because I work at one) will let customers take the car before the loan is approved. If the bank won't approve you for the rate the dealer tried to get, there is no valid contract. I guarantee that is in the paperwork that you signed. The dealer works as a middleman, they don't actually loan you the money. If you did sign a valid contract, then no you don't have to resign. But I have a feeling that you don't.
2006-09-14 12:46:40 · answer #3 · answered by typhon1991 3 · 0⤊ 0⤋
Have a search on-line (Look for a website called "carbuyingtips" - sorry, cant put the link, as this would "violate" the Yahoo policy about Answers, and earn me another annoying viloation email! Bah!).
What you describe is a classic US dealer scam.
Read the website, and then roast the dealers bottom!
Good luck, and hope you shaft them back!
2006-09-14 11:51:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
its not the dealer-its the bank or finance co
i just read the other answers-believe me its not a dealer scam. they signed you up at a rate they thought they could get-apparently the bank didnt give them that rate.
no matter what these other folks tell you, your only other option is to return the vehicleand get your money back or resign-your choice
2006-09-14 12:12:58 · answer #5 · answered by pdudenhefer 4 · 1⤊ 0⤋
No,You currently have a legal & binding contract agreement with them. I would advise a consultation with a lawyer though,you should be able to get a free consultation in your area.
2006-09-14 11:44:14 · answer #6 · answered by scott m 4 · 0⤊ 0⤋
Go back in there and intrude on the finance manager and let anybody whos there know that they suck especially the clients and then throw the keys on the floor (of course after you rack up miles and use up the tank of gas and get the carpet dirty
2006-09-14 11:49:06 · answer #7 · answered by DIRKDIGGLER 5 · 0⤊ 1⤋
NO!!!!!!!!!!!! you signed the contract and they signed it too so u pay the interest rates agreed on in the contract. if they dont like the interest rate u guys agreed on its their problem. no matter wat they say they cant make u pay a different rate.
2006-09-14 11:51:47 · answer #8 · answered by pspfannnn 2 · 1⤊ 0⤋
no i had the same thing happen to me i wanted the truck and fell for it give them back the car and get the hell out of there.
2006-09-14 11:43:47 · answer #9 · answered by robert8481 2 · 1⤊ 0⤋
Did you tell them you didn't fall off the turnip truck yesterday?
2006-09-14 11:43:00 · answer #10 · answered by soaplakegirl 6 · 1⤊ 0⤋