we signed the contract and they changed the interest rate on it. is that legal, or can we get out of the contract
2007-04-15 07:53:51 · 8 answers · asked by Dawn W 1 in Business & Finance ➔ Credit
I am in the auto finance business and what sometimes happens is the dealer will do whats called a "Spot delivery" this is when you sign paperwork and take possession of the vehicle before the dealer actually has you approved.
When the dealer gets a lender to actually buy the deal sometimes the rate that the finance manager guessed at is not correct and the customer has to re-sign a new contract.
If this is what happened? You have your out simply by refusing to re-sign.
The only other way is if the dealer forged your name to a new contract after you left. If this is the case you need to contact your States Attorney Generals office A.S.A.P. and report them because this is fraud.
2007-04-16 06:07:45 · answer #1 · answered by ? 7 · 0⤊ 0⤋
That is not legal. If you can prove they changed the agreed on rate they have no case. The problem is that it might come down to your word against theirs. If you have a copy of the document with the original rate you may be ok.
Also, make sure there are no clauses in the contract allowing for an interest rate increase for missed or late payments or other conditions.
2007-04-15 07:58:14 · answer #2 · answered by tommyfourth 3 · 0⤊ 0⤋
ANY contract can only be changed if ALL parties agree. In your case, I bet the 'change' was made BEFORE you signed and you didn't read the entire contract before signing. If that is the case, your only recourse would be to prove they lied about the rate in the contract. Even them, you have to explain to the judge why you didn't notice at the time you signed. 'I didn't actually read the papers I signed" won't get you very far.
2007-04-15 08:47:43 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
In order for a contract to be valid there has to be a "meeting of the minds", in other worlds both parties have to agree otherwise it is not a valid contract. If they unilaterally changed any conditions of the contract after both parties signed, the contract is no longer a valid contract.
2007-04-15 08:24:35 · answer #4 · answered by Ti 7 · 0⤊ 0⤋
i'm hoping which you didin't sign something already pointing out which you will possibly pay the extra quantity. i'm confident that they are attempting to stress you to sign the papers. do no longer do it. you have already got the workplace work on your hand that they agreed to. cause them to abide via that. in the event that they decide on no to go with the unique contract then supply them back the automobile, and in case you had a commerce-in be confident to get it back additionally. As for paying them the 25 cents a mile, i do no longer think of so. That basically won't ensue. be confident which you study and understand each little thing which you sign to any extent further. they might attempt to slide something in the contract which you're actually signing. additionally be confident to maintain any copies of the workplace work which you sign, and not go away any areas sparkling on the varieties which you're signing. I had a broking substitute the workplace work while they sent the interior maximum loan to the economic employer and the economic employer needed to sue me for the further money, and the dealership had went out of business enterprise. I placed a wholesome on them and wound up getting the interior maximum loan back to the unique contract (that I nevertheless had copies of the workplace work that I had signed) plus the criminal expert became into in a position to get me one extra one hundred fifty dollars for their failure to launch the lien in a well timed way after the interior maximum loan became into paid. good success.-- do no longer backpedal.
2016-10-22 05:56:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
By law they have to honor the contract that you signed if the intress rate droped good for you if not you dont have to resign thats your chance to get out of the contract or make them honor the one you have most time when you have to resign they got a better aprroval of the one they have or the aproval the have fell thru..
2007-04-15 08:03:02 · answer #6 · answered by CJ 2 · 0⤊ 0⤋
As long as you did not sign agreeing to the changed interest rate you are only obligated to the rate that you originally signed for. If further problems ensue, contact you District Attorneys office for consumer fraud.
2007-04-15 07:58:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
check the contract. if there's no clause stating that they are allowed to do so, then they have no legal right to do this. however, if there is a clause, and there may be (people like to be tricky), then you are just out of luck.
2007-04-15 07:57:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋