Can a dealership make you pay more money down?

[rharmon]

I bought a used car 2009 GMC Acadia, I traded my 2009 Hyundai Santa Fe in on it with $1000.00 down. with an interest rate of 6.9 percent. Now they are coming to me saying they can not get the bank to finance at that rate and they need more money down. Am I obligated to pay more money after the contract is already signed and I have had the car for more than a week. Thanks for your help!

Ron

 

[army judge]

Read your contract. It probably has a clause about contingencies in case financing can't be approved.
It happens quite often that lenders deny financing after receiving the finance contracts.

If you don't come up with the $1,000, the purchase contract probably requires you to pay them for using their car. You should read everything beer signing it. If you're not sure what you're signing, don't sign it.


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[rharmon]

Thanks Army, I read my contract and I see nothing like that. I gave them 1000.00 down already. The contract looks binding. I guess I'll wait and see what they say next.

 

[disagreeable]

They will likely make you return the car and charge you the original down payment for the use. I suspect you do not understand the contract.

 

[army judge]

Thanks Army, I read my contract and I see nothing like that. I gave them 1000.00 down already. The contract looks binding. I guess I'll wait and see what they say next.

Try securing your own financing.

Or, see if they will buy your note if you provide a higher down payment.

If no one wants to finance you, it might behoove you to trade for a lower priced vehicle, or return the car to the dealer.

We see quite a few of these kinds of concerns lately.

I suspect the credit market is tightening again.

 

[rharmon]

Id be happy to send you the contract to take a look at. I think I'm understanding it correctly.

 

[army judge]

No, we don't want to look at your contract. Why not visit the dealership and discuss your questions with the manager or owner?


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[disagreeable]

I suggest you find about $500, go to them and ask how much more they need. Do not drive the Acadia there, they can repo it. If they tell you they need another $1000, ask to speak to the sales manager. Explain you love the truck and want to keep it. Suggest you give $500 and they lower the price $500. It sounds like you were upside down in the old car.