They say that all the terms are the same, but I'm wondering what keeps us from bringing them back the car a month older with 2500 miles on it? And at what point is it final if they can do this a month later? I had already signed the big long sheet with all the terms, the bank name and all that on it...what are my rights here? I live in TX if it matters, and please don't respond without some sort of references.
2007-09-12 04:46:32 · 4 answers · asked by Ferret 4 in Cars & Transportation ➔ Buying & Selling
I would read over the contract you currently have. The only reason they would do this is because a mistake was made somewhere. Have you heard from the Bank listed on the paperwork? If you don't want to sign a new contract, don't. Simple as that. If they try to pressure you, contact the State Attorney General.
2007-09-12 05:08:17 · answer #1 · answered by Otto 7 · 0⤊ 1⤋
The bottom line here is that you were approved conditionally by the original lender. It was contengient upon income verification, residency, job and etc. Something did not jive so they got the original contract kicked back. The dealer had to get you conditionally approved somewhere else which means this could happen again when the new contract goes to the lender for funding. They are looking to get funded on this car deal.
At this point, you have two choices: sign the new contract if you want to keep the car or bring the car back and hand them the keys. However, if you excercise the second option, be prepared to lose any down payment, and if you traded a car in, it probably is long gone.
You do have some legal standing here, but it will cost you tons in legal fees trying to fight this.
I would suggest signing the contract if all the terms are the same or close to the same.
2007-09-12 05:07:26 · answer #2 · answered by Oblivious 3 · 0⤊ 1⤋
Well go over there and look at the contract. Take along your old contract to compare so all the terms are exactly the same. If not, refuse to sign it and turn over the vehicle.
They can't keep your downpayment unless you refuse to sign with no chances in the terms. That's because you'd be the one breaking the contract.
2007-09-12 06:29:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Smells fishy:
I live in Texas too and that is the first time I have ever heard of anything like that happening. Sounds a little fishy. If you do you had better make damn sure everything is the same including interest rates and make damned sure they are not slipping in a varible interest rate loan instead of a fixed interest rate loan.
Because even if your loan was sold to another company you would not have to sign different papers.
Sounds like they are trying to sliip somethng in on you.
2007-09-12 05:00:35 · answer #4 · answered by JUAN FRAN$$$ 7 · 0⤊ 0⤋